Underwriting Manager - FAK at First Assurance Co Ltd

Job Summary

The job holder is responsible for delivering growth and underwriting profitability through proper selection and adequate pricing of risks. They will also ensure that the underwriting operations are in strict adherence to the company’s customer service charter. Provide leadership to the underwriting team and to manage underwriting of general business as per the set guidelines and the company strategic plan.

Job Description

STRATEGIC ROLE

• Support the head of department in preparation of departmental strategic objectives and initiatives and implementation plan within the department in line with corporate goals.
• Establish an efficient renewal process to achieve the set turnaround time for issuance of renewal notices and deliver the desired retention and directly negotiate major corporate renewals to ensure business retention.
• Provide technical expertise on rates review depending on specific class loss ratio to improve performance and manage loss ratio.
• Participate in preparation of underwriting department budget and assist in its implementation.
• Developing the relationship with existing clients, intermediaries and financial institutions to ensure continued business growth.
• Collect relevant information and feedback from the market to be incorporated in innovation of new products to meet the changing clients’ needs and wide range of products.
• Review nonperforming accounts and advise risk improvement measures in liaison with claims department and Head of Underwriting Officer/Regional Centre of Excellence
• Provide leadership to the underwriting team through training and staff motivation to achieve the underwriting objectives.
• Supervise the Underwriting team with a view to ensuring achievement of departmental objectives and eventually Company objectives in line with the strategic plan.

OPERATIONAL EXCELLENCE

• Preparing and maintaining up to date underwriting manual / underwriting guide and enforce compliance.
• Review the risks accepted in the company to ensure that they are within the set underwriting guidelines and are covered under the reinsurance programme.
• Establish a proper documentation of risks and timely issuance of certificates, debits, policy documents and endorsements.
• Provide guidance to underwriting staff and branch underwriters on various enquiries for risk acceptance.
• Setting up authority levels in the department and ensuring adherence to set levels.
• Facilitate continuous audit of all systems and procedures are always carried out and data audit for integrity and correctness.
• Approve quotations done by underwriters and BD team as per Mandates/guidelines
• Approve policies done by underwriting teams as per set mandates · Review and approve Debit and Credit Notes
• Approve renewal terms proposed by underwriting teams as per set guidelines
• Ensure risk acceptance and liability allocation is in line with reinsurance facilities in place Participate in the arrangement of reinsurance programme to ensure adequate treaty facility Ensure the regulatory reports and requirements on underwriting are met
• Constant liaison with the business network and key stakeholders to undertake appropriate measures on complaints and queries assigned on own work stream.
• Participate in development of new products ·
• Participate in development of reinsurance treaty programme.

REPORTS AND COMPLIANCE

• Monitor compliance with the regulatory requirements and all regulatory bodies is IRA, AKI. Annual review of documentation to ensure they meet the standard of business lines in line with policy terms and conditions.
• Participate in management meeting, projects and committees as assigned and prepare underwriting reports to support management decision.

STAFF MANAGEMENT AND PERFORMANCE MANAGEMENT

• Conduct as per company guideline performance management process from setting key performance indicators with staff in the department, review of performance, continuous coaching and mentoring in the department.
• Drive high performance and conduct quarterly performance reviews of the team member’s performance
• Participate in hiring required talent to fill in all vacancies in the function
• Overall supervision, appraisal, training and development of staff in the underwriting and reinsurance departments.

EDUCATION & EXPERIENCE REQUIRED

• Bachelor’s degree in Insurance or related field.
• Master’s degree will be an added advantage.
• Seven (7) years relevant working experience, three (3) of which should have been at manager level/in a similar role.

MANDATORY PROFESSIONAL QUALIFICATIONS

• Diploma in insurance ACII OR AIIK
• Member of relevant professional body

Knowledge & Skills

• Networking skills
• Strong interpersonal and communication skills
• Strong leadership skills including mentoring
• Legislation and compliance
• Strategic planning and management
• Strong ability to influence peer group 
• Risk and fraud management
• Human resource management practices
• Financial control and management
• Strong negotiation skills with partners

Competencies

• Formulation strategies and concepts
• Deciding and initiating action 
• Adapting and responding to change 
• Entrepreneurial and commercial thinking
• Relating and networking
• Applying expertise and technology
• Persuading and influencing
• Leading and supervising