Description
Location: Remote, WTW USA
Work Mode: Hybrid
Corporate Risk and Broking Graduate Development: Insurance
The program aims to equip participants with a broad knowledge base, varied skills, and a diverse network, all essential for a successful career in the insurance and broking sector. The GDP is structured to offer a holistic view of CRB, encompassing hands-on experience, industry insights, and opportunities to make a meaningful impact.
Graduate Program Overview
The Corporate Risk and Broking (CRB) Graduate Development Program (GDP) is an extensive two-year non-rotational program that is meticulously designed to provide graduates with a comprehensive understanding of the industry.
Program Structure
- Orientation: The program kicks off with a one-week in-person orientation, during which participants are introduced to the company, its values, and its operations.
- Onboarding Training: Following the orientation, a robust onboarding training program helps participants learn about the various functions within CRB.
- Industry Understanding: The program is designed to provide graduates with a well-rounded understanding of the industry, while allowing them to delve deeply into their respective business areas. This dual approach ensures that participants are well-prepared to tackle the challenges and opportunities that lie ahead.
Insurance Solutions Overview
Verita is an independent managing general underwriter (MGU) that is dedicated to delivering superior underwriting and claims services. The company specializes in underwriting, comprehensive engineering, loss control best practices, and bespoke risk management solutions. Verita aims to be the carrier of choice in its targeted industries by utilizing partner fronting carriers, solid (re)insurers, capital providers, and institutional investors.
Key Services
- Underwriting: Verita focuses on delivering exceptional claims handling and underwriting services to its clients.
- Engineering: The company employs comprehensive engineering and loss control best practices to mitigate risks and ensure optimal outcomes for insured clients.
- Risk Management: Verita offers bespoke risk management solutions tailored to the needs of best-in-class insured clients in targeted industries.
Love Your Work
A role in insurance solutions at Verita is ideally suited for individuals who possess a keen interest in underwriting technical knowledge and enjoy building strategic relationships with brokers and insureds. The position requires individuals to be self-motivated, have excellent communication skills, and thrive in a collaborative culture.
Key Responsibilities
- Technical Underwriting: Demonstrate strong technical underwriting skills through strategic, thorough account reviews and comprehensive file documentation.
- Business Growth: Grow and maintain a profitable book of business by executing individual risk underwriting and adhering to the unit’s strategic plan.
- Market Awareness: Stay current on competition, underwriting environment, and market conditions, and share that knowledge with colleagues and leadership.
- Marketing/Sales Meetings: Travel to and complete marketing and sales meetings in assigned territories within designated regions.
- Pricing: Exhibit a solid understanding of pricing components and rating methodology, and price risk based on financial and competitive analysis.
- Underwriting Decisions: Prepare or analyze information on adverse underwriting decisions, rate appeals, underwriting requirements, status, and declinations to drive results within the assigned territory.
- Production Monitoring: Monitor production, profitability, and maintain agency relationships to ensure business objectives are met.
- Communication: Effectively communicate (both written and verbal) information to internal and external customers to ensure high standards of excellence.
- Service Standards: Ensure underwriting and service standards are met on assigned accounts.
- Account Review: Review the profitability of each account every quarter to maintain a strong, auditable condition.
- Broker Relationships: Develop strong, productive relationships with brokers in assigned territories.
- Documentation: Accurately document each account in line with Verita’s documentation best practices and compliance with state and regulatory standards.
- Authority Compliance: Adhere to individual Letters of Authority and obtain written approval on accounts outside individual authority.
Qualifications
Education and Qualifications
- Degree: Bachelor’s degree with a minimum GPA of 3.0.
- Graduation Date: Between May 2024 and May 2025.
- Preferred Majors: Risk Management, Business, Finance, Economics, Accounting, Liberal Arts.
- Technical Skills: Intermediate to advanced Excel skills and proficiency in Microsoft Office Suite.
Competencies
- Communication: Excellent written and verbal communication skills.
- Presentation: Excellent presentation skills, analytically driven, and detail-oriented.
- Interpersonal Skills: Exceptional interpersonal skills.
- Time Management: Proficient in managing time effectively.
Compensation and Benefits
Compensation
- Base Salary: $75,000 – $85,000 USD.
- Overtime: Eligible for overtime.
