Underwriting Specialist

2 days ago

Johannesburg, South Africa AIG Full time

PRINCIPLE DUTIES AND RESPONSIBILITIES:

- Obtain and retain business through negotiation on technical issues, quotations and rates within underwriting guidelines and authorities
- Ensure renewal review process is completed within SoP (Standard Operating Procedures) requirements to assist profitability and growth targets.
- Structure, negotiate and place reinsurance within SoP and authorities on relevant accounts. This will also include technical pricing and layering structures.
- Ensure compliance with data integrity requirements, underwriting guidelines, authorities and company retention limits.
- Decide on financial transactions within authorities - discounts, rates, accepting business, declining to quote on business, declarations, endorsements, pro-rata endorsements and invoicing.
- Ensure all relevant supporting documentation (Placement Slips, Policy Wordings, Reinsurance Slips, endorsements, etc) are issued in line with policy requirements and standard operating procedures.
- Investigation and resolution of account queries.
- Training and upskilling AIG staff with regards to Property Underwriting.
- Produce comprehensive, well thought through business cases to proposals for changes to risk appetite, if needed.
- Maintain, create and ensure sign off with relevant internal stakeholders on all policy wordings with regards to Property and General sections.
- Assist in maintaining and amending our Survey Register which determines which risks need to be surveyed at what stage of the policy lifecycle.
- Work with our underwriting, surveying and distribution teams to ensure that we meet our Property Underwriting objectives and ensuring that we adhere to our risk appetite and individual authorities at all times.
- Interact and assist Brokers and Business Partners, by being the face to market of regular broker engagements.
- Assist in developing and building specialist Property technical underwriting skills within AIG, always ensuring appropriate succession plans in place.
- Manage the new business and quotation processes in line with SoP - ensuring all administration and data capturing requirements are met.
- Ensure adherence to organisational policies, practices, and procedures.
- Ensure effective risk management, compliance and control environment
- Deliver market leading underwriting practice
- Ensure effective risk management, compliance and control environment
- Deliver market leading underwriting practice
- Completion and review of Underwriting Rationales which document the thought process and highlight any matters requiring immediate attention or require monitoring over the period of insurance selected
- Liaison with the underwriters including the placement of multinational programs through nominated partners in overseas territories.
- Placement of facultative reinsurance with local and international reinsurers
- Acceptance of Reinsurance Inwards business from local approved South African underwriters and foreign approved entities
- Creation, review and monitoring of market wordings for both Corporate and Commercial products
- Gathering of statistical information required for treaty underwriters
- Technical and operational review of all requests for SASRIA including assistance and oversight of audits performed by SASRIA.
- Review and implements changes as presented by the SASRIA audit outcomes report
- Requesting of surveys and the subsequent review and implementation of Risk Management Reports and Recommendations.- Review current business practices and technical underwriting procedures to identify key risk and alignment to the market if appropriate.
- Actively participate in the research and monitoring of the industry, target market and competitors to identify opportunities and threats as well as areas for improvement in operations.
- In conjunction with the Risk & Actuarial department, facilitate the development and implementation of technical rating solutions that satisfy the company’s stated financial objectives.
- Co-manage the GLMS quoting capability.
- Provide wording design and drafting which is legally compliant, free of ambiguity and within scope of reinsurance and underwriting appetite
- Liaise with reinsurance department to ensure adequate reinsurance in place to support technical underwriting appetite and product sets within risk-based capital structure defined by corporate actuarial
- Provide technical guidance on referrals.

Cost Control and Compliance Adherence
- Manage areas of critical compliance and actively manage non-conformance
- Proactively ensure use of time, resources, money, materials or equipment in line with policies and procedures.
- Comply with corporate governance policies, procedures and standards.
- Operate within agreed authorities and Standard Operating Procedures.

Operational
- Conducting of audits -internally when required
- Reporting on all price movements for renewals monthly and ensuring the country rate movement percentages comply with the agreed levels for the

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