Overall Purpose of the Job
Reporting
to the Principal Officer, the incumbent will be responsible for ensuring sound
and disciplined Underwriting, Reinsurance, Key Account management and
implementation of the set risk-based rating models within the business.
Ensuring the efficient and accurate assessment of risks, and maintaining the
company’s underwriting standards.
The
incumbent is will also support in developing and implementing underwriting and
reinsurance policies, and collaborating with other departments, including
managing a team of underwriters, technical and reinsurance staff to achieve
business objectives.
Key Responsibilities
Risk Assessment and
Underwriting:
- Work closely with and support the
Business Development teams in business acquisition to ensure acquisition
of business and in compliance with risk based pricing as aligned to
underwriting guidelines.
- Analyze risk factors and determine
appropriate coverage terms, premiums, and conditions while implementing an
evaluation of new and renewal businesses as per delegated underwriting
authority.
- Focus on the growth of the profitable
property insurance classes such as fire, engineering, marine and political
violence and terrorism (PVT).
- Ensure adherence to underwriting
guidelines and standards.
Reinsurance Management:
- Develop and implement reinsurance
strategies to optimize risk management and capital efficiency. Oversee
collection, clean-up and presentation of reinsurance data to
reinsurers/reinsurance brokers to ensure the company continues to have in
place a robust and optimal reinsurance program
- Manage reinsurance relationships and
negotiate reinsurance treaties and facultative placements.
- Monitor and analyze reinsurance
arrangements to ensure they are cost-effective and align with the
company’s risk appetite
- Co-ordinate request to reinsurers on
‘special acceptances’, waivers and fronting across the region
- Review facultative placement partners and
recommend changes based on their underwriting philosophy and pattern of
reciprocity.
- Ensure adherence of all regulatory
requirements with regards to our reinsurance arrangement.
Team Management:
- Lead, mentor, and manage a team of
underwriters/reinsurance/technical officers to ensure productivity and
high performance.
- Provide training and development
opportunities to team members.
- Ensure appropriate staffing levels,
effective performance management and motivation of staff.
Policy Development:
- Review and recommend changes in
Underwriting and Reinsurance policies, procedures and
guidelines/philosophy as necessary to align with industry best practices
and regulatory requirements
- Ensure compliance with internal and
external regulations.
Collaboration and Communication:
- Work closely with the sales, claims, and
actuarial departments to support business development and risk management
strategies.
- Communicate underwriting and reinsurance
decisions and guidelines clearly to stakeholders.
Data Analysis and Reporting:
- Monitor and analyze underwriting and
reinsurance data to identify trends and opportunities for improvement.
- Oversee collection, clean-up and
presentation of reinsurance data to reinsurers/reinsurance brokers to
ensure the company continues to have in place a robust and optimal
reinsurance program
- Prepare and present regular reports on
underwriting and reinsurance performance to senior management.
Customer Service:
- Provide exceptional customer service by
addressing inquiries and resolving issues related to underwriting and
reinsurance decisions.
- Maintain positive relationships with
brokers, agents, reinsurers, and clients.
Product Development and reviews;
- Participate/lead in the Product Reviews
Committees/work-streams for both repackaged and new products
Education, Experience & Competencies
- Holder of a Bachelor’s degree in
Business, Finance, Insurance, or a related field.
- Professional Certification in insurance
(e.g., ACII, AIIK).
- Possess a minimum of 10 years of
experience in underwriting and reinsurance, with at least 5 years in a
managerial role.
- In-depth knowledge of insurance
principles, underwriting processes, reinsurance markets, and regulatory
requirements.
- Possess strong analytical and
decision-making skills.
- Excellent communication, negotiation, and
interpersonal skills.
- Proficiency in using underwriting and
reinsurance tools and software and Microsoft Office Suite.
- Ability to work under pressure and meet
tight deadlines.
- Demonstrate high level of integrity and
attention to detail.
How To Apply
