Construction/Surety Account Executive/Broker
Location: Chicago, Illinois
Job Type: Full time
Who We Are:
We’re NFP, a six-time Best Places to Work award winner in Business Insurance for 2017-2022. We are also recognized as an Elite Agency award winner named as a Top Employee Benefits Firm. We are a leading Insurance Broker and Consultant that provides Employee Benefits, Property & Casualty, and Retirement and Individual Private Client solutions to help our clients reach and realize their goals because we believe business is personal. Our personal commitment to our team and our clients have created long-lasting and successful relationships across our growing 300+ nationwide offices and 17 international locations. To learn more, please visit: https://www.nfp.com.
NFP’s North American Construction & Infrastructure Group is seeking candidates for the role of Account Executive/Broker. In this role the colleague interacts with clients on a day-to-day basis while developing and maintaining relationships with both client and carrier representatives. Responsible for broking new and renewal business, handling all aspects of the placements from initial market selection through policy delivery to client. Ensure all clients’ needs are promptly and accurately satisfied, all deadlines are met, and service standards are achieved.
The Account Executive will prepare applications, specifications and marketing strategy for new business as well as the renewals of assigned clients with some degree of supervision and approval from their Supervisor. This role may require the employee to take on the role of lead consultant and primary point of contact for their assigned clients. The Account Executive may have revenue goals and/or client retention targets.
Essential Duties and Responsibilities:
- Negotiates terms, conditions, coverage limits and pricing with carriers and wholesalers.
- Works with the Claims Department on relevant claims for assigned clients.
- Responsible for accurate information such as updated exposures, driver information, reporting forms, signed endorsements and miscellaneous information to avoid any E&O claims.
- Maintains a diary (follow-up system) to ensure policies, endorsements and other information is received to comply with requests
- May supervise or direct the daily job activities of the Coordinators and Account Managers.
- Build and maintain strong relationships with carriers, and clients through regular contact and client visits. Keep clients apprised of appropriate industry trends and events, including all state and federal regulatory issues
- Proactively coordinate broking around the renewal cycle in accordance to NFP’s service model standards and timelines
- Define success and direct broking activity to achieve the optimal outcome for the client/prospect; ensure a go-to-market strategy is in place for each broking engagement
- Effectively negotiate with insurance carriers demonstrating an unmistakable command of the risk; drive financial and non-financial outcomes that support organic revenue development and retention, seize upon opportunities to creatively upsell and cross-sell, leading to greater client product density and expanded account margin
- Deliver proposals for existing and prospective clients
- Respond to client queries and concerns to resolve issues promptly
- Review binders and policies to ensure terms and conditions are accurately reflected
- Attend client meetings as a part of the team to strengthen and hone client communication and presentation skills
- Develop and oversee delivery of sales documents, presentations, stewardship reports, and RFP responses for prospective new clients
- Present proposals to producers and account management teams and participate in client meetings
- Prepare or oversee preparation of coverage comparisons, diagnostics, consolidated coverage/policy analyses, letters and reports (in consultation with broking colleagues as applicable)
- Develop productive business relationships with key insurance underwriters and local NFP account management teams
- Build strong, abiding, trustful and resilient relationships with carrier and wholesale partners
- Maintain accurate client and policy information in NFP’s Epic agency management system
- Drive the deployment of data and analytics to provide meaningful program insights for clients and the broking team
- Ensure client, broking, and brokerage data files are maintained in a complete, organized and timely fashion
- Execute on NFP’s broking strategies, including strategic carriers, panels, and preferred wholesaler utilization
- Develop and maintain thorough knowledge of insurance marketplace and available products and services
- Engage account team and markets to coordinate cross-sell and up-sell initiatives; effectively closes coverage gaps or deficiencies, supports the account team in maximizing client product density, enhancing account profitability and margin
- Engage and introduce SMEs to clients/prospects to covey the depth of talent and resources and provide additional technical support and competency in areas requiring unique specialization and skill sets
Knowledge, Skills, and/or Abilities:
- Excellent written communication skills – writes clearly; edits work for spelling and grammar; varies writing style to meet needs; presents numeric data effectively; able to read and interpret written information.
- Self-confident to make sound independent decisions
- Ability to successfully interact with a variety of people/personalities
- Strong leadership skills
- Must be able to read, analyze and reconcile financial reports
- Possess technical expertise plus good analytical and problem-solving skills
- Ability to handle situations in a calm, courteous and professional manner.
- Strong attention to detail, decision making skills and problem resolution.
Education and/or Experience:
- BA/BS preferred
- Typically more than 5 years industry and product line experience.
Certificates, Licenses, Registration:
- P&C Insurance License required
- CIC, CPCU or other P&C designation preferred.
What We Offer:
NFP is proud to offer a competitive salary, PTO & paid holidays, 401(k) with match, exclusive discount programs, health & wellness programs, and more. Our PeopleFirst culture focuses on building and nurturing lifelong relationships with our employees because, at the end of the day, we exist to be there for others.
The base salary range for this position in NYC metro area is $70,000 – $105,000. The base salary offered will be determined by factors including, but not limited to, experience, credentials, education, certifications, skill level required for the position, the scope of the position, and geographic location. Actual base salary offered will be determined on a case-by-case basis. In addition to the base salary, this position may be eligible for performance-based incentives.
NFP and You... Better. Together.
NFP is an inclusive Equal Employment Opportunity employer.