Announcement
Working with Wedding Insurance: Underwriting and More
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Love is in the air and thousands of weddings will take place now through late fall. So what does that have to do with Travelers? Wedding insurance.
The Wedding Protector Plan, a no-deductible wedding insurance policy launched by Travelers in 2007, is exactly what it sounds like - insurance that financially protects a couple against a variety of unexpected mishaps such as:
- adverse weather (15 percent of all filed claims)
- a lost ring or damaged dress (19 percent of claims)
- a key family member who suddenly can't attend the wedding (22 percent of claims)
- a bankrupt venue or vendor (43 percent of claims)
Already this year, Travelers has insured hundreds of weddings, and most policies are processed without a hitch - they meet all of Travelers' underwriting guidelines and are automatically approved. But when a wedding insurance policy falls outside the guidelines, it is sent to Jason, the primary underwriter for the Wedding Protector Plan. Jason then analyzes the information in the application, determines if the risk is acceptable and then decides whether to issue the policy.
But underwriting the Wedding Protection Plan is just one part of his job as Market Director in Personal Insurance Product Management, and wedding insurance is just one of several insurance products for which Jason is responsible. As a Market Director, he collaborates with strategic partners to raises awareness about other insurance products, develops marketing, product and underwriting strategies and works to enhance the products.
By analyzing trends in the wedding industry, continually evaluating Travelers' Wedding Protector Plan for enhancements and keeping an eye on the competition, Jason is able to update and create a product that's in keeping with what couples want and need. Last year, liquor liability coverage was added, which provides protection if a policyholder is held liable for an alcohol-related accident. This summer, Jason is rolling out a new agency-level system that allows personal insurance agents to sell wedding insurance directly to customers.
One of Jason's goals is to create a greater awareness of the product, especially with the current economy and the increased number of bankruptcies for many businesses. His efforts have been paying off. Since early 2009, Travelers' wedding insurance has been written about by media outlets across the globe, including national outlets such as USA Today, CNBC.com, The Chicago Tribune and FOX Business News.
"The average cost of a wedding is more than $20,000 and if something unexpected happens, couples - and their parents - could be out thousands of dollars," said Jason. "The majority of recent claims involve vendors and/or venues going bankrupt or simply not showing up the day of the wedding. I want to let couples know that for about the cost of one guest, wedding insurance can protect their investment. It's peace of mind so they can enjoy their special day, no matter what happens."
Search for a job like Jason’s in Product Management or Personal Insurance or learn more about a career in underwriting.
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