Upload
suzanna-henderson
View
217
Download
0
Embed Size (px)
Citation preview
Good Morning!
• Brief Bio• CPCU Mentoring
Program• Role of an
Underwriter
Darcie Kiper, CPCU, CLU
Underwriting Administrator
State Farm Insurance Companies
309-763-1360
CPCU Mentoring Program
Matching students with professionals...
CPCU…who, what??
• CPCU...Chartered Property & Casualty Underwriters
• A credentialed group of professionals who promote excellence through ethical behavior and continuing education
• Receive CPCU designation after passing ten comprehensive insurance exams.
Mentor Program
• Match students with industry professionals from a medley of careers...
• Underwriting, Claims, Business Analysts, Public Affairs, Consultants, Management, Actuary
• 900 members in the Central Illinois CPCU Chapter
Possible Activities
• Tour 24 Hour Customer Call Centers
• Shadow an Insurance Professional• Participate in CAT Claim Activity• Review large information system
operation• Receive exposure to a wide
spectrum of risk management fields
How do you get Involved?
• Sign Mentee Enrollment Sheet
• You will be contacted by your assigned Mentor
• Assignment will be for the Spring Semester
Benefits to YOU!
• Gain broader awareness of a variety of risk management careers
• Establish a network of insurance professionals
• Explore further areas of personal development
Underwriting at State Farm
• Auto• Fire - Commercial,
Personal Lines
• Life/Health
Auto UnderwritingDivision Structure
U S A U S A U S A
T ea m Le ad er
U S A U S A U S A
T ea m Le ad er
S up e rv iso r U n it A
U S A U S A U S A
T ea m Le ad er
U S A U S A U S A
T ea m Le ad er
S up e rv iso r U n it B
U S A U S A U S A
T ea m Le ad er
U S A U S A U S A
T ea m Le ad er
S u pe rv is o r U n it C
U S A U S A U S A
T ea m Le ad er
U S A U S A U S A
T ea m Le ad er
S u pe rv is o r U n it D
D iv is io n A dm in istra to r5 D iv is io ns in Illino is
Team Leader’s Responsibilities
• Accept/Decline New Business
• Monitor Existing Business
• Lead a team of Underwriting Service Asst.
• Work with a group of approximate 20 agents
Typical Day of a Team Leader
• Phone calls from agents, claim reps, and policyholders
• Review claims and review existing business
• Underwrite new business applications
• Monitor activities of EWT (empowered work team)
Other TL Activities
• Present at Agency Meetings
• Make field visits to agency group
• Attend meetings• Train on new
initiatives
Factors impacting Premiums
• Driver Experience• Use of Vehicle• Age, Gender, Marital
Status of Driver• Type of Vehicle• Territory Garaged• Coverages Selected
Underwriting Process
• Verify Driving Record of all household drivers with available resources
• Verify correct territory rating
• Verify vehicle rating - IRG
• Review use of vehicle
• Classify policy
• Code to statistically track experience
Underwriting Process
• Review for acceptability. Cancel if necessary within looksee period
• Apply discounts and surcharges
• Add endorsements if necessary
• Prepare for Issuance
Resources Available
• MVR - Motor Vehicle Record
• CLUE - Loss History Report
• UDR - Undisclosed Driver Report
Managing Unprofitable HH
• Review experience with other SF Lines
• Send Warning Letter
• Increase Deductibles or Nonrenew specific coverages
• Exclude driver(s)
• Nonrenew/Cancel Mutual Business and offer coverage in Standard Company
Factors Impacting Underwriting Decisions
• Frequency of HH Claims
• Frequency of Claims per Driver
• Severity of Claims• MVR• Time with State Farm• Other Lines w/SF
Case Studies…..
I need three volunteers!
Industry Trends
• 24 Hour Customer Service
• Changes in Distribution Channels - Agents, Direct Writers, Internet
• Experience Improving due to safer, better made vehicles
• Technology improving undewriting effeciencies
New Underwriting Concepts
• Credit Rating• Progressive - ‘Black
Box’• Point of Sale
Underwriting
Characteristics of a solid TL
• Academically Sound• Strong Communication
Skills• Interpersonal Skills• Leadership Characteristics• Customer Service
Oriented• Goal Oriented/Driven• Community Service
Career Opportunities
• Auto Underwriting - Management
• Systems - Business Analyst
• General Underwriting
• Public Affairs
• Human Resources
• Management Planning and Information Services
Best Wishes!!!
• If you ever have any questions regarding SF employment…. Call 309-763-1800
• Questions regarding the mentoring program 309-763-1360
Go ILLINI!!