Company Benefits
WTW provides a competitive benefits package, including:
- Health and Welfare: Medical (including prescription coverage), dental, vision, health savings account, commuter account, health care and dependent care flexible spending accounts, group accident, group critical illness, life insurance, AD&D, group legal, identity theft protection, wellbeing program, and work/life resources (including employee assistance program).
- Leave Benefits: Paid holidays, annual paid time off (including state/local paid leave where required), short-term disability, long-term disability, bereavement leave, FMLA, ADA, jury duty, military leave, and parental and adoption leave.
Further Insights into the Graduate Program
The CRB Graduate Development Program (GDP) is designed to provide participants with a comprehensive and immersive experience in the insurance and broking industry. The program’s structure ensures that graduates develop a deep understanding of the various functions and operations within CRB, allowing them to make informed decisions and contribute effectively to the organization’s success.
Orientation and Onboarding
The program begins with a one-week in-person orientation, where participants are introduced to WTW’s corporate culture, values, and business operations. This initial phase is followed by a robust onboarding training program that covers the various functions within CRB, providing participants with the foundational knowledge needed to excel in their roles.
Industry Exposure
Throughout the program, participants are given the opportunity to gain hands-on experience and industry insights. This exposure helps graduates develop a well-rounded understanding of the insurance and broking industry, enabling them to make a meaningful impact within their respective business areas. By immersing themselves in real-world projects and scenarios, participants can apply their theoretical knowledge in practical settings, further enhancing their skills and expertise.
The Role of Insurance Solutions at Verita
Verita, as an independent managing general underwriter (MGU), plays a critical role in the insurance solutions landscape. The company is dedicated to delivering superior underwriting and claims services, comprehensive engineering and loss control best practices, and bespoke risk management solutions to its clients. By leveraging partner fronting carriers, solid (re)insurers, capital providers, and institutional investors, Verita aims to be the carrier of choice in its targeted industries.
Core Services
- Underwriting Excellence: Verita focuses on delivering exceptional underwriting services, ensuring that clients receive the best possible coverage and support.
- Engineering and Loss Control: The company employs comprehensive engineering and loss control best practices to mitigate risks and protect clients’ interests.
- Bespoke Risk Management: Verita offers customized risk management solutions tailored to the specific needs of best-in-class insured clients in targeted industries.
Loving Your Work at Verita
A career in insurance solutions at Verita offers individuals the opportunity to work in a dynamic and collaborative environment. The role requires a deep understanding of underwriting technical knowledge, as well as the ability to build and maintain strategic relationships with brokers and insureds.
Key Qualities for Success
- Self-Motivation: Individuals must be self-motivated and driven to succeed in a competitive industry.
- Communication Skills: Excellent communication skills are essential for effectively conveying complex information to both internal and external stakeholders.
- Collaborative Culture: Success within Verita’s collaborative culture requires individuals to work effectively with colleagues, clients, and partners to achieve common goals.
Achieving Excellence in Technical Underwriting
As an insurance solutions underwriter at Verita, individuals are expected to demonstrate strong technical underwriting skills. This involves conducting thorough account reviews, maintaining detailed file documentation, and ensuring that all underwriting decisions align with the unit’s strategic plan.
Key Responsibilities
- Strategic Account Reviews: Conduct comprehensive reviews of accounts to ensure that they meet Verita’s underwriting standards and criteria.
- Maintaining Profitability: Grow and maintain a profitable book of business by executing individual risk underwriting and adhering to the strategic plan.
- Staying Informed: Stay current on competition, underwriting environment, and market conditions, and share knowledge with colleagues and leadership.
- Travel and Meetings: Travel to and complete marketing and sales meetings in assigned territories within designated regions.
Navigating the Market and Pricing
Understanding market conditions and pricing components is critical for success in the insurance solutions role. Individuals must exhibit a solid understanding of pricing components and rating methodology, and price risk based on financial and competitive analysis.
Market Awareness
- Competition: Stay informed about competitors and their offerings to ensure that Verita remains competitive in the market.
- Underwriting Environment: Understand the current underwriting environment and how it impacts risk assessment and pricing.
- Market Conditions: Monitor market conditions to identify opportunities and potential challenges.
Effective Communication and Relationship Management
Building and maintaining strong relationships with brokers and insureds is a key aspect of the insurance solutions role. Effective communication, both written and verbal, is essential for ensuring that Verita’s standards of excellence are maintained.
Key Communication Skills
- Clarity: Clearly and effectively communicate complex information to internal and external stakeholders.
- Presentation: Deliver compelling presentations that convey key information and insights.