Financial Lines Underwriter

Sanlam; Sandton; On-site; ZAR 300 000 - 600 000; Full time

Job summary

An established industry player is seeking a Financial Lines Underwriter to join their dynamic team. In this pivotal role, you will assess and evaluate insurance proposals, conduct thorough risk analysis, and negotiate terms with brokers. Your expertise will contribute to setting premium forecasts and drafting financial reports, ensuring the company meets its performance targets. This position offers a unique opportunity to develop strong relationships with clients and brokers while driving results in a fast-paced environment. If you are detail-oriented, possess strong analytical skills, and thrive under pressure, this role is perfect for you.

Qualifications

• Minimum 3 years technical underwriting experience or 7 years in the insurance industry.
• FAIS Compliance and RE5 qualification required.

Responsibilities

• Examine insurance proposals and assess risks for new and renewal business.
• Monitor portfolio performance and ensure renewals and new business are tracked.

Skills

Critical thinking

Technical understanding of policy wordings

Decision-making skills

Communication skills

Presentation skills

Analytical skills

Education

Tertiary qualification (LLB, B.Comm in Insurance, Finance, Accounting or Economics)

NQF 7 insurance or risk management qualification

Tools

Excel

Word

Outlook

Job description

What will you do?

SHA Risk Specialists has a position available for a Financial Lines Underwriter who will be based in Illovo.

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.
• Conduct necessary research, evaluate and assess the risk (including but not limited to coverage analysis, pricing and structure) and discuss/negotiating risks with the broker 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.
• Confidently articulate technical messaging and deliver training, as necessary, internally as well as to brokers and clients.
• Accurately enter data into company systems/portals and produce management reports that ensure 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 to achieve team 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 preferred (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, with 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 the 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 various sources and solve problems
• Good decision-making skills including the ability to consider 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 other relevant stakeholders.
• Good work ethic and deadline focused; able to work under pressure to meet tight deadlines and organize own workload effectively to prioritize 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 understanding of financial markets, macro-economic factors and emerging risks impacting Financial Lines Business Unit.
• Identification of financial, governance and fraud risks.
• Research and assess risks utilizing data outside of the financial statements (e.g., 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 of the products offered in Financial Lines would be an additional benefit.

Competencies

• Collaborates, develops and maintains 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 on building relationships and developing 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 organization to be successful.
• Problem solving.
• Ability to cope with conflicting demands and prioritize 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.