Manager: Underwriting

4 weeks ago

Centurion, South Africa Adzuna ZA B C2 Full time

MAIN PURPOSE OF THE JOB

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

Key Performance Areas

  1. 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.

  1. 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.

  1. 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 binder holder 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.

  1. Product Development:
  • Develop a product development framework that will drive the development and implementation of new products and 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.

  1. Departmental and People Management:
  • Performance Management
  • Analyze the business plan to determine the applicable deliverables and targets
  • Compile the Performance Management documentation in collaboration with the staff members 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.
  • Minimize 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

Preferred Minimum Education 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 of reinsurance principles

Additional Requirements

  • Extended hours as and when required.
  • Travel as and when required.

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