Client: Multinational Insurance Company
Position: Chief Underwriting Officer - General Insurance
Purpose of the Job:
- Lead the underwriting team of General Insurance business, overseeing the development and implementation of underwriting policies, guidelines, and strategies to ensure profitability and compliance.
- Analyzing risk factors, setting pricing models, and ensuring the underwriting standards are maintained to achieve business objectives.
- Collaborate with other departments to align the underwriting practices with overall company goals.
Key Responsibilities:
Underwriting Strategies
- Develop and implement underwriting policies, strategies, and guidelines to achieve profitability and growth targets.
- Establish risk assessment standards for various lines of insurance, including property, casualty, liability, and specialty risks.
- Monitor market trends, competitor activities, and regulatory changes to adjust underwriting policies as needed.
Risk Assessment and Management
- Evaluate high-value and complex insurance applications, approving or declining coverage based on risk assessment.
- Set guidelines for acceptance, rejection, or modification of coverage terms to maintain a balanced portfolio.
- Implement quality assurance practices to ensure adherence to underwriting standards and compliance requirements.
Pricing and Product Development
- Collaborate with actuarial and product development teams to set appropriate pricing models.
- Participate in the development of new insurance products and services, providing underwriting insight and risk assessments.
Leadership and Team Development
- Lead, mentor, and develop the underwriting team, ensuring continuous skill development.
- Set performance goals for the underwriting team and monitor progress toward these objectives.
- Foster a culture of risk awareness, accountability, and customer first within the team.
- Ensure that there will be a succession plan for the team.
Compliance and Reporting
- Ensure that underwriting practices comply with relevant laws, regulations, and company policies.
- Provide regular reports to the executive team on underwriting performance, trends, and areas for improvement.
- Coordinate with internal audit and regulatory bodies to address compliance issues or concerns.
Qualifications:
- Bachelor's degree in business, finance, insurance, or related field; professional insurance qualifications are preferred.
- Minimum of 10 years of underwriting experience in the General Insurance industry, with at least 5 years in leadership role.
- In-depth knowledge of underwriting principles, risk management, and insurance regulations.
- Strong analytical and decision-making skills, with the ability to assess complex risks.
- Excellent leadership, communication, and interpersonal skills.
- Excellent with pricing models, reinsurance, and loss forecasting is a plus.
- Experience in multiple lines of insurance, such as property, casualty, liability, motor, or other specialty lines.
- Familiarity with insurance technology and software tools used in underwriting and risk assessment.
- Ability to lead organizational change and improve underwriting processes.
