RT Specialty, a division of Ryan Specialty, is a leading wholesale distributor of specialty insurance products and services. Our experienced brokers are specialized in property, casualty, professional lines, transportation and workers’ compensation, providing creative solutions to retail brokerage firms. We define ourselves through our superior execution on behalf of our clients, which has established us as a leader in the industry.
Position Summary
The Binding Operations Associate is responsible for the binding process of insurance policies, ensuring adherence to underwriting guidelines and regulatory standards. The role includes inputting necessary information into underwriting applications for accurate policy rating, documentation, and issuance. They act as a liaison between underwriters and brokers, responding to inquiries, collecting information for quoting, and providing revised quotes. They also serve as backup for underwriters and underwriting assistants during their absence.
What will your job entail?
Job Responsibilities:
- Assists the process of binding insurance policies, ensuring accuracy and compliance with binding underwriting guidelines and regulatory requirements.
- Administers underwriting applications with the information necessary to rate, document and issue accurate and compliant policies.
- Assists with new business submission with directions from the Binding Underwriter to prepare and market to carrier.
- Coordinates between Underwriters and brokers by responding to inquiries, works with brokers to obtain information needed to quote, and provides revised quotes as requested.
- Processes and issues policy endorsements, including changes to coverage, limits, or policy terms, ensuring accuracy and timely implementation and tracks cancellation notifications, non-renewal, and renewal solicitation notifications.
- Maintains comprehensive and organized records of all binding transactions and related documentation, including policy details, endorsements, and client information.
- Communicates with clients to collect required information, explains policy terms and conditions, and addresses any questions or concerns related to the binding process.
- Executes the work assigned by underwriters and underwriting assistants when they are out of the office or otherwise unavailable.
- Prepares reports related to policy binding metrics, performance, and compliance, providing insights for process improvement.
Required Experience:
- 1+ years of work experience in Insurance Industry or Binding Underwriting or related field.
- Work exposure and understanding of Excess & Surplus Lines (E&S)
Ryan Specialty is an Equal Opportunity Employer. We are committed to building and sustaining a diverse workforce throughout the organization. Our vision is an inclusive and equitable workplace where all employees are valued for and evaluated on their performance and contributions. Differences in race, creed, color, religious beliefs, physical or mental capabilities, gender identity or expression, sexual orientation, and many other characteristics bring together varied perspectives and add value to the service we provide our clients, trading partners, and communities. This policy extends to all aspects of our employment practices, including but not limited to, recruiting, hiring, discipline, firing, promoting, transferring, compensation, benefits, training, leaves of absence, and other terms, conditions, and benefits of employment.
Ryan Specialty seeks to offer our employees a comprehensive and best-in-class benefits package that helps them — and their family members — achieve their physical, financial, and emotional well-being goals. In addition to paid time off for company holidays, vacation, sick and personal days, Ryan offers paid parental leave, mental health services and more.
The target salary range for this position is $54,250.00 - $65,000.00 annually.
The wage range for this role considers many factors, such as training, transferable skills, work experience, licensure and certification, business needs, and market demands. The pay range is subject to change and may be modified in the future. Full-time roles are eligible for bonuses and benefits. For additional information on Ryan Specialty Total Rewards, visit our website https://benefits.ryansg.com/.
We provide individuals with disabilities reasonable accommodations to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment in accordance with applicable law. Please contact us to request an accommodation at [email protected]
The above is intended to describe this job's general requirements. It is not to be construed as an exhaustive statement of duties, responsibilities, or physical requirements. Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.
