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Chief Underwriting Officer

Chief Underwriting Officer

Ford MotorNew York, NY, United States
23 hours ago
Job type
  • Full-time
Job description

In this position…

Primary responsibility for leading the strategic direction and operational management of the underwriting function. Additional responsibilities include driving underwriting excellence, including general underwriting policy and underwriting management best practices. This includes advancing underwriting profitability, governance, product and pricing strategies, adoption of new tools, data and analytics and empowering our underwriters to make informed underwriting decisions within that framework. As a leader within the organization, this individual will help shape the overall direction of the business, identify growth opportunities, innovate our product set, anticipate, and react to market trends, and drive profitability across the portfolio.

While the primary product is Commercial Auto, the successful candidate should have experience operating across a wide range of insurance products and exposures including excess, property, casualty, liability, marine, and credit and financial lines. As such, the role requires strong core knowledge of North American insurance markets, including captive and independent, with a concentrated focus in commercial auto. Our approach to the market and portfolio of customers and products requires the ability to pivot from portfolio underwriting to individual account underwriting and back.

Qualifications

  • Minimum of 15 years of insurance product and underwriting experience, including a minimum of 5 years of commercial auto insurance experience (while not required, experience with multi-line insurance product and underwriting is a plus)
  • At least five years of experience leading and developing a team, allocating resources efficiently, and setting realistic timelines
  • Experience building and / or leading business units with a track record of growth and profitability
  • Experience leveraging data driven decision making
  • Continuing progress toward or completion of a professional designation (e.g., CPCU, ARM) preferred
  • Thorough understanding of state regulations governing commercial auto policy issuance and use, including policy forms and coverage
  • BA / BS degree or equivalent experience
  • Strong problem-solving analytical and technical skills to assess risk
  • Proficient in underwriting and data software / analysis tools
  • Prior MGA experience a plus
  • Broad knowledge of P&C and Financial Lines underwriting
  • Ability to operate in a dynamic and high paced environment with a sense of urgency
  • Adaptable and able to manage competing priorities
  • Growth mindset, desire to both learn and teach
  • Ability to drive data analytics and make appropriate correlations on results
  • Ability to manage multiple projects and timelines across a variety of stakeholders to meet target deliverable deadlines
  • Strong communications skills both written and oral. Ability to concisely provide executive summaries to senior management as needed
  • Experience in corporate governance and controls management including exposure to a wide variety of systems
  • Wide variety of assignments in operational workflow reviews and systems a plus
  • Experience in corporate governance controls and supporting infrastructure
  • Well, organized with relentless attention to detail
  • Self-motivated
  • Ability to work both independently and collaboratively in a team environment
  • Action oriented and strong work ethic

Benefits

As part of the Ford family, you’ll enjoy excellent compensation, and a comprehensive benefits package that includes generous PTO, retirement, savings and stock investment plans, incentive compensation, and much more. You’ll also experience exciting opportunities for professional and personal growth and recognition.

  • Immediate medical, dental, vision and prescription drug coverage
  • Flexible family care days, paid parental leave, new parent ramp‑up programs, subsidized back‑up childcare and more
  • Family building benefits including adoption and surrogacy expense reimbursement, fertility treatments, and more
  • Vehicle discount program for employees and family members and management leases
  • Tuition assistance
  • Established and active employee resource groups
  • Paid time off for individual and team community service
  • A generous schedule of paid holidays, including the week between Christmas and New Year’s Day
  • Paid time off and the option to purchase additional vacation time
  • Visa sponsorship is not available for this position.

    Candidates for positions with Ford Motor Company must be legally authorized to work in the United States. Verification of employment eligibility will be required at the time of hire.

    Equal Opportunity

    We are an Equal Opportunity Employer committed to a culturally diverse workforce. All qualified applicants will receive consideration for employment without regard to race, religion, color, age, sex, national origin, sexual orientation, gender identity, disability status or protected veteran status. In the United States, if you need a reasonable accommodation for the online application process due to a disability, please call 1‑888‑336‑0660.

    Responsibilities

    Overall Underwriting Leadership

  • Manage Ford Pro Insure’s overall commercial auto underwriting function including production, guidelines, reinsurance utilization, loss results, referrals, and renewals
  • Set, manage and achieve underwriting targets to ensure profitable growth; establish and monitor relevant KPI’s including submission rate, quote ratio, bind ratio, etc.
  • Manage a team of underwriters including effective delegation of underwriting authority (balancing speed to market against effective risk controls), mentoring / coaching, and providing vision and growth opportunities
  • Manage strategic distribution partners (e.g., wholesalers, brokers, MGA, etc.) including monitoring of profitable production targets, go‑to‑market strategies (in conjunction with the sales teams) and issues resolution
  • Collaborate with actuarial teams to validate pricing assumptions and ensure alignment with underwriting guidelines
  • Work closely with both internal and external customers to ensure the highest underwriting standards
  • Champion and represent the underwriting function while effectively interacting with other internal stakeholders / function
  • Strive to exceed Ford’s customer service expectations throughout the buying / servicing / renewal process
  • Portfolio Optimization & Technical Underwriting

