Business Head: Technical Underwriting and Governance
Johannesburg, Gauteng, South Africa
This career opportunity is available within Specialist Solutions , a division of Santam for a Business Head: Technical Underwriting and Governance , who will be based in Johannesburg: Illovo.
What will make you successful in this role?
Strategic Management
- Provide sustainable strategic input for your relevant business area that will contribute to the financial health of the organisation through sound governance practices.
- Provide detailed analysis and reporting on the Technical and Governance Areas.
- Actively seek ways to keep competitive advantage in the market.
- Encourage cross-selling initiatives within Mirabilis & Emerald and Specialist Business by helping underwriters identify opportunities.
- Develop a Sustainable Risk Management Initiative that assists the underwriting & claims team and clients.
- Monitor and report on cover trends and developments and the potential impact on the business.
Technical Underwriting
- Oversee the:
- maintenance of the BU Underwriting Practice Policy
- maintenance of Underwriting Governance Folder
- generation of Underwriting Notes & Directives
- Oversee Underwriting guidelines and audit checklist
- General Technical support to Underwriters.
- Provide guidance on technically complex quotes and renewals and ensure quality control in respect of Company underwriting standards.
- Ensure adherence to underwriting governance and underwriting authorities.
- Respond to queries on wordings and sign off all non-standard wordings.
- Research and Development on new products as required.
- Build and maintain a Knowledge Centre and produce material for regular distribution to the greater business.
- Sign-off of risks in accordance with Authority Matrix.
Claims
- Sole responsibility for notifying and keeping reinsurers informed of claims which exceed the agreed threshold of notification.
- Provide technical input and guidance to Claims Staff on claims related matters, when required.
- Attend Claims Technical Meetings and provide additional input on topical matters, when the need arises.
- Oversee the Claims Guideline and Audit Requirements.
Compliance, Binder and Outsource Management
- General Technical Support and Management.
- Custodian of the Mirabilis/Emerald/Santam Underwriting Management Agreement (Binder) and ensuring compliance and adherence to the authorities granted in respect thereof.
- Co-operation with Santam in relation to information management and content of Treaty Agreements.
- Liaison with Legal, Compliance and Finance on regulatory matters including FAIS, the Short Term Insurance Act, Forex, VAT and Regulations in foreign jurisdictions, to ensure distribution of relevant information to Product Areas.
- Have thorough knowledge of industry regulations and minimum standards to ensure compliance with the regulations and Mirabilis underwriting control standards and protocols.
- Oversee:
- reviewing and underwriting of binders and outsource arrangements rates to ensure the profitability and governance of these structured solutions.
- Auditing of these arrangements on a Quarterly basis to ensure compliance with agreed rates, wording and conditions.
- Auditing on a yearly basis with Santam Specialist Compliance.
- Coordinating and collating of audit feedback for business.
What will make you successful in this role?
Governance and Risk Management
- Adherence to the Santam/Mirabilis/Emerald Internal Control policy by implementing an effective system of internal control.
- Implement an effective approach to the identification, assessment, monitoring, management and reporting of relevant operational risk exposures.
- Drive a risk-aware and strong governance culture within your business.
- Maintain wordings compliant with Treaty coverage and aligned with legal and regulatory developments.
- Custodian of all agreed wordings.
- Management of exposure to loss aggregation in conjunction with Underwriters.
- Compilation of annual Treaty renewal submissions and attention to queries.
- Ensure reinsurance protection in close liaison with Underwriters that quantitatively and qualitatively supports underwriting operations.
- Support Underwriters with Treaty Special Acceptances, Facultative transactions and reinsurance queries.
- Promote solutions to minimise Risk of exposure to loss aggregation in conjunction with Underwriters.
- Produce and distribute Treaty Summaries.
Data Analytics
- Oversee the following functions:
- Develop and extend Mirabilis & Emerald data analytics capability.
- Statistical analyses at portfolio level.
- Develop data-driven pricing relative to base rates and target loss ratios.
- Create and maintain portfolio loss ratio reports for Product Heads.
- Identify claims trends/latency and underwriting opportunities through sub-portfolio data analysis.
- Promote ‘best practice’ underwriting process relative to risk selection and risk pricing.
- Participate in strategic data projects.
- Research and Development on new products as required.
People Management
- Performance management of staff through appropriate application and implementation of Company policies and procedures.
- Mentoring, Training and Development of staff so that they may reach their full potential.
- Contribute to, encourage and ensure team work in order to promote a healthy and engaged workforce.
- Develop a succession plan and growth opportunities within the Team.
Client Liaison (Internal and External)
- Manage and maintain successful business relationships with relevant clients.
- Ensure that clients are provided with consistent superior service and products.
- Handle and resolve all relevant client queries within authority levels and liaise with service providers.
- Work in conjunction with all internal resources and support structures to achieve desired business outcomes.
General Administration
- Production and / or sign-off of reports within stipulated timeframes.
- Attend to the typing of general correspondence if and when necessary.
- Attend to all administration relating to the duties identified above and all other administration relevant day to day functions including typing of correspondence.
Qualification and Experience
- Legal Degree.
- 12 – 15 Years experience at a senior level with a combination of underwriting, re-insurance, legal and insurance in general.
- FAIS Compliance and RE5.
Core Competencies
Cultivates innovation - Contributing through others.
Customer focus - Contributing through others.
Drives results - Contributing through others.
Collaborates - Contributing through others.
Being resilient - Contributing through others.
About The Company
Santam is the market leader in the general insurance industry in Southern Africa. We are a large, diversified, expanding and transforming company and whilst based in South Africa, we are rapidly moving into a number of emerging markets, both in Africa and Asia.
Our success is rooted in our passion for our clients and everything we do is centered on our delivery of Insurance Good and Proper. We’re about people. People drive our business so it follows that we want to recruit the best people possible whether they work for us permanently or for a short time as temporary employees.
At Santam we are committed to transformation and embracing diversity. This commitment is what drives us to achieve a diverse workplace with employment equity as a key goal to create an inclusive workforce, representative of the demographics of our society. In achieving our employment equity goals, we give preference to applicants from the designated groups in alignment with the Divisions Employment Equity targets.
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