Senior Technical Underwriter

About the position

To handle technical corporate and commercial underwriting and pricing in the company by providing specialist expertise to various stakeholders that include agent insurance, underwriting managers and insurance brokers. This role involves suggesting underwriting measures and assessing risk management efforts to mitigate losses due to protests, labour disputes and acts of terrorism. Given that the Lloyds insurance market is that global leader off insuring perils covered by the company, the technical underwriter will receive ongoing training and exposure by syndicates that ensure these risks at Lloyds.
JOB DESCRIPTION 
Rate development

• Develop a rating guide - including pricing for new products, analysis of risk, scenario modelling, claims history to ensure profitability of the portfolio.
• Assess the viability of current and new products by subjecting to actuarial modelling.
• Analyse claims and premiums which provide input into underwriting pricing and risk management.
• Report trends as input to budgeting and premiums development.
• Conduct scenario modelling for reinsurance and capital requirements.
• Monitor pricing to ensure its competitiveness and viability in the market.
• Monitor global re-insurance trends and understand their impact on the SA market.
• Utilise modern underwriting software and data analytics to enhance accuracy and efficiency.

Re-insurance Strategy Effectiveness

• Ensure adequate cover for a catastrophe e.g. large claims and/or accumulation of claims.
• Collaborate with the actuarial department and re- insurers to optimise coverage and reinsurance cost.
• Evaluate the coverage provided by re-insurance policies during claim events.
• Analyse the cost-benefit ratio of re-insurance strategies.
• Prepare renewals for treaty.
• Undertake facultative underwriting if needed.
• Monitor on an on-going basis the ratings of re-insurance companies.
• Formulate company’s re-insurance strategy.
• Meet with re-insurers and discuss their concerns regarding the profitability of this segment of company portfolio.

Underwriting Function

• Develop and review terms and conditions of products annually.
• Deal with unprofitable corporate accounts and come with innovative ways to implement underwriting measures to lower or eliminate the losses without cancelling the cover for the clients.
• Management of Underwriting Profit.
• Oversee technical issues – queries, client visits, technical support to agent insurers, underwriting managers and brokers.
• Product development to meet the needs of corporate and commercial clients.
• Establishment of technical underwriting function:
  • Managing the deviations of underwriting
  • Managing the company’s underwriting guidelines
  • Managing underwriting portfolio
  
  

Training

• Assume responsibility for provision of technical underwriting related training on behalf of company:
  • Oversee the process of education through various platforms on company products to agent insurers, underwriting managers and brokers, ensuring comprehensive understanding of company’s role in the market (Including national road shows).
  • Sign off on training material (manuals & presentations).
  • Develop exam questions to ensure comprehensive understanding of company products by all stakeholders that sell and administer company products.
  
  

Risk Management

• Management of Operational Risks and update risk register.
• Implement risk management strategies to mitigate potential losses.

Strategy Development

• Participate in the development of a strategy to achieve the objectives of company.
• Execution of the Underwriting strategy.
• Contribute to compiling the budget.
• Exercise control over the departmental budget ensuring expenditure remains within the set parameters.

JOB REQUIREMENTS 
Qualifications

• NQF level 7 qualification (Business Degree/ Advanced Diploma or similar in insurance).
• Actuarial qualifications will be beneficial

Experience

• 8 - 10 years of experience in Short Term Insurance, with minimum 5 years in a Corporate/and or Commercial Underwriting position or risk management of a short-term Insurance Company.

Desired Skills:

• Risk management
• Communication skills
• strategic thinking