Underwriter – Professional Indemnity

Job Advert Summary

Hello… An exciting new opportunity has become available within iTOO.

We are looking to recruit an Underwriter for our Professional Indemnity Team.

Role Objectives:

• Underwrite and process all transactions assigned, within the set standards required by the company thus contributing to the productivity of the underwriting department as set out within parameters delegated to you from time to time. Enhance the image of the company through the continuous delivery of efficient and effective customer service. Ensure strong working relationships between all stakeholders. Enhance the image of the company through the continuous delivery of efficient and effective customer service.

Key Responsibilities:

Underwriting Administration:

• Adhere to individual and team’s underwriting mandates and iTOO guidelines to ensure responsible. underwriting and profitability of their portfolio.
• Approve risk selection within the boundaries of the specific product line. Quote, accept and renew risks. within the agreed guidelines of the service level agreement and within delegated mandates.
• Combination of both internal and external relationship development on all liability products and services to brokers that iTOO already has a relationship with, resulting in renewals or sales.
• Action all requests from credit control team.
• Re-underwrite renewals to ensure organic growth and maintain profitability of portfolio.
• Develop and maintain effective business relationships brokers to attract, develop and retain profitable business.
• Ensure all technical aspects and administrative functions of underwriting are adhered to.
• Train and mentor, the team and brokers on all product lines.
• To assist in placing risks that falls outside of the scope of our treaty reinsurance, into other markets locally and overseas.
• Do presentations when required.
• Sound understanding of TCF principles.

Underwriting/Risk Analysis:

• Analyze qualitative and quantitative data prepared by and brokers to provide approval for risk selection and acceptance, coverage and price.
• Recommend creative alternatives regarding rating plans, coverage and payment plans. Recommend or implement changes to improve productivity, profitability, growth and the quality of assigned book of business.
• Decline unsuitable risks (and log these on the iTOO decline register for record purposes).
• Ensure that policy transactions (quotes, new business, endorsements, renewals, post loss, cancellations) are issued and changes recorded accurately and in a timely manner by rating and/or capturing transactions to the core business system.

Ensure documented proof of own and teams’, where assisting, risk assessment and documented proof of referrals outside of mandate and documented proof of assessment. Inside and outside of mandate to have documented proof of how got to final decision on the risk. Understanding of the Reinsurance Treaty. Understand the implications of the account towards reinsurance and assist team to understand. What is for Net and what is for treaty. Understanding of Facultative reinsurance. Accepting of incoming referrals from juniors and referrals up the line. Assist team Product Champion to implement strategy and pricing and product review and enhancement.

Account Management:

• Meet goals for volume and value of quality new business quoted and written within company guidelines.
• Recommend or implement changes to improve productivity, profitability, growth and the quality of assigned book of business.
• Confirm rating and cover on endorsements requested.
• Review segment profit/growth results and trends to recommend and implement action plans to produce profitable underwriting results.

Team Management Assistance:

• Employee growth: Assist with identifying training gaps and ensure in conjunction with stakeholders’ plans are put in place to remedy same. Assist management with POE’s and FAIS compliance. Conduct regular team technical training sessions.
• Coaching and support: Providing informal and formal mentoring and coaching support to team when required.
• Problem solving: Assisting staff in resolving complex problems while ensuring adherence to standards & objectives.

Relationship Management:

• Meet Interact on a day-to-day basis with brokers.
• Customer service: Provide timely and professional customer service to stakeholders.
• Effective communication: Communicate as needed with stakeholders to obtain information needed to complete screening and transactions, etc.
• Market Intelligence: Sound knowledge of underwriting principles in industry.
• Innovation: Participate with management in initiatives around product development, processes, policy and strategy.

Required Knowledge and Experience

• Specialist underwriting experience of at least 2 years and specific product knowledge in Professional Indemnity offered of at least 5 years.
• Industry segmentation knowledge and applicable risk exposures. Product knowledge.
• Underwriting knowledge (ability to interpret policy wording, understanding how claims information impacts on underwriting). Basic risk assessment knowledge (understand the assessment process, with an ability to appoint the right assessor). Reinsurance and treaties (basic understanding)
• Strong negotiation skills (internal & external)
• Accuracy in the analysis, interpretation and basic calculations of data pertaining to claims settlement/estimates.
• Good knowledge of MS Office – Intermediate level (including Word, Excel, PowerPoint, Outlook)
• Analysis and interpretation of data pertaining to assigned risks.
• Ability to work overtime, attend functions.

Educational Requirements

• Matric, RE and FAIS Compliance
• CDP Compliance
• Insurance qualification – NQF 6 / Degree