The Business Development Executive plays a pivotal role in cultivating strategic agency partners within a targeted region. The ideal candidate will be a highly motivated and adaptable go-getter with a proven track record of success in business development and workers compensation insurance. Reporting directly to the VP of Sales, the Business Development Executive is tasked with achieving an overall gross written premium target of $10M within their first year. Working closely with the underwriting team and assisted by an account manager, this role is perfect for a strategic thinker adept at navigating complex partnerships and driving substantial business growth.
Essential Duties and Responsibilities
- Cultivate and deepen business relationships with insurance agency partners, developing high-production partnership opportunities across two distinct channels: general brokerage and niche program partnerships.
- Develop and implement strategic plans to generate a minimum of $500K in first-year premium through each strategic agency partner, and $5M+ through niche program partnerships.
- Collaborate with the underwriting team to manage account submissions, drive pricing and sales discussions, and deliver a seamless customer experience.
- Develop and execute a business development plan to achieve a gross written premium target of $10M in the first year.
- Build and maintain strong relationships with key partner decision-makers to provide support, track performance and maintain ongoing production.
- Work closely with an account manager to effectively manage customer accounts and ensure prompt issue resolution.
- Educate and inform agency partners of new company products and services.
- Bachelor's degree in business administration, marketing, or a related field preferred.
- Minimum 5 years of experience in workers' compensation insurance and business development.
- Current P&C Insurance License (or must obtain prior to employment)
- Proven track record in meeting or exceeding ambitious sales targets.
- Strong relationship-building skills with the ability to establish trust and credibility with partners.
- Deep understanding of the insurance industry, underwriting procedures, and workers' compensation guidelines.
- Proficiency in standard office software (Microsoft Office or similar) and any specific insurance software used by the company.
- Excellent negotiation and decision-making skills.
- Achievement of the first-year gross written premium target of $10M.
- Successful development of high-premium general brokerage and niche program partnerships.
- Positive feedback and relationship standing with agency partners and other stakeholders.
- Effective collaboration with underwriting and account management teams for smooth account handling and customer satisfaction.
Compensation and Benefits
- Total compensation Base + Bonus average is between $125K-$200K+.
- Competitive salary and benefits package including health insurance, dental insurance, vision insurance, 401(k) plan, and paid time off.
- Meaningful participation in Insurate’s equity program. All Insurate employees are part owners of the company.
- Remote-First Workplace: At Insurate, we recognize the importance of providing a flexible and inclusive work environment that allows our employees to thrive while maintaining a healthy work-life balance.
- Travel within the assigned region is expected at approximately 25%.