  • Provide deep technical expertise and guidance for all business unit product capabilities serve as a trusted advisor
  • Oversee the management and refinement of all Underwriting Guidelines in collaboration with ecosystem partners capabilities
  • Drive thoughtful cycle management across the portfolio leveraging analytics and functional support resources to capitalize on high margin opportunities, reposition or exit unprofitable market segments and grow / maintain margins for the balance of the book
  • Proactively monitor key underwriting and claims metrics to identity emerging risks and opportunities
  • Collaborate with underwriting leaders, business performance management, actuarial and modeling teams to develop and implement technical pricing and other analytic capabilities to drive price adequacy and profitability
  • Implement, assess and refine pricing strategies; including risk tiering, segmentation and other methods to optimize portfolio in collaboration with actuarial
  • Act as underwriting referral point for complex risks and risks that exceed authority levels
  • Proactively drive underwriting actions and initiatives to improve overall profitability of the portfolio
  • Implement adoption of advanced tools and supplemental data sets to enhance and augment underwriting
  • New Product Development

  • Ensure that proper Underwriting strategies align with appetite, and target portfolio metrics
  • Oversee coordination and evaluation of new product, program and geographic expansion opportunities
  • Underwriting Governance and Controls

  • Develop effective processes, policies, procedures, and controls to ensure effective and quality underwriting
  • Increase the use of underwriting automation with the necessary controls to enable the business to scale
  • Ensure regulatory compliance and the underwriting function adapts to any regulatory change, strategic decisions, or adoption of best practices
  • Manage internal and external audit procedures
  • UW Audit Process

  • Manage overall underwriting audit framework in collaboration with compliance
  • Lead and manage the quality / content of Underwriting audit findings and the audit process. Use the audit process to build & strengthen underwriter skill sets, improve strategies and update guidelines over time
  • Manage audit recommendations generated by audit findings to conclusion and create a team process to do so. Implement and monitor supplementary underwriter self-audit quality control processes
  • Risk Management

  • Manage portfolio Gross / Net premium and CAT accumulations
  • Monitor and manage portfolio within established tolerances, thresholds and target metrics
  • Support Treaty insurance reviews and placements in coordination with the Ceded reinsurance team
  • Monitor and manage Risk Management and capital adequacy framework in partnership with Finance and Actuarial Teams; ensure appropriate reinsurance strategies are leveraged based on portfolio and individual account characteristics, maturity of products and underwriting experience and performance targets
  • Ford Pro Insure representative on Underwriter Committees, North American Statutory Boards, and Corporate Enterprise Risk Management process requirements as necessary
  • Authority Management & Governance

  • Responsible for delegation of underwriting authority and attestations of underwriting team; maintain and improve an appropriate referral and delegation process based upon experience and skill sets, and partner
  • Establish a process that confers underwriting authority after completion and review of onboarding process and provide updates as needed. Monitor authority levels each year and work to modify as needed over time
  • Training & Talent Development

  • Continuously work with Ford Pro Insure’s underwriters to ensure execution of underwriting guidelines and best practices across the underwriting function
  • Encourage underwriter development and support model that allows the underwriting team to professionally grow
  • Document and regularly update underwriting guidelines, manuals, and processes / procedures to drive positive underwriting engagement and makes efficient use of underwriting talent
  • Collaborate with Talent development on training and development opportunities to enhance modern underwriter skillsets
  • Advance underwriting skillsets to adapt to rapidly changing risk landscape. Oversee the ongoing development of underwriters - customer-focused and solutions-oriented expert that relies on data-driven decision-making and technology to optimize their underwriting portfolio and deliver consistent underwriting profit. Manage training needs based upon audit feedback, referral reviews and new product needs
  • Product Development and Management

  • Build out Ford Pro Insure’s commercial auto product function to meet customer needs
  • Partner with internal and external stakeholders to position Ford Pro Insure’s offerings in the marketplace and contribute to new product development
  • Collect market intelligence to analyze market trends and competitor product / pricing strategies to inform product / pricing decisions and ensure competitiveness
  • Direct teams to conduct regular product reviews to assess performance, profitability, and market competitiveness, and recommend adjustments as necessary (including development of new products)
  • Develop differentiated programs for focused market segments as part of an overall “program business” strategy
  • Build tools, processes, and documentation to ensure repeatable and compliant product development and implementations
  • Manage, mentor and develop a team of product managers, ensuring defined to attract and retain talent
  • Ford Pro Insure Expansion

  • Support Ford Pro Insure’s national footprint and expansion strategies, specifically from a product and underwriting perspective
  • Ensure compliant state product filing activities by preparing necessary documentation and ensuring compliance with regulatory requirements
  • Participate in the review and approval process for state filings, ensuring timely submissions and adherence to regulatory timelines
  • Collaborate with cross‑functional teams to gather and document business requirements and processes for new products and enhancements to existing offerings
  • Ensure that all business requirements are clearly communicated to relevant teams, including IT, Finance, Claims and Operations for effective implementation
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