Senior Underwriter

The Senior Underwriter at Vela Insurance Services is responsible for evaluating and maintaining risk acceptability and profitability within the company's underwriting guidelines. This includes underwriting for profit, determining final coverages and pricing for commercial risks, and researching complex problems. Additionally, they manage strong relationships with wholesale brokers and are tasked with meeting production, profitability, and service standards.

To qualify for the Senior Underwriter position at Vela Insurance Services, candidates should possess a BS/BA degree or equivalent experience and a minimum of 5-10 years of commercial lines underwriting experience. Strong experience in Excess & Surplus Lines and Wholesale Brokerage Distribution is essential. Professional designations such as CPCU are preferred.

Vela Insurance Services is committed to the professional development of its Senior Underwriters, encouraging ongoing education to enhance underwriting skills. Underwriters are expected to stay informed about industry issues, which is facilitated through formal educational processes to support continuous growth in their roles.

The base salary range for the Senior Underwriter position at Vela Insurance Services is between $79,000 and $132,000, depending on various factors such as the complexity of the role and the candidate's qualifications. Additionally, employees are eligible to participate in an annual discretionary bonus.

Vela Insurance Services offers a robust benefits package for the Senior Underwriter role, which includes health, dental, and vision insurance, as well as life and disability insurance. Employees also benefit from wellness programs, paid time off, a 401(k), and profit-sharing plans, ensuring a comprehensive compensation structure.

When evaluating risks, I follow a systematic approach that includes gathering detailed underwriting information, assessing the risk against company guidelines, and making informed decisions on coverage and pricing. I also review claims history and loss data to determine the risk's acceptability and profitability.

I once handled a complex underwriting case where the risk involved several high-value construction projects with potential liability concerns. I conducted thorough research and collaborated with brokers to gather necessary data, ultimately developing a tailored strategy that mitigated risks while securing competitive terms for both the company and the client.

I maintain relationships with wholesale brokers by prioritizing open communication and regular check-ins. I believe in being proactive, addressing their concerns promptly, and providing timely updates on underwriting processes. Building trust through consistent engagement has been key to establishing successful partnerships.

I utilize data analysis and market research to identify trends and opportunities while ensuring that my underwriting decisions align with profit goals. By streamlining processes and being strategic in my risk selections, I strive to surpass production and profitability targets consistently.

When handling disputes over underwriting decisions, I adopt a collaborative approach. I ensure to listen actively to all parties involved, gather facts, and provide clear explanations of the rationale behind decisions. Open dialogue helps resolve misunderstandings effectively while maintaining trust.

In my previous role, I specialized in Excess & Surplus Lines underwriting, focusing on unique risks that require tailored solutions. This experience has equipped me with the skills to analyze complex submissions, understand various market segments, and provide innovative coverage options that benefit clients.

I stay updated with industry trends by participating in webinars, attending industry conferences, and subscribing to relevant publications. Networking with industry professionals also provides insights into emerging practices and regulatory changes that can impact underwriting decisions.

Teamwork is crucial in underwriting as collaboration ensures that diverse expertise is leveraged. I work closely with my manager and cross-functional teams to share insights, strategize on underwriting approaches, and collectively address complex accounts, resulting in better outcomes.

To ensure quality and time standards, I implement a systematic workflow that includes setting deadlines for each phase of the underwriting process. By utilizing project management tools and keeping an organized schedule, I can maintain high quality while meeting timely deliverables.

I regularly review portfolio performance metrics to identify favorable and unfavorable classes of business. By analyzing loss trends and adjusting underwriting criteria accordingly, I can take proactive measures to enhance profitability and ensure sustainable growth within my portfolio.