Put Your Passion to Work!
Consider One of the Many Career Paths in the Surplus Lines Industry
Below is a diagram to help visualize all the available career opportunties and paths within the surplus lines industry.
Below are more in-depth descriptions of job positions.
Opportunities at Wholesale Brokerage Firms
Wholesale Broker - An intermediary who works with the retail insurance broker to “place” challenging accounts with surplus lines insurance companies. Drawing upon marketplace expertise, wholesale brokers analyze individual accounts and recommend the products and services best suited to meet their clients’ needs. In this consultative sales function, you would be at the forefront of driving revenue and developing profitable business relationships with retail insurance brokers. Requires both technical savvy to become experts in lines of coverage and application within a multitude of niche industries – as well as sales skills to seize and develop business opportunities.
Account Manager - Working for a wholesale brokerage, you would service and oversee specialty insurance programs for various types of accounts, including start-up companies, established local businesses, top corporations, and other organizations such as government entities, schools and non-profits. Often an entry into mid-level positions, account managers must be able to hone in-depth industry knowledge, professionalism, and a strong sense of customer service and business acumen. This position requires the ability to manage the overall insurance needs of your clients, coordinating service between the retail insurance broker and the surplus lines insurance company.
Underwriter - Requires a unique balance between creativity and business logic to evaluate and price individual risks. Underwriters at wholesale brokerage firms create and develop insurance coverage, policies and specialized programs for niche industries. You will be an important part of an overall team in this position, often serving in a dual sales function to develop and expand business with retail insurance brokers1. You would be charged with generating profitable business that impacts the wholesale brokerage firm’s bottom line.
Opportunities at Surplus Lines Insurance Companies
Underwriter - Similar to an underwriter working at a wholesale brokerage firm, this position requires both creativity and analytical skills to evaluate, price, and set coverage conditions for client applications submitted by wholesale brokers. In this role, you review new and renewed applications, and work with and advice wholesaler brokers regarding client accounts. You team with other members of the insurance company to create and develop new coverage, policies and specialized programs for hard-to-place risks. You also serve in a dual sales function to strategically position and market new policies to wholesale brokers. Your work impacts the insurance company’s bottom line as you develop, write and retain profitable business. Claims - Plays a critical role in the surplus lines industry as claims personnel analyze overall liabilities related to loss and settlement and how claims activity impacts company profitability. These individuals evaluate the exposures in complex policies to ensure appropriate coverage of claims and fair restitution to the policyholder.
Risk Management / Loss Control - Specialists who assist insureds in analyzing their past claims and loss activity to identify and address high risk areas, as well as adverse exposures and liabilities. You would be a valuable consultant to insureds, helping them to develop risk management priorities, implement loss-control plans, and advise on the necessary changes and best practices to reduce costs and losses.
Actuary - A keen, analytical mind is critical for this position. Actuaries play a key role in designing insurance coverage, determining the cost of premiums, monitoring the profitability of a surplus insurance company and recommending corrective action when appropriate. Actuaries also ensure that surplus insurance companies have set aside enough funds to pay potential claims and provide advice on how to invest the insurance companies' assets.
Departments at Both Wholesale Brokerage Firms & Surplus Lines Insurance Companies
Product Development - Creativity, innovation and problem solving are critical skills in product development. You must be able to analyze changing market conditions and the emerging needs of industries, speak with clients, and collaborate with your team members to develop new insurance programs that alleviate client exposures, while delivering appropriate revenue and profit to your organization.
Finance and Business Planning - Involves data analysis of operational and business performance in order to support and drive the corporate initiatives that deliver superior bottom line results; often involves coordination and ultimate management of key operational departments, including legal, finance, claims and underwriting.
Information Technology - A key strategic corporate focus for both wholesale brokers and insurance companies, IT departments are instrumental in developing sophisticated software and proprietary solutions that enhance service, support efficiency, and control expenses.
Sales and Marketing - Requires a unique blend of assertive style and personality, as well as in-depth industry expertise to drive business development and customer service. You would be involved in identifying new business opportunities, ensuring customer retention, executing corporate and product branding, and managing various promotional initiatives.
Human Resources - As with any business, companies involved in surplus lines are always looking for people that can recruit strong candidates, support training and career development, and create and manage competitive compensation packages.
Accounting - For those that like working with numbers in a fast-paced, dynamic environment, this is the career for you. You would manage complex finances; oversee your company’s balance sheet and work to ensure compliance with business and tax regulations.
Compliance -This is one of the most dynamic and critical components of the surplus lines industry, as laws and regulations vary state-by-state and change frequently. If mandates are not followed closely, both insureds and companies may be at risk for fees and penalties. Strong attention to detail and an ability to identify potential problems and opportunities within the regulatory arena are important assets for this position.
