Head of Insurance Strategy

Full Time

Job Description

Climate change is creating a crisis for the insurance industry and those who rely on it for financial security.

Every year, severe weather causes billions of dollars of damage. Yet traditional insurers lack the tools to accurately assess and price severe weather risk. Without knowing what to expect, insurers expect the worst, leading to unaffordable premiums. For industries such as retail automotive and agriculture, traditional insurance is becoming unattainable. These business owners are at risk of financial devastation whenever a storm strikes.

Understory is the first company to solve the insurance coverage crisis with data-driven insurance for severe weather, starting with hail. Our growing network of ground-based Dot weather sensors, combined with our Atmospheric Intelligence AI, allow us to assess and price any weather risk in the world.

When severe weather strikes, Understory detects it and triggers a fast, predetermined payout. There are no burdensome financial deductibles, and no lengthy claims process. Ultimately, Understory allows capital to quickly flow where it’s needed most after a disaster, protecting everything from automobiles to the world’s food supply.

About the Role:

The Head of Insurance Strategy opportunity will work closely with the CEO, CTO, as well as the VP of Product to help execute on Understory’s global data-driven insurance strategies.

You will help successfully drive new business, maintain strategic relationships to grow existing markets and create new opportunities.

The ideal candidate should have a track record of sales success, leadership capabilities, as well as a solid understanding of insurance and reinsurance. The nature of the work is project-oriented, client-focused and problem solving. You will be exposed to a very wide range of insurance and reinsurance products, both traditional and non-traditional. You will become familiar with Understory’s tools and approach, contribute to their development, and present Understory’s solutions and services to our clients. You will also be expected to develop thought leadership and content for Understory’s clients and brokers.

Core Responsibilities Will Include:

○ Create, edit and analyze contract provisions, which accurately memorialize negotiated reinsurance placement terms

○ Submit written documents to our insurance and reinsurance partners for review and approval

○ Support policy creation both internally and with external partners that uphold local insurance standards, support Understory’s parametric insurance aspirations and provide a positive customer experience

○ Work closely with broker teams throughout the placement process, and assist in finding creative solutions, while optimizing the outcome for the client

○ Document broker/client/market conversations

○ Interact with clients and reinsurance markets, as needed, to assist in the wording negotiations that safeguard Understory, its clients and meet legal and regulatory insurance standards

○ Proofread documentation to ensure accuracy and fit pre existing insurance frameworks

○ Effectively communicate with all levels of the organization and external customers to ensure excellent quality of service and unambiguous explanations of insurance products

○ Create and efficiently use business processes, communicate product information, and utilize available resources to retain existing customers and support customer prospecting activities

○ Leader within sales team to identify client needs and develop additional opportunities related to Understory’s products and services, specifically in hail

○ Coordinates with other senior managers to ensure clients’ needs are being met and resources are not overused, underutilized, overlapping or contradicting

○ Present and discuss results of analysis to C-level client in clear and concise manner

○ Takes initiative on internal projects to improve processes, products or services

○ Perform other duties, as assigned

About You:

○ BA or BS degree from an accredited college or university or equivalent experience

○ A minimum of five (5) years experience working on reinsurance wording in a US/London market environment

○ Working knowledge of standard market wordings around captives, reinsurance, and insurance and the ability to identify and resolve potential technical issues

○ Excellent writing ability

○ Strong attention to detail

○ Ability to work well under pressure and deadlines

○ Excellent written and verbal communication skills

○ Working knowledge of Microsoft Office suite of products

○ Self-motivated and proactive

○ Organized with ability to prioritize

○ Strong analytical ability