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Reinsurance Underwriting Analyst

3 months ago

Cape Town, South Africa Sanlam Group Full time
THE ROLE

Santam is looking for a passionate and energetic individual for a position as Underwriting Analyst who will be based in Tygerpark, Bellville. This exciting opportunity is available within Santam RE: Underwriting and Pricing.

WHAT WILL YOU DO

The Reinsurance Underwriting Analyst is responsible for assisting the Reinsurance Underwriter in underwriting and managing a reinsurance treaty book within one of Santam Reinsurance's existing geographical regions.
The underwriting analyst must review and analyse treaty submission. Assess profitability, premium volume potential, downside risk, adherence to underwriting guidelines, quality of treaty wording, bridger checks. The underwriting analyst needs to communicate via e-mail and meetings his/her findings to a wider underwriting and client relationship management team. Once the contract is accepted then the contract must be captured in the admin system. One of the key responsibilities of an underwriter analyst is to maintain the ongoing administration of contracts and to manage the accuracy of information on admin systems, pricing models and reports

WHAT WILL MAKE YOU SUCCESSFULL

  • Assist the Underwriter/Client relationship management team in developing, managing and maintaining a reinsurance treaty book in the chosen territory. This is both, a client facing role and an analytics and accounting role.
  • Building and maintaining reinsurance broker and client relationships for both existing business and potential business.
  • Pricing and underwriting the reinsurance treaties using a range of actuarial and softer methods as well as checking reinsurance contracts
  • Support the drive of profitability and growth in the chosen territory according to annual premium volume, profitability and volatility benchmarks.
  • Research different region's (Re)insurance sectors to determine the best strategy to employ on the portfolio
  • Improving processes by actively engaging stakeholders on the processes involved in the underwriting process.
  • Analyzing contract wordings
  • Actively involved in projects determined by the Territorial Head and/or Chief Underwriter.
  • Administration: updating internal systems and files, running reports. Ensures the admin for the team is completed on SharePoint and iRe (liaising with admin team).
  • Supports the territorial head and reinsurance underwriter with preparing for trips by preparing market research, pulling accounts for clients being visited, etc.
  • Frequently engages with clients over teams, zoom, the phone.
  • Has an established relationship with the accounts and claims teams.
  • Checking and monitoring accounts, payments and profitability of the book.


QUALIFICATION AND EXPERIENCE

  • Undergraduate degree with a significant numerate component such as Math, Computer Science, Statistics, Economics, Physics, Engineering or Actuarial Science.
  • 0-3 years' of work experience preferably in the insurance/ reinsurance, finance and/ or risk management sectors.


SKILLS

  • An understanding of reinsurance wordings, reinsurance markets and the end-to-end analysis of a reinsurance submission.
  • A strong understanding of insurance and related risks
  • Reinsurance technical accounting knowledge
  • Willingness to work over the Christmas and Easter Holiday period
  • Willingness to travel internationally
  • Good understanding of reinsurance principles and concepts
  • Excellent verbal and written communication skills
  • Analytical ability
  • Ability to read and review contracts critically in line with company requirements
  • Advanced numeracy skills
  • Ability to work independently with limited supervision
  • High stress tolerance
  • Ability to work to tight deadlines and under pressure
  • Strong negotiation skills
  • Team Player
  • Ability to work flexible working hours
  • Must be pro-active and take ownership of tasks
  • Willingness and desire to learn
  • Good work ethic
  • Ability to multi-task
  • Solid interpersonal and relationship building skills
  • Good planning and organizing skills
  • Time management
  • Great understanding of business processes


COMPETENCIES

  • Collaborates
  • Client focus
  • Drives results
  • Flexibility and adaptability
  • Cultivates Innovation
  • Organisational savvy
  • Balancing stakeholders
  • Plans and aligns
  • Optimises work processes


WHO ARE WE

Santam Re, based in Cape Town South Africa and operating globally, presents a company culture that is committed to fostering genuine connections with people.

With over 106 years of experience, Santam is Africa's leading general insurance company with a market share exceeding 24% in South Africa. Our reinsurance business, Santam Re leads with a culture and work environment that truly provides meaningful opportunities for personal and professional growth. This is a contributing factor to Santam being recognised this year, and for the fourth consecutive year, as a Top Employer by the Top Employers Institute, the only general insurer in South Africa to achieve this rating.

This speaks volumes about our focus on best people practices, as well as our commitment to optimising and improving our business performance by selecting employees who are ready to thrive and perform with purpose.

We recruit and invest in people who are driven to make a positive impact in the reinsurance industry; those who believe in collaboration and dedication, passion and performance, and with values and objectives that align to inclusivity and unlimited growth.

Profitable growth is key to Santam Re's success, reason why we are intent on further strengthening our actuarial and underwriting expertise which are at the core of our business model. We have built our reputation on being strong in technical analysis, on being able to grasp the nuances of emerging markets, high quality service delivery and in the provision of optimal portfolios that respond to the needs of our brokers and cedents, today and for the future.