Senior Underwriter: Motor Fleet

Sanlam Limited; Sandton; On-site; ZAR 900,000 - 1,300,000; Full time

Job summary

Sanlam Limited in South Africa is seeking a Senior Underwriter to carefully select, analyse and underwrite risks in a cost-effective manner in line with governance and guidelines.

You will support the leadership team in day-to-day operations, mentor juniors, stay abreast of market developments, and contribute to product and process improvements.

The role requires strong technical underwriting, client/broker relationship skills, and the ability to deliver accurate premium forecasts and reports.

Job description

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As Senior Underwriter you will have 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.

They will support the leadership team with the day-to-day management and operation of the department including knowledge sharing and guidance of junior team members and leading by example. Maintaining industry awareness, innovating (product, process and marketing) and staying up to date with general market intelligence, technology and other relevant developments will also be crucial.

What will make you successful in this role?

Accountabilities and responsibilities:

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 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 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.
• Be able to confidently articulate technical messaging and deliver training, as and when necessary, internally as well as to brokers and clients.
• Support junior underwriters with the underwriting process and renewal negotiations as necessary.
• 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.
• 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 in order that the team achieve its objectives.
• Ability to use Portfolio underwriting methodologies to assist Senior leadership in making key underwriting decisions.
• Design and implement underwriting notes, guidelines and methodologies.
• Adhere to and where possible, improve, all operational and procedural standards.
• Peer review and sign off including checking policy documentation for all accounts within authority but outside of junior staff authority.
• Handle accounts queries and credit control queries to the satisfaction of all parties.

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 polices 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.
• 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 and provide support to and monitoring of the department’s adherence to Group and Regulatory guidelines.
• Provide proactive risk and compliance awareness by reporting any incidents or breaches identified within our compliance requirements.
• Perform underwriting and operational audits to ensure compliance and address breaches where necessary.

Qualification & Experience

• Commercial Degree
• FAIS Compliance
• Minimum of 7-10 years relevant experience at a senior level with a combination of underwriting, re-insurance, legal and insurance in general.