DEPARTMENT:

Underwriting Risk

REPORTS TO:

Underwriting Risk – Dept Head 

JOB SUMMARY:

To be part of the team responsible for the control and mitigation of Underwriting Risk across the various businesses within the Company.

MAIN DUTIES:

A member of the Underwriting Risk team involved with the control and mitigation of Underwriting Risk across the various businesses within the Company. This includes reviews of individual risk underwriting and the underwriting management function of the syndicates managed by Company.

The scope and timing of each review will vary but is likely to include items such as: -
File maintenance and documentation;
Adequacy of information to understand and evaluate the exposures (re)insured;
Historical experience;
Underwriters’ approach to rating and assessing the risk;
Change in bottom line rates for renewals;
Adequacy of rate and rating methodology;
Terms and conditions of the risk noting any significant deficiencies or deviation from market norms or business plan;
Quantum and nature of risks underwritten and any resulting issues;
Major market loss exposures;
Developments of issues identified in previous reviews.

Reviews should be objective, robust and challenging without being confrontational.

An initial draft report of each review should be prepared for discussion with the relevant underwriting staff and Chief Underwriting Officer before producing the final version.

KEY COMPETENCIES:

General Insurance Principles & Practice Detailed understanding and application in less predictable environments.
Able to provide advice to customers and brokers.
Class of Risk and Product Knowledge Knowledge and understanding of product features, benefits, exclusions and warranties and application to various situations.
Legal, Regulatory & Risk Management Understanding of more complex legal principles, issues and regulatory requirements and the impact these have on Company.
Able to identify conflicts of interest and act to mitigate these.
Able to apply Risk Management techniques to processes and procedures.
Information Analysis & Reporting Actively revises and edits reports to create focused, concise documents.
Able to review data and analysis done by others and make recommendations as appropriate.
Planning & Organising Demonstrates an effective approach to multi tasking and is able to meet timescales.
Numeracy & Literacy Utilises numeracy and literacy skills in thorough and effective manner.
Systems Skills Understands and makes effective use of Company’s systems and processes and strives for continuous improvement.
Able to review systems and processes, identify shortcomings and suggest remedies.
Self Development Able to conduct effective skill gap analysis for self and others.
Utilises other skills to plan own professional development.
People Management Able to motivate others in order to achieve company and underwriting objectives.
Managing Internal & External Relations Develops and enhances relationships both internally and externally.
Ability to communicate at all levels.
Attitude Demonstrates a willingness to deliver.
Displays reliable and professional behaviour and takes responsibility for own actions.
Works in accordance with the Company values.
Effective Communication Utilises communication skills in a thorough and effective manner.
Decision Making/Assertiveness Is able to progress negotiations with all internal parties to ensure effective underwriting process and controls.
Pricing Knowledge and understanding of pricing process and function
Negotiation Effective negotiation with all stakeholders in the underwriting process.
Able to suggest effective underwriting considerations for non-standard risks.
Capital and Insurer Financial Security Understands factors affecting capital adequacy requirements and insurer ratings.
Understands concept of ICA and factors affecting its determination.
Risk Perception Exposure and Underwriting Understands concept of risk and exposure and how each aspect of risk affects the underwriting profile.
Understands application of authority limits and the elevation process.
Claims Understanding of claims principles and practice.
Project Management Ability to plan and manage projects to a successful conclusion using resources in an efficient way to meet deadlines
Market Knowledge and Practice Ability to research changes within the marketplace and any forthcoming product developments.
Inter-Departmental Knowledge Understanding of how each business area interacts; their staff; the structure; systems and processes.
 

TECHNICAL SKILLS: 

Essential

Basic Word and Excel
Ability to read and understand slip terms and conditions across all classes of business

RELEVANT EXPERIENCE:

Essential

Knowledge of the Lloyd’s Market
10+ years insurance experience

EDUCATION AND QUALIFICATIONS: 

Essential

3 good A-level grades

Desirable ACII or other professional qualification

PERSONAL SKILLS:

Well presented and business-like
Professional outlook
Flexible at all times
Very good interpersonal skills
Excellent organisational skills
Excellent communication skills with the ability to liaise at all levels
Work as part of a team
Adapt to a pressured environment
Self motivated
Capable of working to a timetable when required

DAYS OF WORK: 

Monday to Friday inclusive.

HOURS OF WORK 

9.30 am to 5.30 pm