Job Purpose:
The job holder is responsible to manage the entire team of Property Underwriting & will be involved in strategy building & responsible for implementation of strategies. This job also requires to manage the overall underwriting process of Property portfolio of the Company and contribute to the growth of Property line of business of the Company.
Job Duties:
Policies and Procedures:
- Formulates guidelines such as risk evaluation, customer profiling, coverage, rates, discounts, calculation of claims experience based risk rate & mitigation.
- Evaluates underwriting practices & market comparison & analysis of data to help revise UW guidelines.
Budget & Cost Control:
- Assists in preparation of the Department's annual budgets in line with overall Services function's budget and monitors financial performance versus the budget so that the business is aware of anticipated costs / revenues .
- Minimizes the operational costs and increases the efficiency.
Underwriting Activities:
- Assist and provides leadership, guidance and support to the Team and ensure administrative and operational compliance with regulatory requirements, policies and procedures
- Seeks input from the Actuarial Department to price specific accounts when appropriate
- Liaises with Claims Department on any specific claim activity and overall market claim concerns which could potentially affect profitability
- Assesses risk and ensure they are identified as per guidelines laid down
- Remains consistent with Internal Audit Department procedures, achieves compliance with all underwriting and administrative guidelines
- Provides direction to the team in the timely issuance of quotations and processing of Policy / Endorsement wordings
- Ensures the maintenance of underwriting files in an orderly manner and in accordance with the underwriting guidelines
- Meets with brokers regularly to discuss production, service and other topics relative to division operations.
- Attends important industry conferences and seminars as appropriate
- Ensures the departmental adherence to Treaty and Facultative reinsurance protocols as required.
- Manages the UW team efficiently to promote profitable growth of Property line of business across the company.
- Approves and signs underwriting documents as per Underwriting Authority such as quotations and renewal notices etc.
- Updates the Manual and Pricing of the Property line of business products as necessary
- Monitors & reviews the department performance.
- Ensures acceptable audit ratings in all Compliance and Audit reviews
- Ensures closure of Internal /external audit reports within the department
- Ensures Brand Enhancement and Customer Engagement
- Reviews product, competitor and sales process features and identify commercial opportunities for product development and for areas where growth can occur
- Communicates and coordinates with reinsurers in respect of existing as well as coordinates with other LOBs to enhance the company book of business.
Continuous Improvement:
- Ensures periodic review of Underwriting policies and procedures to identify operational gaps and propose recommendations and solutions to address these gaps in order to keep pace with the growth of the organization
- Ensures the development of system for effective and efficient underwriting
Reports:
- Review monthly / quarterly and yearly departmental reports and business plan
- Assists VP in the preparation of periodical MIS and progress reports, to keep top management informed about the progress of various initiatives and to facilitate decision making
Manage direct reports (mainly Unit / Department Heads) as well as indirect reportees under their functional remit by overseeing their performance management, recruitment, training and development to ensure high level of engagement and motivated work environment
QUALIFICATIONS
Minimum Bachelor Degree
RELEVANT CERTIFICATIONS
(either required or preferred)
Certificate in Insurance (CII), Associate in Risk Management (ARM), Associate or Diploma in Chartered Insurance Institute (Dip CII or ACII), Associate in Insurance Services (AIS), Associate in Commercial Underwriting (AU), Fellow Insurance Institute of India (FIII)
YEARS & NATURE OF EXPERIENCE
Requires12 to 15 years of relevant experience, including at least 6 to 8 years of managerial level within Insurance Industry
LANGUAGE REQUIREMENTS
Full Professional Proficiency in English and Arabic language
