Insurance Risk Management Specialist

2 weeks ago


Sandton, South Africa Santam Full time

Job Title: Financial Lines Underwriter

This is an exciting opportunity for a Financial Lines Underwriter to join Santam. The successful candidate will have the experience to carefully select, analyze and underwrite risks, in a cost-effective manner and in accordance with company requirements, guidelines and governance, to ensure good risk selection and profitability and ensure business targets are met within their authority as well as be proactive in developing skills to underwrite more complex risks, learning and absorbing expertise from more Senior colleagues.

Key Responsibilities:

  • Examine insurance proposal for new and renewal business, gathering and assessing background information, conducting necessary research, evaluating and assessing the risk (including but not limited to coverage analysis, pricing and structure) and discussing/negotiating risks with the broker in order to effectively win or renew the risk.
  • Calculate possible risk and determine appropriate insurance premiums using underwriting tools and practices, underwriting information and own judgement and experience.
  • Quote within designated authority levels and refer where necessary in accordance with company policy and technical guidelines.
  • Monitor portfolio performance (of own renewal portfolio) and ensure that renewals, new business, lost business are tracked and that the cancellation reserve does not exceed 2.5%.
  • Set accurate, realistic premium forecasts as required and in a timely manner to enable management to set budgets and monitor performance targets for your own portfolio of accounts.
  • Be able to confidently articulate technical messaging, internally (for referrals) as well as to brokers and clients and to work with colleagues to expand this knowledge and the means to communicate it.
  • Accurately enter data into company systems and produce management reports that ensure that the company remains aware of the nature and financial impact of all risks written for your own portfolio.
  • Maintain accurate electronic records for auditing and regulatory purposes.
  • Contribute as required to projects or other initiatives designed to improve the effectiveness or efficiency of the department.
  • Undertake any other reasonable tasks as requested by the Leadership in order that the team achieve its objectives.
  • Adhere to all operational and procedural standards.
  • Handle accounts queries and credit control queries to the satisfaction of all parties.

Requirements:

  • NQF 7 insurance or risk management qualification.
  • Minimum of 12 months technical experience in the relevant line of business as a trainee or under supervision.
  • FAIS Compliance and RE5 a preference.
  • Basic understanding of insurance industry including the reinsurance market and the terminologies used.
  • Understanding of policy wordings, specifically related to your Line of Business.
  • Able to evaluate information from a variety of sources and solve problems.

Knowledge and Skills:

  • Good decision-making skills; able to consider the costs and benefits of various options and recommend the appropriate one as part of the referral process (to management or the technical team).
  • Good communication and interpersonal skills; comfortable with phone and face to face complex discussions with underwriters, brokers and any other relevant stakeholders.
  • Deadline focused; able to work under pressure to meet tight deadlines and able to organise own workload effectively to prioritise and delegate to meet service standards.
  • Competent user of Excel, Word, Outlook and other Microsoft platforms.
  • Operationally efficient; able to follow all process requirements.
  • Assessment of financial statements of businesses across a broad spectrum of industries.
  • Identification of financial, governance and fraud risks.
  • Research and assess risks utilising data outside of the financial statements (SENS, social media, general news media).


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