Business Development Manager

Munich Re • Full-time • Princeton, New Jersey, United States • 1d ago

Business Development Manager

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. We will consider a range of experience for this role and the offer will be commensurate with that.

The Company

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products. 

The Opportunity

Future focused and always one step ahead.

The Business Development Manager (“BDM”) develops and implements strategies to maximize the profit potential for assigned P&C reinsurance prospects, clients & brokers, consistent with divisional priorities and line of business appetite. The BDM collaborates closely with MR US underwriters, other MR US staff and members of other business units in the execution of the strategy including delivery of new products and value-added services. The BDM serves as the primary point of contact for clients and their designated brokers with respect to business underwritten in the division. The BDM is responsible for the reinsurance results generated through the client relationship

Major responsibilities include:

Create, prioritize and implement forward looking client strategies for all assigned clients and prospects, in line with MRUS Key Priorities and Line of Business Strategies.
Create, prioritize and implement forward looking broker strategies that go beyond the transaction.
Thinking beyond the current portfolio to imagine a target picture and future possibilities to generate profitable revenue that does not exist today.
Lead client team in developing new business opportunities and servicing the in-force business. Ensure consistent understanding of target objectives and strategy for achieving desired outcomes.
Develop negotiation strategies and tactics to ensure achievement of financial objectives for assigned clients. Partner with Underwriting, Claims and Actuarial to establish final terms for individual placements including share size, price and other relevant terms and conditions.
Develop and maintain deep and thorough understanding of assigned clients and brokers, particularly of their key underwriting, capital and risk management objectives. Build strong relationships with client & broker staff that can provide strategic insights on evolving needs and value derived from the Munich Re (MR) relationship.
Manage client & broker relationships, establishing MRUS’s position consistent with our segmentation strategy (e.g., the lead reinsurer for our most desirable clients). Serve as primary point of contact within Munich Reinsurance America, Inc. (MRAm) for assigned clients and their designated brokers as respects traditional reinsurance business.
Market the full Munich Re Group product range, including pitching new products and services as appropriate for the client’s needs. Share the Munich Re perspective on important industry issues at industry events and individual client/broker meetings.
Contribute, as needed, to broker marketing activities and other initiatives to develop new products/services or improve operating effectiveness.

Qualifications:

Bachelor’s degree in Business and/or equivalent work experience
Approximately 10 years of Reinsurance and/or relevant Insurance experience (underwriting, account executive, and/ or actuarial preferred)
Strategic thinker who can develop effective action plans to achieve desired outcomes
Entrepreneurial spirit
Strong interpersonal and social skills with a special focus on relationship management
Strong leadership skills needed to manage client teams in a matrix reporting environment
Effective presentation skills with ability to explain complex transaction structures to both technical and non-technical audiences
Strong sales orientation with ability to make a compelling link between MR offerings and critical client needs. Ability to handle tough negotiations that result in win-win outcomes.
In-depth knowledge of insurance and reinsurance principles and procedures
Familiarity with accounting, finance and actuarial concepts
Experience with Primary Insurance and non-traditional products
Willingness to travel about 30-50%

The Company is open to considering candidates in Princeton, NJ. The salary range posted below applies to the Company’s Princeton, NJ location

The base salary range anticipated for this position is $185,800 - $272,500, plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).

The salary estimate displayed represents the typical salary range for candidates hired in this position in Princeton, NJ. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.