Senior Technical Insurance Risk Manager

2 weeks ago

Johannesburg, Gauteng, South Africa Mirror Images Full time
Job Description for Senior Technical Insurance Risk Manager

We are seeking a highly skilled and experienced Senior Technical Insurance Risk Manager to join our team at Mirror Images. This is a key role that requires a deep understanding of insurance products, industry regulations, and risk management principles.

Key Responsibilities:

  • Administration of commercial clients and joint venture partners portfolios.
  • Reporting to the Underwriting Manager.
  • Providing analytical skills, communication, and an in-depth understanding of the insurance market, insurance products, regulatory regulations, and risk management principles.

Key Clients:

  • Management and Directors.
  • Internal Staff.
  • Insurers.
  • External Service Providers.

Performance Standard / Quality Standards:

  • Assist AE in obtaining prospective clients current insurance details.
  • On request from AE, approach market for quotes, complete comparison, and analyze market feedback to provide recommendations.
  • Ensure all relevant forms are completed and signed on receipt from AE.
  • Market Analysis, keeping up to date with trends, changes in regulations, including competitor activity to provide internal advice and recommendations.
  • Strong communication skills for interacting with internal team and clients.
  • Analytical skills to analyze complex information, assess risk, and assist AE in obtaining prospective clients current insurance details.
  • Prepare comparative spreadsheet, compile documentation, process policy on business system, raise and provide invoices, complete pack to AE for delivery, and prepare strategy Packs for pre-renewals 3 months in advance.
  • Prepare updated placing slips to approach the insurance market, to ensure all paperwork is documentation is accurate and compliant with regulatory requirements.
  • Business development identifying opportunities for growth and cross-sell opportunities.
  • Market analysis keeping up to date with trends, changes in regulation and competitor activities.
  • Policy management overseeing administration of insurance policies, renewals, adjustments, and claims.
  • Applying insurance knowledge, analytical, and communication skills, coupled with experience and industry knowledge ensuring high levels of client satisfaction.
  • Draw claims experience and 3 years loss ratio reports, 6 weeks prior to renewal.
  • Review policy and check if renewal rules are applied correctly.
  • On receipt from Insurer apply their terms.
  • Review policy (electronic file) for all FAIS required documents and any other relevant documentation to the policy.
  • Update comparison on excel spreadsheet.
  • Assist AE with market exercise, where necessary.
  • Draft additional comparison with market exercise information.
  • Assist AE in negotiating renewal terms with Insurer.
  • Provide AE with renewal pack for discussion with client.
  • Advise AE of any outstanding info and/or documentation required from client.
  • Confirmations: Cover confirmation to be processed immediately copy to AE, client, and Insurer.
  • Diarise, if there is outstanding information.
  • Process amendment directly if all information available.
  • Notification of Interest: Receive request from Financial Institutions.
  • Vehicle finance (notification of interest).
  • Property finance (session document to note interest of financial institution).
  • Process on the business system.
  • Send confirmation letter to the financial institution cc the AE.
  • Amendments: Acknowledge receipt of amendment request advise AE.
  • Obtain terms process endorsement.
  • Email the amended schedule to the Insured, cc AE and Insurer.
  • Cancellations: Acknowledge receipt of cancellation request.
  • Provide request and retention sheet to the relevant AE for retention.
  • If not retained - AE needs to provide you with signed retention sheet which you must attach to your request for cancellation.
  • Forward cancellation request with retention sheet to the manager for cancellation.
  • Confirm in writing the cancellation with the Client, forward confirmation to Insurer and cc AE.
  • Multi Claimants: Draw Multi-claimant report (claims experience).
  • Analyse claims and make recommendations to AE.
  • Apply corrective action, endorse policy accordingly on AEs advices.
  • Advise client cc AE.
  • Advise Insurer.
  • General: Complete daily diary items.
  • Action incoming mail daily (clear mailbox daily).
  • Assist other members of department whenever possible.
  • Effectively and efficiently upload and maintain electronic policy files.
  • Perform adhoc duties as allocated from time to time.
  • Effectively and efficiently maintain filing system (electronic and other).
  • Timely Responses to email and telephonic messages.
  • Ensure that accurate record is kept of all new matters received in the dept.
  • Maintaining professional behavior and work ethic.
  • Display personal accountability for own actions, quality of work, and personal development.
  • Ensure that all deadlines are met, and that SLAs are adhered to.
  • Ensure all turnaround times and target dates are adhered to.
  • Be punctual, keeping to prescribed hours/ timekeeping.

Requirements:

  • Minimum 7-10 years relevant work experience in the short-term insurance industry, within a commercial underwritings space with technical insurance knowledge and strong client management and internal skills.
  • Strong analytical skills, communication (verbal and written) and an in-depth understanding of the insurance market, insurance products, regulatory regulations, and risk management principles.

Competencies:

  • Results oriented Commitment.
  • Customer Driven.
  • Continuous Learning Assertiveness.
  • Honesty and Integrity and Ethical Behavior.
  • Adaptable to change Ability to use initiative / proactive.
  • Team player.
  • Goal oriented Time management.
  • Communication skills.
  • High Attention to detail.
  • Detailed orientated.
  • Analytical ability and mindset.
  • Broad market insight and expertise.
  • Negotiating skills.
  • Updated industry knowledge and skills.
  • Experience of Assets All Risk covers.
  • Experience of motor fleets.
  • Experience in Aggregate funds.
  • Experience financial lines covers (Liabilities & D&O).
  • Working experience in General Commercial lines cover.

Key Performance Areas:

  • Administration of commercial clients and the joint venture partners portfolios.
  • Reporting to the Underwriting Manager.
  • Strong analytical skills, communication (verbal and written) and an in-depth understanding of the insurance market, insurance products, regulatory regulations, and risk management principles.

Language: English

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