Underwriting Administrator

1 week ago

Johannesburg, South Africa Telesure Investment Holdings Full time
Job title : Underwriting Administrator Job Location : Gauteng, Johannesburg Deadline : January 04, 2025 Quick Recommended Links
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Job Purpose

  • Assist in the design and implementation of a technical underwriting framework for TIH Business Insurance (BI) that fosters superior risk selection, streamlined processing, loss ratio management and underwriting profitability.

Responsibilities

  • Underwriting Contribute to the decisions around technical or professional underwriting and business enhancement solutions that would significantly improve business performance. Introduce underwriting rules on the acceptance of business. Assist in the resolution of escalated underwriting complaints and escalated underwriting opinions on claims. Support and contribute to the renewal of BI’s reinsurance programme in line with business strategy. Ensure optimal placement of facultative cases.
  • Product & Solution Development 
  • Analyze and evaluate the feasibility and relevance of proposed products and services. May also assist with the definition, development and delivery of a significant product or service, ensuring alignment with customer requirements. Review and enhance BI products accordingly (addressing gaps and competitively). Undertake market opportunity assessment for BI products and undertake comparative analysis on key competitors’ products.
  • Risk Management & Analysis
  • Evaluate individual risks for acceptance where potential high risk scenarios exist or where there are changes to a clients’ claims behaviour. Determine underwriting processes and minimum risk acceptance criteria for BI's.
  • Underwriting Policy Development & Implementation
  • Assist in the development of underwriting frameworks for the underwriting department. Assist with creating underwriting procedures and monitoring their implementation within underwriting. Monitor adherence to set mandates through technical audits and controls as set in the underwriting framework. Leverage all available information from our partners, the industry and internally to ensure we are constantly reviewing the underwriting processes, systems and protocols with a view to improve efficiencies and to ensure best practice.
  • Operational Compliance
  • Maintain and renew a deep knowledge and understanding of the organization's policies and procedures and of relevant regulations, and ensure own work adheres to required standards. Ensure that business activities within underwriting comply with relevant external regulatory codes and with internal policies and procedures to minimize business risk and to protect the reputation of the organization. Undertake technical underwriting audits. Maintain business rules around when audits are required and adhere to underwriting guidelines and standards by managing audits. Ensure that business objectives and personal delivery aligns to and meets the TSW principles.
  • Stakeholder Engagement
  • Identify and manage internal and external stakeholder relationships (TIH companies; Brokers; Reinsurance brokers; Management colleagues). Find out their needs/issues/concerns and reacting to these by leading and coordinating he development of stakeholder engagement plans to support the communication of business information and decisions.
  • Insights and Reporting
  • Prepare and coordinate the completion of complex reports, identifying and interpreting patterns and trends, and translating those insights into actionable recommendations. Conduct monthly statistical analyses (loss ratio, multi-claimants and claims trends analyses) and engage underwriting (policy admin) to implement appropriate proposed corrective measures. Assist with the implementation of remedial measures. Prepare and contribute effectively to forums and committees where represented.
  • Personal Capability Building 
  • Develop own capabilities by participating in assessment and development planning activities as well as formal and informal training and coaching; gain or maintain external professional accreditation where relevant to improve performance and fulfill personal potential. Maintain an in-depth understanding of technology, external regulation, and industry best practices through ongoing education, attending conferences, and reading specialist media.
  • Performance Management
  • Prioritize own workflow and ensure work is completed to the required standards of productivity, quality and timeliness; use performance management systems to improve personal performance.
  • TECHNICAL COMPETENCIES 
  • Underwriting
  • Apply comprehensive knowledge / skill, and provides guidance and training to others. Good knowledge of short-term industry and commercial underwriting.
  • Underwriting Training
  • Use comprehensive knowledge and skills while guiding and training others to achieve full compliance with applicable rules and regulations in management and/or operations.
  •  Policy and procedures
  •  Provide technical guidance when required to develop, monitor, interpret and understand policies and procedures, while making sure they match organizational strategies and objectives.
  • Data Collection and analysis 
  • Provide technical guidance when required to analyze data trends for use in reports to help guide decision making.
  • Numerical Skills 
  • Use an understanding of numerical concepts to perform mathematical operations such as report analysis and provide technical guidance when required.
  • Verbal and Written Communication 
  • Use clear and effective verbal communications skills and provides technical guidance when required to express ideas, request actions and formulate plans or policies.
  • Review and Reporting 
  • Provide technical guidance when required to review and create relevant, lucid and effective reports.
  • Risk Management 
  • Identify, assess, prioritize and manage risks in the organization and provides technical guidance when required.
  • Planning and Organizing
  • Plan, organize, prioritize and oversee activities to efficiently meet business objectives.
  • Computer skills 
  • Support business processes by understanding and effectively using standard office equipment and standard software packages. Proficient in MS Office and Excel
  • Presentation skills
  •  Communicate with other people by speaking in a clear, concise and compelling manner.
  • Negotiation 
  • Negotiate to help the organization by obtaining consensus between two or more internal or external parties who may have different interests.

Education

  • Grade 12/ SAQA Accredited Equivalent (Essential); Relevant Degree in Underwriting or Mathematics or similar (Advantageous); RE 5 (Essential); FAIS recognized qualification (Essential); FIISA, AIISA or Diploma in Insurance or equivalent (Advantageous); Business Analysis certificate or similar (Advantageous)

Experience

  • 5 - 7 years experience in short-term insurance (mainly MMIII and Assets All Risks wordings, personal lines product experience (Essential); Short-term insurance industry - underwriting experience (Essential).
     

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