Chief Underwriter

**Job Classification**
- **REQ: 131504 - Refilwe Falatsi**:

- **Closing Date: 23 February 2024**:

- **Division: Nedbank Insurance | Client Solutions**:

- **Employment Equity Statement: Preference will be given to individuals from underrepresented groups.**
- Job Family- Risk, Audit and Compliance
- Career Stream- Underwriting
- Leadership Pipeline- Manage Managers
- FAIS Affected**Job Purpose**
- To manage; plan and control the Underwriting Department to profitably grow the risk book on an underwriting and administration basis; in line with Nedbank's business strategy**Responsibilities**:
**Role Objectives**:

- Develop & provide strategic direction and overall leadership across all Underwriting functions.
- Define & implement Underwriting philosophy, policy and guidelines.
- Ensure alignment between Underwriting, Product & Reinsurance strategies. Contribute to the development and maintenance of underwriting systems and processes.
- Define Data and Analytics requirements together with Product, Reinsurance and Corporate Actuarial teams to generate value across the Insurance value chain by facilitating data-driven decisions across the business.
- Ensure Underwriting risk is adequately being managed and is used to drive strategic and business outcome.
- Represent Nedbank Insurance is relevant industry bodies and act as key account managers for relevant Outsourced Service Providers.
- Provide input to the Customer Experience Team on customer communication and education.

**Strategic And Operational Excellence**:

- Accountable for the Underwriting Team (covering short-term and life products) and underwriting standards, strategy, goals, results, and people development.
- Cultivates Strategic Partnerships with key internal Insurance stakeholders including Product, Actuarial, Sales, Marketing, Operations, IT, Claims & Finance, as well as external stakeholders including, UMAs, Reinsurers and RI brokers.
- Overall business leadership - Client Solutions and Actuarial Manco and Extended Leadership Team. Provide strategic and operational input to product development, pricing and reinsurance governance.

**Business Development**:

- Provide input to meet business objectives including scientific rates, terms, and conditions for existing and new business, ensuring compliance with internal and external regulations and guidelines, and ensuring contribution to the business plan and objectives. Co-ordinate with the 1st and 2nd line teams to manage maximum probable losses. Ensure familiarization of Reinsurance extensions/limits.
- Policies & Procedures: Ensure adherence to underwriting standards, instructions, and good practice to minimize risk and maximize efficiency. Develop a team that contributes to recording and measurement of insurance risks to ensure accuracy and good practice. Ensure that teams understand and comply with any reinsurance requirements to minimize risk.

**Job Responsibilities Continue**

**Financial**:

- Improvement of product design, reducing loss ratio, improving profitability and business sustainability.
- Monitoring of underwriting experience through the analysis and integration of budgets and financials, and implementation of corrective measures.

**People, Talent Management and Leadership**:

- Development & maintenance of a competent team, providing leadership, succession and talent management through open communication and delegation of responsibilities and authority. Provide informal and formal coaching support to teams in their personal and professional development.
- Team & Employee Growth: Take responsibility for team’s and own career growth and have regular discussions with the relevant role players. Ensure succession and talent management.
- In conjunction with HR, Recruit, select and retain highly qualified professionals.
- Create a working environment where productivity can be sustained and accomplished.

**People Specification**
- Essential Qualifications - NQF Level- Advanced Diplomas/National 1st Degrees
- Preferred Qualification- BCom in Insurance or Risk Management and Advanced Certificate in Insurance- Essential Certifications- Preferred Certifications- Registered with a relevant accredited professional body
- Minimum Experience Level**At least 10 years Insurance & Underwriting experience of which 5-8 have been at a senior level in preferably in short term insurance**.- Financial Services Industry Experience.
- In-depth understanding and grasp of insurance business model and strategy. Preferred bancassurance.
- Understanding of the overall dynamics of the insurance and financial services industries.
- Sound understanding of the business of insurance brokers and reinsurers.
- Sound understanding of regulatory and compliance issues pertinent to the Financial Services Industry.
- Business acumen, particularly in Insurance
- Advanced numeracy

**Technical / Professional Knowledge**
- Business administration and management
- Change management
- Financial Accounting Principles
- Gov