Commercial Underwriting Director

2 weeks ago

Sandton, South Africa The Recruitment Council Full time
Job Description

A seasoned Commercial Underwriting professional is sought after to excel in a new opportunity. A reputable Financial Services company, The Recruitment Council, is looking for a talented Senior Manager to lead their Commercial Underwriting team.

  • Oversight of underwriters and design, implementation, and management of a technical underwriting framework for Business Insurance (BI) that fosters superior risk selection, streamlined processing, loss ratio management, and underwriting profitability.
Responsibilities

Underwriting:

  • Integrated long-term solutions and strategies for a significant area of responsibility.
  • Authoritative decisions about technical or professional underwriting and business enhancement solutions that significantly improve business performance. Introduce underwriting rules on the acceptance of business.
  • Escalated underwriting complaints and escalated underwriting opinions won claims resolution.
  • Management and contribution to the renewal of BI's reinsurance program in line with business strategy.
  • Optimal placement of facultative cases.

Operations Management:

  • Supporting the overall underwriting strategy by developing and delivering operational plans and outcomes for a large portion of the business.

Product & Solution Development:

  • Responsible for developing and delivering a major part of the organization's product development program.
  • Management of a medium-sized specialist team. May also be responsible for managing the definition, development, and delivery of a significant product or service, ensuring alignment with customer requirements.
  • Review and enhancement of BI products accordingly (addressing gaps and competitively).
  • Market opportunity assessment for BI products and comparative analysis on key competitors' products.
  • Assistance to the Actuarial team to formulate and develop a comprehensive rating/pricing methodology for BI non-motor.

Risk Management & Analysis:

  • Management and evaluation of individual risks for acceptance where potential high-risk scenarios exist or where there are changes to a client's claims behavior.
  • Determination of underwriting processes and minimum risk acceptance criteria for BI's.

Underwriting Policy Development & Implementation:

  • Development of a comprehensive underwriting framework for a significant area of the business. Full responsibility for creating underwriting procedures and monitoring their implementation within underwriting.
  • Management and monitoring of adherence to set mandates through technical audits and controls as set in the underwriting framework.

Operational Compliance:

  • Leadership and ensuring that business activities within an area of responsibility comply with relevant external regulatory codes and internal policies and procedures to minimize business risk and protect the organization's reputation.
  • Alignment of business objectives and personal delivery with the TSW principles.

Leadership and Direction:

  • Setting and communication of the underwriting strategy and its relationship to the organization's mission, vision, and values; clarification of the actions needed to implement it within the area of responsibility; motivation of people to commit to these and doing extraordinary things to achieve the organization's business goals.
  • Leading the team through required business processes, systems, and knowledge. Ensuring development plans for the team are created, contracted, and monitored.

Stakeholder Engagement:

  • Identification and management of stakeholders up to top-management level and management of internal and external stakeholder relationships.

Performance Management:

  • Management and reporting of the underwriting area's performance; setting of appropriate performance objectives for direct reports and holding them accountable for achieving these.
  • Management of all aspects of staff resourcing, succession planning, management, and development ensuring the right people are in place to support service delivery.

Organizational Capability Building:

  • Evaluation of the capabilities of staff within the department to identify gaps and prioritize development activities. Implementation of the organization's formal development frameworks within the area of responsibility.

Personal Capability Building:

  • Action as subject matter expert in an area of expertise, policy, regulation, or operational management for the team and beyond in the function.

Insights and Reporting:

  • Setting and leading execution of a complex reporting plan, creating strategies and templates to report data in a meaningful way.

Technical Competencies:

  • Conduct monthly statistical analyses (loss ratio, multi-claimants, and claims trends analyses) and engagement with underwriting (policy admin) to implement proposed corrective measures.

Education:

  • Grade 12/SAQA Accredited Equivalent.
  • Relevant Degree in Underwriting or Mathematics or similar.
  • RE5.
  • FAIS recognized qualification.
  • FIISA, AIISA, or Diploma in Insurance or equivalent.
  • Business Analysis certificate or similar.

Experience:

  • 10 or more years experience in short-term insurance.
  • Short-term insurance industry – commercial underwriting experience.
  • 6 or more years experience of planning, managing, and organizing resources within short/medium timescales.

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