Assistant Underwriter

Beazley Management Limited; Singapore; On-site; SGD 50,000 - 80,000; Full time

Job summary

A leading insurance firm located in Singapore is seeking an Assistant Underwriter to provide vital support to the Jewellers Block, Fine Arts & Specie team. The role encompasses evaluating risk, ensuring adherence to underwriting standards, and fostering strong client relationships. Ideal candidates will have a Bachelor's degree and relevant experience, with fluency in English and additional languages being advantageous. The position promises a dynamic environment focused on achieving business growth and client satisfaction.

Qualifications

• Experience in the insurance industry.
• Background as an Assistant Underwriter or Underwriting Assistant is advantageous.
• Fluency in other languages, e.g., Chinese, is advantageous.

Responsibilities

• Evaluate and assess risk for renewals and endorsements.
• Support Underwriters to deliver excellent services to clients.
• Engage proactively with brokers and cedants.

Skills

Fluency in English

Strong analytical skills

Effective communication skills

Computer skills – MS Office

Ability to build relationships

Education

Bachelor's Degree

Job description

Job Title: Assistant Underwriter

Division: Property/Jewellers Block, Fine Arts & Specie

Reports To: As per Beazley Org Structure

Key Relationships:

Brokers, Cedants, Line Manager, Underwriters, Underwriting Assistants, Operation teams, Claims team, Credit control team, Compliance team as well as other internal and external clients and suppliers.

Job Summary

To provide underwriting support and assistance to the Jewellers Block, Fine Arts & Specie Asia team to achieve our business growth plan by reviewing new and renewal business, approving policy changes, and managing account activities throughout the underwriting process, and ensure that the underwriting and administrative processes are run as efficiently as possible to serve both internal and external clients.

Key Responsibilities

Underwriting

• Evaluate and assess risk in order to impose precise terms and conditions required for renewals and endorsements to optimise underwriting profit.
• Structure tailor-made solutions by considering the team underwriting parameters and underwriting policy and using underwriting knowledge and experience to win new business and retain existing.
• Evaluate appropriate risk premium by considering the risk costs, reinsurance cessions, capital exposure as well as the underwriting and general administration costs to ensure profitability, using rating models as applicable.
• Monitor premiums, costs and claims ratios per contract and take corrective measures if necessary to ensure long term profitability at account level.
• Comply with Beazley’s underwriting control standards for business written through Lloyd’s, Beazley Insurance Company Inc or Beazley’s internal MGAs.

Underwriting Support

• Support the Underwriters to deliver excellence services to our clients with efficiency and accuracy
• Provide pre-underwriting and post-binding support to Underwriters, consistent with underwriting guidelines,
• Monitor and ensure underwriting controls are present and completed within the agreed SLA for the risks underwritten by the team.
• Review underwriting documentation, quotations, slips, certificates, endorsements, closings, bordereaux and/or SOAs etc to secure contract certainty & data accuracy
• Work closely with UCO team to ensure timely and accurate processing of the business and system entry for the risks underwritten by the team
• Monitor and chase for closings, bordereaux, SOAs and renewal accounts due timely
• Engage with credit control/UCO team to monitor the premium payment status for risks written, and provide assistance to credit control/UOI team if required to secure timely and accurate premium payment
• Produce business reports, statistics and information with data accuracy, ad hoc reports, market research, presentations and marketing literature as requested
• Interact with other teams within the Company e.g. Claims, Credit control, Compliance and other teams on matters affecting or related to accounts within the portfolio to ensure full compliance and effective and efficient solutions as may be required to meet internal and external regulatory/compliance/ business requirements;
• Attend underwriting training and internal & external meetings as appropriate or required
• Other duties assigned from time to time
• Establishing and developing broker and cedant relationships & to promote Beazley Jewellery, Fine Art and Specie capability across Asia Pacific region together with underwriters.

Broker/Client Interaction

• Proactively engage with brokers, cedants and other key partners to develop business relationships.
• Provide professional service to clients via email, telephone, and face to face
• Serve as the first point of contact for any internal administration/operation related inquiries during the account life cycle for all risks written by the team
• Maintain and develop good business relationships with internal and external clients by responding to all client queries in a timely and accurate fashion

General

It is important that within all your interactions both internally and externally you adhere Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers.

We also expect Beazley employees to:

• Adopt the Beazley culture of Professionalism, Integrity, Effectiveness and Dynamic that contributes to an internal environment of teamwork and promote a positive brand image and experience to our external customers.
• Comply with Beazley procedures, policies and regulations including the code of conduct. Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People development or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
• Display business ethics that uphold the interests of all our customers.
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Talent Management or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system.These may include membership of any Beazley committees or working groups.

Personal Specification

This role requires someone result focused, self-motivated, flexible and enthusiastic. This role would be ideal for somebody with a professional approach to interact successfully with other clients, building relationships and an ability to negotiate with both internal and external parties.

Skills and Abilities

• Fluency in English and other languages based on regional business requirements
• Demonstrated ability to build relationships with a wide range of stakeholders
• Accurate and numerate
• Computer skills – good working knowledge of MS Office
• Strong analytical skills with attention to detail
• Effective communication skills (written, verbal, active listening)
• Ability to manage time, meet deadlines and prioritize

Knowledge and Experience/ Essential Criteria

• Education: Minimum Bachelor’s Degree
• Experience in the insurance industry
• Proven background with relevant experience as an assistant Underwriter or underwriting Assistant is advantageous
• Besides English, fluency in other languages used in Asia e.g. Chinese is advantageous

Competencies

• Achievement drive
• Analytical thinking
• Information seeking
• Customer focus
• Initiative
• Collaborative
• Problem solving
• Detail oriented
• Team working
• Time management
• Relationship development
• Effective communication

Aptitude and Disposition

• Result/outcome focused, self-motivated, flexible and enthusiastic
• Ability to negotiate with both internal and external parties
• Professional approach to interact successfully with managers/colleagues/external suppliers
• Team worker and also able to work on own initiative
• Values continuous personal and professional development