Underwriting Manager job at Britam | Apply Now

Responsibilities:

Underwriting Operations Management:

• Implement underwriting philosophy, strategy, process and guidelines for all product lines in the business to ensure profitability and achievement of the set loss ratio targets.

• Oversee the underwriting process, ensuring timely issuance of all insurance policies.

• Review and approve underwriting submissions in line with set risk acceptance criteria.

• Enforce efficient processes to ensure delivery of high-level customer service, enhance customer satisfaction and achievement of  the set client retention ratio within the Underwriting Department.

• Ensure compliance with regulatory requirements, internal and Group guidelines.

Risk Assessment and Analysis:

• Conduct risk assessments and determine appropriate terms, conditions, and pricing for policies following the company’s risk appetite and ensure full compliance in line with regulations and Group’s risk appetite.

• Ensure proper documentation and accurate risk evaluation.

• Manage and monitor the risk portfolio to maintain profitability.

Reinsurance Management:

• Design, implement, and manage the company’s reinsurance strategy to optimize risk retention and capital efficiency.

• Establish reinsurance treaties and facultative reinsurance arrangements in line with the company’s needs and regulatory requirements.

• Support timely collection of reinsurance premiums and work closely with the claims department to facilitate reinsurance claims processing and ensure timely recoveries from reinsurers.

• Analyze the impact of reinsurance on the company’s profitability and solvency, providing insights to senior management.

• Work with finance and actuarial teams to ensure accurate accounting of reinsurance premiums, commissions, and recoveries.

• Continuously assess the global reinsurance market, emerging trends, and alternative risk transfer solutions (e.g., insurance-linked securities).

• Recommend innovations or alternative strategies to improve the company’s risk management practices through reinsurance.

Policy Development and Review:

• Develop and implement underwriting policies, guidelines, and procedures.

• Review and update underwriting manuals, ensuring alignment with market trends and regulatory changes.

• Continuously assess and refine underwriting standards to ensure they meet the company’s risk appetite.

Team Management:

• Lead, train, and mentor the underwriting team to enhance their skills and performance.

• Ensure proper workload distribution and efficient operations within the underwriting department.

• Set and monitor performance objectives for the team, providing regular feedback and performance reviews.

Client and Broker Engagement:

• Maintain strong relationships with clients, brokers, and distribution channels.

• Handle complex underwriting cases and provide expert advice to brokers and agents.

• Attend meetings with clients and brokers to discuss terms, policies, and address underwriting concerns.

Compliance and Reporting:

• Ensure all underwriting processes comply with legal and regulatory requirements.

• Prepare regular reports on underwriting performance, risk exposures, and portfolio analysis for management.

• Analyze portfolio performance, identify potential areas of improvement, and recommend adjustments to underwriting guidelines.

• Oversee audits and quality checks to ensure compliance with internal and external standards.

Product Development Support:

• Collaborate with product development teams to create new insurance products and refine existing ones.

• Provide underwriting insights during the product development process to ensure risk considerations are addressed.

• Conduct market analysis to identify gaps and opportunities for new insurance solutions.

Financial Performance Monitoring:

• Monitor the financial performance of the underwriting portfolio to ensure profitability.

• Analyze loss ratios and claims trends to provide recommendations for improvement.

• Work closely with the actuarial team to review pricing strategies.

Stakeholder Management:

• Liaise with other departments, including claims, sales, and marketing, to align underwriting strategies with overall business objectives.

• Act as a key contact for external partners, regulators, and industry bodies to represent the underwriting function.

International Business Partnerships.

• Act as the key contact for Britam’s International Business partnerships and drive business growth with Britam’s International Business partners including CHUBB, AMENA etc

Innovation and Continuous Improvement:

• Keep abreast of industry trends, innovations, and emerging risks to improve underwriting practices.

• Recommend technological solutions or process improvements to streamline underwriting operations and enhance efficiency.

• Perform any other duties as may be assigned from time to time.

Key Performance Measures:

• As described in your Personal Score Card

• Working Relationships:

• Internal Relationships

• Required to liaise and work closely with the other departments as may be necessary

• External Relationships:

• Britam customers & Insurance sector players.