Financial Lines Underwriter

Santam; Sandton; On-site; ZAR 300,000 - 600,000; Full time

Job summary

An established industry player is looking for a Financial Lines Underwriter to join their dynamic team. This role involves carefully selecting and analyzing risks while ensuring compliance with company guidelines and governance. The ideal candidate will have a strong understanding of the insurance industry, excellent decision-making skills, and the ability to communicate effectively with various stakeholders. You will play a crucial role in maintaining professional conduct, supporting innovation, and developing relationships with brokers and clients. If you are passionate about risk management and eager to grow your expertise, this position offers a fantastic opportunity for career advancement.

Qualifications

• Minimum of 12 months technical experience in the relevant line of business.
• NQF 7 qualification in insurance or risk management is required.

Responsibilities

• Examine insurance proposals and assess risks for new and renewal business.
• Develop relationships with brokers and clients to negotiate terms.

Skills

Decision-making skills

Communication skills

Interpersonal skills

Analytical skills

Problem-solving skills

Education

NQF 7 insurance or risk management qualification

Tools

Excel

Word

Outlook

Job description

We have an exciting opportunity available for Financial Lines Underwriter within SHA.

An Underwriter will have the experience to carefully select, analyse and underwrite risks, in a cost-effective manner and in accordance with company requirements, guidelines and governance, to ensure good risk selection and profitability and ensure business targets are met within their authority as well as be proactive in developing skills to underwrite more complex risks, learning and absorbing expertise from more Senior colleagues.

They will maintain professional conduct (dress code, communication (written and verbal) with internal and external stakeholders and lead by example around more Junior colleagues. They will also be up to date with industry changes and trends, support innovation (product, process and marketing) and stay up to date with general market intelligence, technology and other relevant developments will also be crucial.

What will make you successful in this role?

Key responsibilities include:

Technical:

• Examine insurance proposal for new and renewal business, gathering and assessing background information, 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.
• Calculate 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 where necessary in accordance with company policy and technical guidelines.
• Monitor portfolio performance (of own renewal portfolio) and ensure that renewals, new business, lost business are tracked and that the cancellation reserve does not exceed 2.5%.
• Set accurate, realistic premium forecasts as required and in a timely manner to enable management to set budgets and monitor performance targets for your own portfolio of accounts.
• Be able to confidently articulate technical messaging, internally (for referrals) as well as to brokers and clients and to work with colleagues to expand this knowledge and the means to communicate it.
• Accurately enter data into company systems 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.
• Contribute as required to projects or other initiatives designed to improve the effectiveness or efficiency of the department.
• Undertake any other reasonable tasks as requested by the Leadership in order that the team achieve its objectives.
• Adhere to all operational and procedural standards.
• Handle accounts queries and credit control queries to the satisfaction of all parties.

Professional conduct and soft skills:

• Seek out and leverage diversity (in all its forms) to create an inclusive work environment.
• Collaborate on innovation and fresh perspectives and support initiatives into the team, the business and with our brokers and customers.
• Behave in a professional manner at all times demonstrating relationship management and development (internally and externally).
• Demonstrate the SHA brand values in all activities.

Client and marketing responsibilities:

• Develop 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 policies 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 in conjunction with Senior colleagues.
• Respond to queries and resolve to the satisfaction of the affected parties within the scope of authority and / or responsibility.

Governance:

• Fulfil individual risk and compliance related obligations in adherence to Group and Regulatory guidelines.
• Provide proactive risk and compliance awareness by reporting any incidents or breaches identified within our compliance requirements.

Qualifications & Experience:

• NQF 7 insurance or risk management qualification.
• Minimum of 12 months technical experience in the relevant line of business as a trainee or under supervision.
• FAIS Compliance and RE5 a preference.
• Basic understanding of insurance industry including the reinsurance market and the terminologies used.
• Understanding of policy wordings, specifically related to your Line of Business.
• Able to evaluate information from a variety of sources and solve problems.

Knowledge & Skills:

• Good decision-making skills; 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.
• 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.
• Competent user of Excel, Word, Outlook and other Microsoft platforms.
• Operationally efficient; able to follow all process requirements.
• Assessment of financial statements of businesses across a broad spectrum of industries.
• Identification of financial, governance and fraud risks.
• Research and assess risks utilising data outside of the financial statements (SENS, social media, general news media).