Insurance Underwriter
17 hours ago
**An exciting opportunity has opened up at one of the premiere specialist risk underwriters in the insurance market. They have a vacancy for a Cyber Risk insurance underwriter.**
**Required Minimum Qualifications**
Business degree with IT and Cyber qualifications
Understanding of/ Ability to interpret financials a requirement
RE and FAIS compliance
**Required Experience/ Required Knowledge and Skills (relevant or in a similar role)**
Specialist Cyber underwriting or consulting experience with at least 3 years’ experience including:
Product knowledge
Industry segmentation knowledge and applicable risk exposures
- Enquiring mind - seek out additional information in order to best understand a risk before underwriting such risk
- Underwriting procedure
- Insurance terminology
- Rating principles
- Risk Management
- Market knowledge (including competitors)
- Claims procedure
- Credit Control
- Reinsurance market, reinsurance and treaties
- Willingness to develop new underwriting experience in respect of new products introduced into iTOO
- Business management
- Self-management (can organize work space, time )
- Good communication (including writing and presentation skills)
- Negotiation (internal & external)
- Sales and marketing
- Relationship management skills (have the right approach with the right people)
- Analysis and interpretation of data pertaining to assigned risks
- Well-presented / representative of ITOO’s image
- Good knowledge of MS Office - Intermediate level (including Word, Excel, PowerPoint, Outlook)
- Career orientated
- Knowledge of the Core Business Systems
- Ability to work overtime and attend functions
**Principle Duties and Responsibilities**
Underwrite specific classes of business currently offered
Adhere to individual underwriting mandates and guidelines to ensure responsible underwriting and profitability of the portfolio
Approve risk selection within the boundaries of the specific product line. Quote, accept and renew risks within the agreed guidelines of the service level agreement and within delegated mandates
Combination of both internal and external relationship development on all liability products and services to brokers that the company already has a relationship with, resulting in renewals or sales
Action all requests from credit control team
Re-underwrite renewals to ensure organic growth and maintain profitability of portfolio
Develop and maintain effective business relationships brokers in order to attract, develop and retain profitable business.
Ensure all technical aspects and administrative functions of underwriting are adhered to.
Train and mentor the team and brokers on product lines
To assist in placing risks that falls outside of the scope of treaty reinsurance arrangements, into other markets locally and overseas
**Underwriting/Risk Analysis**
Analyse qualitative and quantitative data prepared by and brokers to provide approval for risk selection and acceptance, coverage and price.
Recommend creative alternatives in regards to rating plans, coverage and payment plans. Recommend or implement changes to improve productivity, profitability, growth and the quality of assigned book of business.
Decline unsuitable risks (and log these on the decline register for record purposes).
Ensure that policy transactions (quotes, new business, endorsements, renewals, post loss, cancellations) are issued and changes recorded accurately and in a timely manner by rating and/or capturing transactions to the core business system.
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