Liability & Financial Lines Underwriter

The Job holder is responsible for assessing and underwriting new business and renewals in accordance with the established company procedures and standards up to assigned limits.

Key Responsibilities:

• Applies underwriting and risk selection techniques to determine the acceptability of new and renewal insurance risks.
• Responds to inquiries from distribution teams regarding underwriting processes and decisions, interpretation of policy forms and coverages, and premium levels.
• Review special programs made for selected intermediaries to improve the profitability of their book of business.
• Receive and review new business proposals, endorsements and renewals within authorized underwriting limits.
• Assess, evaluate and price risk using risk modelling techniques and prescribed underwriting guidelines.
• Gather, prepare and present monthly management reports on underwriting, operating costs, underwriting exposures and loss ratio.
• Analyses, evaluates, and classifies the assigned applications working with inspection reports and financial statements to aid in determining risk acceptability. The underwriter will determine the appropriate rates, and counsels with agents and/or potential insured for risk modification in order to make the risk acceptable.
• Provide first point of contact for escalation of any internal / external queries.
• Approves policies within defined authority limits.
• Liaise and interface with other verticals in the department to update on business
• Liaise with reinsurance and claims for service delivery issues.
• Assist in providing an accurate, high quality and speedy underwriting service that builds customer relations and credibility.
• Provide quotes to brokers / third parties / customers based on risk price analyses with the consultation of Seniors.
• Escalate customer issues and concerns where the timely resolution is not being achieved in light of the laid out policy and turnaround time.
• Liaise and assist distribution as well as finance and account team for premium receivables as well as premium payment to reinsurers. Ensure premium payment terms are not breached.
• Attend meetings with brokers or clients as and when required.
• Assist operations team as well as distribution team in managing premium booking etc. for the bound quotes.

Educational & Professional Requirements:

1. Graduate degree preferably in Engineering, Science
2. Insurance qualifications ACII or III while CPCU is preferrable
3. Qualifications in risk management will be added advantage
4. Qualification in law is added advantage
5. Proven ability in underwriting, organizing workload, prioritise the work
6. Minimum 5 plus years’ experience of working as Underwriter for the following classes of Business:

Professional & Specialty risks

• Professional Indemnity – Annual Cover (Architect, Engineers, Lawyers, Accountants, IT firms, miscellaneous) hc
• Single Project – construction PI with Extended Reporting period
• Comprehensive Crime / Banker’s Blanket Bond & computer Crime, Money, Fidelity
• Director and Officers’ Liability

Casualty Lines:

• Casualty: CGL (Public, Product & Pollution Liability) cover for operational Risks (Malls, Residences, Utilities, Energy risks) and also for construction risks (sec II of MRe) including Petroleum projects and offshore
• Casualty: Workmen Compensation and Employer’s Liability
• Affinity Products: Extended Warranty, Accidental damage for Automobile including GAP cover and/or white goods like Mobile phones etc.

Medical Malpractice

Cyber underwriting will be added advantage