Are you a seasoned Commercial Underwriting professional seeking a new opportunity to excel? A reputable Financial Services company is on the lookout for a talented Senior Manager to lead their Commercial Underwriting team. The successful candidate will oversee a team of underwriters, design, implement and manage a technical underwriting framework for the company’s Business Insurance (BI) that fosters superior risk selection, streamlined processing, loss ratio management and underwriting profitability.
Responsibilities:
Underwriting:
- Provide integrated long-term solutions and strategies for a significant area of responsibility.
- Make authoritative decisions about technical or professional underwriting and business enhancement solutions that would significantly improve business performance. Introduce underwriting rules on the acceptance of business.
- Resolve escalated underwriting complaints and escalated underwriting opinions won claims.
- Manage and contribute to the renewal of BI’s reinsurance programme in line with business strategy.
- Ensure optimal placement of facultative cases.
Operations Management:
- Support the overall underwriting strategy by developing and delivering operational plans and outcomes for a large portion of the business.
Product & Solution Development:
- Take responsibility for developing and delivering a major part of the organization’s product development program.
- Manage 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 enhance BI products accordingly (addressing gaps and competitively).
- Undertake market opportunity assessment for BI products and undertake comparative analysis on key competitors’ products.
- Assist the Actuarial team to formulate and develop a comprehensive rating/ pricing methodology for BI non-motor.
Risk Management & Analysis:
- Manage and evaluate individual risks for acceptance where potential high risk scenarios exist or where there are changes to a clients’ claims behaviour.
- Determine underwriting processes and minimum risk acceptance criteria for BI’s.
Underwriting Policy Development & Implementation:
- Develop a comprehensive underwriting framework for a significant area of the business. Take full responsibility for creating underwriting procedures and monitoring their implementation within underwriting.
- Manage and monitor the adherence to set mandates through technical audits and controls as set in the underwriting framework.
Operational Compliance:
- Lead and ensure that business activities within a area of responsibility comply with relevant external regulatory codes and with internal policies and procedures to minimize business risk and to protect the reputation of the organization.
- Ensure that business objectives and personal delivery aligns to and meets the TSW principles.
Leadership and Direction:
- Set and communicate the underwriting strategy and its relationship to the organization’s mission, vision and values; clarify the actions needed to implement it within the area of responsibility; motivate people to commit to these and to doing extraordinary things to achieve the organization’s business goals.
- Lead the team through required business processes, systems and knowledge. Ensure development plans for the team are created, contracted and monitored.
Stakeholder Engagement:
- Identify and manage stakeholders up to top management level and manage internal and external stakeholder relationships.
Performance Management:
- Manage and report on the performance of the underwriting area; set appropriate performance objectives for direct reports and hold them accountable for achieving these.
- Manage all aspects of staff resourcing, succession planning, management and development ensuring the right people are in place to support service delivery.
Organizational Capability Building:
- Evaluate the capabilities of staff within the department to identify gaps and prioritize development activities. Implement the organization’s formal development frameworks within the area of responsibility.
Personal Capability Building:
- Act 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:
- Set and lead 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 engage underwriting (policy admin) to implement appropriate 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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