To run the Underwriting department with utmost diligence, skill and professionalism.
To assess risks in accordance with laid down underwriting procedures in the company and to ensure effective and efficient service delivery to customers. Required to work within all company policies and procedures, risk management policy, risk appetite laid out in the Strategic plan by the BOD, guidance provided by the underwriting technical manual, underwrite prudently and within the standardized rates and authority matrix, abide by all turnaround timelines set by the company, the IRA guidelines and to underwrite using technical rates arrived at using insurance principals and rating tariffs.
Any deviation from the technical rates will require approval from the Rating Committee. Required to strictly refer to the reinsurance treaties and the company automatic capacity of the company so that no insurance cover is given to a client, which is above the company automatic reinsurance capacity. To ensure that a risk is facultatively placed PRIOR to confirmation of cover or release of a quotation.
On the job training of staff so that the department builds capacity.
- Provide direction, grow talent, empower, coach and control the underwriting team to ensure that it is appropriately motivated and aligned so as to achieve company objectives as per the set Strategic Plan.
- Ensuring underwriting rates and terms reflect the risk exposure before acceptance as per the agreed rates.
- Providing timely & competitive quotations for proposed risks as guided by the Tausi underwriting policy guidelines and the RMF and follow-up for closing instructions are prepared in good time within the turnaround times stated in the quotation guidelines.
- Ensure that cover notes are issued for any risk that the Company assumes and thereafter ensuring that the risk notes / proposal forms are collected within the 30 days of the cover note. For any extension of cover notes issued, you will seek written approval from the rating committee giving reasons for the delay.
- Develop and maintain effective business relationships with internal and external customers in order to attract and retain profitable business.
- Provide an efficient and effective service to clients through maintenance of healthy and efficient communication by responding promptly to their enquiries.
- Ensure refunds are processed within the stipulated timelines as per the RMF and report circulated to the MD, AGM, Risk and Audit function on a daily basis. You are required to review Premia reports daily to track on the refunds approval. In case of pending approvals, you will send an email to the MD to alert her on the same.
- To ensure that the premium debits and credits are raised as per company timelines and that there are no delays in the passing of endorsements.
- Timely approval of policy documents and endorsements and dispatch.
- Preparing Underwriting reports (monthly, quarterly, etc.)
- Reviewing and negotiating renewals terms/rates two month to policy expiry and escalating lost business two weeks prior to renewal date to MD/AGM. Receiving claims ratios of all renewals 2 months prior to expiry and negotiating improved terms and rates for loss making accounts.
- Ensure renewal notices/list of policies due for renewal are sent to the intermediaries as per Risk Management Framework.
- Ensuring proper declarations of motor certificates and required stationeries to ensure proper re-order levels.
- Ensuring safe keeping and proper accounting of all company security documents i.e. Motor certificates, cover notes, yellow cards.
- Planning the work flow on a daily basis and distribution and monitoring of the daily workflow.
- Planning in advance for bookings to be done in heavy months, especially July and January every year. Ensuring that premiums for a particular month are booked in the same month and the booking closed by the 3rd of each month.
- Conducting in house survey, review of valuation and survey reports and follow up on implementation of risk improvement recommendation.
- Conducting training on various insurance product to ensure efficiency and improvement of skill and knowledge to the team and also to the clients where necessary.
- Updating underwriting documents/policies i.e. Manuals, clauses, warranties, proposal forms and policy jackets.
- Visit agents and brokers in order to retain existing accounts. Build and maintain business relationships and develop new opportunities in support of Tausi’s objectives.
- Maintain comprehensive knowledge of competitors by thoroughly analysing market position, products and rates.
- In conjunction with reinsurance department, ensure compliance with reinsurance terms, conditions and exclusions.
It will be your primary duty to ensure that no risk above the Tausi Reinsurance treaty capacity is accepted by the department until and unless the excess has been placed facultatively. You are expected to maintain a paper trail in evidence of having forwarded the placement request with the Reinsurance department. In addition, you will be required to follow the Fac Re risk management policy to the letter.
- Assist in developing and promotion of new products in line with new trends and demand in insurance market.
- Maintain all necessary records and processes to ensure that premiums are paid promptly and that claims are efficiently processed.
- Ensure by 10th of every month, you prepare and submit monthly reports on fire & mega risks with sums insured of 1 billion for business transacted; to the Risk department who will in turn forward to IRA.
- Responsible to ensure that the department is in compliance with company risk management policies, the minimum IRA rates filed, the technical manuals, the strategic plan for 2017 to 2021.
- Conducting performance appraisal/review for underwriters.
- Bachelor’s Degree in Insurance, Economics or Accounting
- Diploma in Insurance – ACII, CII/ AIIK
- Over 5 years’ experience in a similar position.
Skills and competencies
- In depth understanding of General Insurance laws, practices and regulatory requirements in Kenya.
- Excellent communication and people skills
- Proven problem solving and analytical skills
- Strategic planning, budgeting and management experience
- Demonstrated skills in relationship building, planning, decision-making and change management
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To provide support in the Internal Audit department through independent, objective assurance and advice designed to add value and improve the organizations operations while focusing on internal control systems, risk management framework and governance.
- Assist in developing risk based annual audit plans detailing the scope, nature and of timing of audit activities for Board Audit Committee approval.
- Perform internal audits in accordance with the risk based annual audit plan and report all audit exceptions with recommendations to the Internal Auditor.
- Discuss the audit findings and recommendations with the Internal Auditor and agree on the practical and applicable recommendations for further discussion with HOD’s.
- Following up with HOD’s to ensure that agreed audit recommendations are implemented within the agreed ti
- Reviewing monthly and quarterly the Company`s financials to ensure they reflect a true and fair view of the Company’s performance.
- Assist the Internal Auditor in preparing the audit reports for presentation to the Board Audit Committee.
- Maintaining accurate records to support and satisfy audit tests.
- Perform special / investigation audit assignments as may be directed by the Internal Auditor, Managing Director and the Audit Commit
- Perform any other duty as may be assigned from time to time.
- Bachelor’s degree in Business Administration.
- CII qualifications
- At least 4 years’ experience in Insurance Industry.
Skills and competencies
- Should have knowledge of the standards for the professional practices of Internal Auditing of the Institute of Internal Auditors and application of the same.
- Should have an understanding of the risks in the insurance industry, Insurance laws, practices and regulatory requirements in Kenya.
- Should have an understanding of the operational and accounting aspects of insurance products and services.
- Should possess strong communication (both oral and written) skills.
- Should possess strong interpersonal skills.
- Should have the ability to manage and motivate staff.
- Should have an open and objective mind to improve the organization (add value).
- Should have an understanding of IRA guideline on risk management and internal controls.