Location: London/ hyrbid
Salary: Competitive
About the Job:
Assist the Departmental Head to carry out all tasks relating to the underwriting and reinsurance of the Department in order to provide appropriate customer focused products and maximise profitability, always bearing in mind the relationship between risk and return in respect of all underwriting activities
Main areas of responsibility
Business Planning:
- To understand, absorb and adhere to the Department’s strategy, objectives and current Business Plans.
- To have a clear understanding of the Company's risk appetites in terms of business plans, conduct and of the Company's overall risk appetite.
Monitoring:
- To underwrite/ assist in the underwriting in accordance with the Departmental Heads' instructions in respect of premiums, terms and conditions which are set in order to secure the planned underwriting profits in accordance with the Department’s agreed Business Plan.
- To ensure that the Department’s underwriting guidelines in terms of both line size and aggregate exposures are adhered to at all times and, where necessary, to highlight if reinsurance should be acquired in order to reduce risks in respect of individual and aggregate exposures to a level which is acceptable to the Department.
- Ensure that all tasks carried out relating to the underwriting and reinsurance of the Department meet PRA, FCA and Lloyd’s requirements and that they are conducted with integrity.
- To ensure that conflicts of interest are identified and managed.
- Champion the company values and work in accordance with the organisational behaviours.
- To be aware of and comply with the relevant rules and regulations in relation to: -
- money laundering
- sanctions
- financial crime and conduct
- bribery and corruption
- To demonstrate a clear understanding of the DA RACI and perform processes in accordance with your role
Relationships (Staff, Brokers and Reinsurers):
- To ensure that all customers are treated fairly at all times.
- To establish and develop business relationships with the Department’s intermediaries, agents and business partners in order to secure business portfolios for the Department that meet with the Business Plans and which are effectively handled toreduce the risk of mal-administration in the distribution process.
- To work to develop new forms of insurance services, products and distribution channels which both respond to intermediary and consumer demand and have the potential to deliver profits to the Department which are commensurate to the risks.
- To provide coaching and training to graduates working with the Department and to junior underwriters to ensure that they obtain a full understanding of the rating methodology, risk assessment and underwriting management processes used by the Department.
Consistency:
- To understand, absorb and adhere to all relevant sections of the Procedures Manual.
- To accurately record all insurance business assumed so that risks assumed can be properly monitored and reviewed by the division and that data required for all external and internal reporting requirements is properly captured in accordance with the time limits set by the Company from time to time.
Pricing:
- To understand market cycles/trends to ensure maintenance of profit.
Peer Review:
- To review and challenge individual underwriting decisions, and where necessary to ensure that appropriate action is taken to resolve any issues identified, including escalation.
Reporting:
- To provide relevant information for independent review and compliance with regulatory requirements.
- To ensure that management information is reported in a timely and accurate manner.
General Administrative / Other:
• Specific activities in respect of the underwriting, management and reinsurance of the Department’s business portfolio, as determined by the Departmental Head and Divisional Head.
Technical Requirements and Skills:
- Working towards ACII or willingness to start.
- Must be fully aware of compliance and regulatory issues.
- Up to date on industry developments within insurance and the appropriate area of expertise.
- Meticulous, organised, self-starting, energetic and able to respond well to the high-pressure environment.