Underwriter: Cyber Risks

**What will you do?**
- Santam Specialist has an exciting opportunity for a **Cyber Risks Underwriter** to join its dynamic team. This role is aimed at an experienced insurance professional who will focus on the **underwriting of cyber risk insurance products** within the **South African specialist insurance market**.

**What will make you successful in this role?**

**Key Responsibilities include**:

- **Risk Assessment & Underwriting**:

- Analyse and assess new and renewal submissions for **Cyber Risk insurance** with a focus on exposures including ransomware, data breach, business interruption, and network security liabilities.
- Determine appropriate coverage terms, limits, and pricing strategies using proprietary underwriting models, market data, and broker insights.
- Ensure alignment with **Santam’s cyber risk appetite**, pricing tools, and underwriting guidelines.
- Structure bespoke cyber insurance solutions where standard wordings are inadequate.
- **Broker and Client Engagement**:

- Develop and maintain strong broker relationships to position Santam as a market leader in Cyber Risk underwriting.
- Present and explain cyber coverage to brokers and clients, providing training and insight where needed to enhance cyber risk awareness.
- Attend renewal and new business meetings; negotiate terms and close deals effectively.
- **Portfolio Management**:

- Monitor the performance of the cyber portfolio (e.g. hit ratios, profitability, loss trends) and provide insights into emerging threats and risks.
- Work collaboratively with the **Head**:Cyber Risks** to ensure product relevance and continuous development of cyber wordings and endorsements.
- Deliver underwriting reports and updates to management for decision-making and strategy refinement.
- **Internal Collaboration**:

- Collaborate closely with claims, actuarial, legal, IT security, and reinsurance teams to manage risk holistically.
- Participate in product development initiatives and cross-functional projects, including those related to cyber risk modelling and incident response readiness.
- Contribute to the development of underwriting tools, training material, and knowledge-sharing resources.

**Qualifications & Experience**
- Bachelor’s degree in risk management, Law, Insurance, IT Security, Finance or related field (LLB, B.Comm or similar) preffered
- Cyber Insurance underwriting experience (**minimum 2-3 years**) essential.
- Broader knowledge of specialist insurance products and underwriting
- FAIS compliant with RE5 qualification.
- Admitted Attorney or experience in data protection, cyber law, or IT governance would be a strong advantage.
- Strong understanding of global and local cyber risk landscape, threats, and regulatory frameworks (e.g. POPIA, GDPR).
- Proficient in Microsoft Excel, Word, PowerPoint, and data tools.

**Skills**
- **Technical Expertise**
- Deep understanding of cyber exposures and insurance solutions including third-party liability and first-party incident response cover.
- Ability to analyse IT risk reports, threat intelligence, and client cyber security postures.
- Sound knowledge of cyber insurance policy wordings and ability to draft bespoke terms and clauses.
- **Analytical Thinking**:

- Strong analytical and risk assessment skills with the ability to interpret complex data and cybersecurity reports.
- Financial acumen to assess business resilience, continuity plans, and economic impact of cyber risks.
- **Communication & Influence**:

- Strong verbal and written communication skills - ability to confidently engage brokers, clients, and internal stakeholders.
- Ability to explain complex cyber risk concepts in an accessible manner.
- **Commercial Acumen**:

- Understanding of local market dynamics in South Africa’s specialist insurance sector.
- Able to identify growth opportunities and develop tailored solutions in a competitive cyber insurance market.
- **Agility & Innovation**:

- Proactive in staying updated with emerging cyber threats, trends, and regulatory changes.
- Adaptable and able to innovate within a dynamic and evolving line of business.

**Knowledge**
- **Solid understanding of**:

- Cyber risk landscape, threat actors, and mitigation practices.
- Global and South African data protection regulations and liability trends.
- Short-term insurance principles and underwriting standards.
- Financial and operational risk implications of cyber incidents.