Underwriter: Financial Lines

What will you do?

To provide specialist underwriting knowledge in respect of the Financial Lines portfolio (which incorporates Directors and Officers, Crime and Civil Liability classes, including Commercial Crime, Trustees and Private Equity Management Liability insurance).

This position forms part of the Specialist Financial Lines Underwriting department alongside the Cyber portfolios.

What will make you successful in this role?

The key activities of a Financial Lines Underwriter are:

• Examine insurance proposal for new and renewal business, gathering and assessing background and supporting information and providing views and analysis on the risk/account.
• Attending to conducting necessary research, evaluating and assessing the risk (including but not limited to coverage analysis, pricing and structure) and discussing/negotiating risks with the broker in order to effectively win or renew the risk.
• Evaluate possible risk and determine appropriate insurance premiums using underwriting tools and practices, underwriting information and own judgement and experience.
• Quote within designated authority levels and refer the account where necessary in accordance with company policy and technical guidelines.
• Monitor portfolio performance and ensure that renewals, new business, lost business and cancellative reserve are tracked and actioned.
• Set accurate, realistic premium forecasts and draft financial reporting as required in a timely manner to enable management to set budgets and monitor performance targets for your own portfolio of accounts and as a contribution to the team portfolio.
• Be able to confidently articulate technical messaging and deliver training, as and when necessary, internally as well as to brokers and clients.
• Accurately enter data into company systems/portals and produce management reports that ensure that the company remains aware of the nature and financial impact of all risks written for your own portfolio.
• Maintain accurate electronic records for auditing and regulatory purposes.
• Proactively participate in projects or other initiatives designed to improve the effectiveness or efficiency of the department.
• Undertake any other reasonable tasks as requested by the U/W Head or Manager in order that the team achieve its objectives.
• Adhere to and where possible, improve, all operational and procedural standards.
• Handle accounts queries and credit control queries to the satisfaction of all parties.

Qualifications & Experience

• Tertiary qualification a preference (LLB, B.Comm in Insurance, Finance, Accounting or Economics)
• NQF 7 insurance or risk management qualification.
• Minimum of 3 years technical underwriting experience in the relevant line of business as an underwriter or Minimum of 7 years’ insurance industry experience of which a minimum of 3 years spent in a technical underwriting department.
• FAIS Compliance
• RE5 qualification
• Competent user of Excel, Word, Outlook and other Microsoft platforms.
• Good understanding of insurance industry including the reinsurance market and the terminologies used.

Knowledge & Skills

• Critical thinking and analysis of complex risk
• Good technical understanding of policy wordings
• Able to evaluate information from a variety of sources and solve problems
• Good decision-making skills which includes being able to consider the costs and benefits of various options and recommend the appropriate one as part of the referral process (to management or the technical team).
• Good communication and interpersonal skills; comfortable with phone and face to face complex discussions with underwriters, brokers and any other relevant stakeholders.
• Good work ethic and deadline focused; able to work under pressure to meet tight deadlines and able to organise own workload effectively to prioritise and delegate to meet service standards.
• Operationally efficient including the ability to follow all process requirements.
• Solid Presentation skills which include being able to present informally and formally for training (internal and external), marketing and renewal purposes.
• Intermediate to Advanced ability to assess financial statements of businesses across a broad spectrum of industries
• Intermediate to Advanced ability understanding of financials markets, macro-economic factors and emerging risks impacting Financial Lines Business Unit.
• Identification of financial, governance and fraud risks
• Research and assess risks utilising data outside of the financial statements (eg) SENS, social media, general news media)
• Good Understanding and assessment of financial statements of businesses across a broad spectrum of industries
• Short-term insurance knowledge including the principles of insurance and underwriting.
• Good knowledge of Financial Lines and financial lines products, covers and how to find solutions to complex issues relating to these covers.
• Risk and compliance related obligations in adherence to Group and Regulatory guidelines.
• Knowledge the products offered in Financial Lines would be an additional benefit.

Competencies

• Collaborates, develops and maintain relationships with brokers and clients at all relevant levels of their businesses.
• Liaise with brokers, clients and potential clients preparing quotes and negotiating terms as required, writing polices and specifying any conditions that should apply to policies.
• Visit brokers to discuss renewals and new business with a focus to build relationships and develop market presence.
• Client focus - building strong client relationships and delivering client centric solutions
• Drives results - consistently seizing opportunities and achieving results even under tough circumstances
• Flexibility and adaptability - rebounding from setbacks and adversity when facing difficult situations
• Cultivates Innovation - Creating new and better ways for the organisation to be successful
• Problem solving
• Ability to cope with conflicting demands and to prioritise tasks
• Developing and implementing strategy
• Ability to perform under pressure
• Enterprising and commercial thinking
• Attention to detail
• Leadership and influencing
• Feedback on market intelligence.
• Respond to queries and resolve to the satisfaction of the affected parties within the scope of authority and / or responsibility.
• Agility and the ability to adapt to various situations including working under time constraints