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Wholesale Brokerage Firms
Surplus Lines Insurance Company
Departments at Both Organizations
Industry Career Paths
If you’re interested in a career in the surplus lines market, there are two types of employers that can help you launch an exciting career – 1) wholesale brokerage firms and 2) surplus lines insurance companies.
Wholesale Brokerage Firm
A wholesale brokerage firm identifies appropriate insurance companies to insure unusual or hard-to-place risks. Wholesale brokerage firms are often actively recruiting for these three positions.
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.
Surplus Lines Insurance Company
A surplus lines insurance company underwrites specialized insurance coverage for hard-to-place risks. Surplus lines insurance companies insure accounts that cannot be placed with the standard insurance market. Common positions include:
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.
Loss Control and Risk Management- 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 Organizations
These two employers also offer positions in similar departments (for a more in-depth description, click on the departments)
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.
Opportunities in Management and Business Ownership
The industry also affords opportunities in executive management and business ownership. There are many success stories within our organization of members who have become top executives at multi-million dollar companies, built their own successful brokerage firm, or founded a new insurance company.
Ancillary Careers within Surplus Lines Industry
Additional careers can also be found in ancillary companies that serve the surplus lines industry such as reinsurers, reinsurance brokerage, third-party claims administrators, law firms, software vendors, and a wide variety of consultants.
Current Career openings offered by firms that are members of the National Association of Professional Surplus Lines Offices (NAPSLO) can be viewed on our Job Locator page at jobs.napslo.org.