Manager: Underwriting

SUMMARY:
Oversee underwriting, reinsurance, policy administration and portfolio management of non-life insurance business to contribute to the achievement of financial objectives of the organisation.

POSITION INFO:

Qualification and Experience

• Honours BCom in Accounting, Finance, Business Management, Risk Management and Insurance
• 8-10years Life and/or Short term insurance underwriting experience
• 8-10years Insurance operating system experience
• Critical Competencies
• Underwriting and administration
• Maintenance of policies in an operating system
• Quality Assurance
• Good understanding od reinsurance principles
• Additional Requirements
• Extended hours as and when required.
• Travel as and when required.

Key Performance Areas

Underwriting and Policy Administration

• Make authoritative decisions about technical underwriting and business enhancement solutions that would significantly improve business performance.
• Develop and maintain underwriting guidelines aligned to the risk appetite of the business.
• Develop processes and procedures to ensure that business is underwritten in accordance with set standards and rates.
• Demonstrate a high degree of knowledge regarding underwriting quantitative and qualitative tools.
• Review, benchmark and update policy cover, policy wording, general terms and conditions.
• Responsible for monitoring profitability as measured by loss ratio improvement.
• Complete assessment of claim trends and services, including analyse all necessary historical account information.
• Determine renewal terms including required premium level and policy plan change recommendations and deliver complete renewal package to Sales according to organisational department guidelines.
• Accountable for the accuracy and completeness of all renewal data.
• Participate in interdepartmental discussions between Sales, Claims and Reinsurance on renewal business issues and make recommendations regarding policy plan provisions related and administrative procedures.
• Ensure adherence to organisational policies, practices and procedures.
• Maintain and annually update the underwriting risk policy.
• Oversee staffing, supervision, training, coaching, mentoring, structuring of the underwriting function for effective service delivery.

Reinsurance

• Responsible for structuring of reinsurance programmes for all lines of business.
• Prepare annual reinsurance renewal packs.
• Oversee reinsurance optimization.
• Oversee the accuracy and completeness of all reinsurance data.
• Oversee the accurate submission of reinsurance accounts.
• Approve all facultative reinsurance placement.
• Maintain strong relationships with reinsurance partners.

Portfolio Management

• Manage underwriting performance of outsourced and binder mandates in line with internal guidelines and company processes.
• Initiate corrective actions where required to maintain quality standards.
• Provide integrated long-term solutions and strategies for dynamic portfolio management to deliver profitable growth.
• Report monthly on binderholder performance against set targets and budgets.
• Provide management with reliable and accurate ad hoc information for decision making.
• Establish controls to ensure that all aspects of the binder agreement are adhered to.
• Effective relationship management and timely escalation of issues.
• Ensure that all policies and procedures are maintained to enable compliance measurement.

Product Development

• Develop a product development framework that will drive the development and implementation of new products aand innovation.
• Continuously monitor existing products to identify gaps and the ongoing appropriateness of the original product design and structure, presenting results to stakeholders.
• Develop business cases and present all new development initiatives to the product development committee for approval.

Departmental and People Management

Performance Management

• Analyse the business plan to determine the applicable deliverables and targets
• Compile the Performance Management documentation in collaboration with the staff
• member in terms of:
• Job Profile requirements
• Key Performance Areas
• Personal Development Plan
• Conduct performance planning session and Track and monitor performance in accordance with performance contracts
• Conduct performance reviews in accordance with policies and procedures and take corrective actions where necessary

Capacity Planning

• Determine the human resource requirements, in accordance with the expected deliverables and current capacity
• Secure the human capital requirements to ensure that deliverables will be met in accordance with the expected targets
• Set and achieve employment equity targets.
• Minimise staff turnover

Financial Management

• Develop and manage budget
• Manage expenditure and ensure no fruitless expenditure
• Adhere to financial guidelines and thus ensure proper control over expenditure
• Pursue divisional targets and manage the financial health and stability of division