Insurance Operations Intern

Overall Job Description: This position will provide the opportunity to work on a variety of critical business assignments, test acquired skills, use academic knowledge and match interests to a real job during a cross functional rotation in key areas of the organization.  This unique opportunity will provide valuable experience and a complete understanding of our business operations.

Functional areas of focus:

Underwriting and Rating 

The rating and policy issuance process.

Farmers of Salem underwriting philosophy, insurance products and strategies.

Underwriting rules, manual guidelines, insurance laws and regulations

Identifying critical issues and problem areas the team needs to address

Product Development/Management 

Product development and enhancement

MSO programs

State filing processes and regulations

Testing processes

Claims

Information gathering in relation to initial claim reporting

Conducting thorough investigations and evaluating losses

Determining coverage based on specific claim, and thorough policy analysis

Making decisions about liability and compensability

Negotiation strategies  in relation to the resolution of a claim

Overview of Unfair Claims Settlement Practices Act, Bad Faith Laws, DOBI claims climate

Farmers of Salem Claims Handling Philosophy

To include at least 1 day on the road inspecting either property or liability claims with independent adjuster

Finance 

Insurance finance processes including revenue, expense, financial models, budgets and reinsurance.

Direct Bill process

Information Systems

Technology that supports our Agents, Insureds and Staff.

Industry technology and its applicability to our current processes.

Marketing 

Development and enhancement of marketing products, procedures and services.

Agent selection, onboarding and relationship development

Changing market conditions and competitor activity

Business Plan evaluation and enhancement

Agency Operations

Overview of agency operations and best practices

Understanding of products and services employed to increase agent business and retention

Performance Expectations:

Learn essential functions of all departments and gain an understanding of Property & Casualty insurance carrier operations

Assist insurance professionals with day-to-day assignments

Utilize analytical and problem solving skills

Accept and complete project work assignments

Participate in departmental meetings and activities

Maintain a professional attitude including oral, written communication and appearance with all customers (Agency, insureds and company personnel)

Perform other related duties as required or assigned

Keep confidential all information obtained during course of employment

 Qualifications:

Strong interest in a career in Property & Casualty Insurance

Strong communication, analytical and problem solving skills

Outstanding interpersonal skills

Self motivated

Strong customer service orientation

Planning, organizing and time management skills

Basic to intermediate level Excel, Word, Power Point skills

Ability to work at a computer for an extended period of time

Ability to lift and move objects weighing up to 20 pounds

Education or Equivalent Experience:

Current college student entering Junior or Senior academic year

GPA of 3.0 or above

Risk Management, Insurance and other business majors preferred