Underwriting Manager

Job Description

Job Purpose

The Underwriting Manager is responsible for overseeing and managing the underwriting processes, ensuring the accurate assessment and acceptance of insurance risks. The role involves implementing underwriting guidelines, evaluating insurance applications, and providing leadership to the underwriting team to drive profitability and business growth. The Underwriting Manager will also work closely with other departments, brokers, and agents to ensure compliance with company policies, regulatory requirements, and alignment with Britam’s strategic objectives.

Key Responsibilities

• Underwriting Operations Management:
• Implement underwriting philosophy, strategy, process and guidelines for all product lines in the business to ensure profitability and achievement of the set loss ratio targets.
• Oversee the underwriting process, ensuring timely issuance of all insurance policies.
• Review and approve underwriting submissions in line with set risk acceptance criteria.
• Enforce efficient processes to ensure delivery of high-level customer service, enhance customer satisfaction and achievement of the set client retention ratio within the Underwriting Department.
• Ensure compliance with regulatory requirements, internal and Group guidelines.
• Risk Assessment and Analysis:
• Conduct risk assessments and determine appropriate terms, conditions, and pricing for policies following the company’s risk appetite and ensure full compliance in line with regulations and Group’s risk appetite.
• Ensure proper documentation and accurate risk evaluation.
• Manage and monitor the risk portfolio to maintain profitability.
• Reinsurance Management:
• Design, implement, and manage the company’s reinsurance strategy to optimize risk retention and capital efficiency.
• Establish reinsurance treaties and facultative reinsurance arrangements in line with the company’s needs and regulatory requirements.
• Support timely collection of reinsurance premiums and work closely with the claims department to facilitate reinsurance claims processing and ensure timely recoveries from reinsurers.
• Analyze the impact of reinsurance on the company’s profitability and solvency, providing insights to senior management.
• Work with finance and actuarial teams to ensure accurate accounting of reinsurance premiums, commissions, and recoveries.
• Continuously assess the global reinsurance market, emerging trends, and alternative risk transfer solutions (e.g., insurance-linked securities).
• Recommend innovations or alternative strategies to improve the company’s risk management practices through reinsurance.
• Policy Development and Review:
• Develop and implement underwriting policies, guidelines, and procedures.
• Review and update underwriting manuals, ensuring alignment with market trends and regulatory changes.
• Continuously assess and refine underwriting standards to ensure they meet the company’s risk appetite.
• Team Management:
• Lead, train, and mentor the underwriting team to enhance their skills and performance.
• Ensure proper workload distribution and efficient operations within the underwriting department.
• Set and monitor performance objectives for the team, providing regular feedback and performance reviews.
• Client and Broker Engagement:
• Maintain strong relationships with clients, brokers, and distribution channels.
• Handle complex underwriting cases and provide expert advice to brokers and agents.
• Attend meetings with clients and brokers to discuss terms, policies, and address underwriting concerns.
• Compliance and Reporting:
• Ensure all underwriting processes comply with legal and regulatory requirements.
• Prepare regular reports on underwriting performance, risk exposures, and portfolio analysis for management.
• Analyze portfolio performance, identify potential areas of improvement, and recommend adjustments to underwriting guidelines.
• Oversee audits and quality checks to ensure compliance with internal and external standards.
• Product Development Support:
• Collaborate with product development teams to create new insurance products and refine existing ones.
• Provide underwriting insights during the product development process to ensure risk considerations are addressed.
• Conduct market analysis to identify gaps and opportunities for new insurance solutions.
• Financial Performance Monitoring:
• Monitor the financial performance of the underwriting portfolio to ensure profitability.
• Analyze loss ratios and claims trends to provide recommendations for improvement.
• Work closely with the actuarial team to review pricing strategies.
• Stakeholder Management:
• Liaise with other departments, including claims, sales, and marketing, to align underwriting strategies with overall business objectives.
• Act as a key contact for external partners, regulators, and industry bodies to represent the underwriting function.
• International Business Partnerships.
• Act as the key contact for Britam’s International Business partnerships and drive business growth with Britam’s International Business partners including CHUBB, AMENA etc
• Innovation and Continuous Improvement:
• Keep abreast of industry trends, innovations, and emerging risks to improve underwriting practices.
• Recommend technological solutions or process improvements to streamline underwriting operations and enhance efficiency.
• Perform any other duties as may be assigned from time to time.

Key Performance Measures

As described in your Personal Score Card

Working Relationships

Internal Relationships

• Required to liaise and work closely with the other departments as may be necessary

External Relationships

• Britam customers &

Insurance sector players.

Knowledge

Knowledge, Experience and Qualifications.

• Insurance Products and Services: Comprehensive understanding of various insurance products, including general, life, and specialized lines of business.
• Underwriting Principles: Strong grasp of risk assessment, pricing, policy terms, and conditions, with the ability to evaluate and accept or decline insurance proposals based on established criteria.
• Regulatory Compliance: Thorough knowledge of local insurance regulations, laws, and compliance standards in Uganda or East Africa, as well as understanding of global industry trends.
• Claims Management: Familiarity with claims processes, particularly in assessing risks to reduce claim frequency and costs.
• Risk Management: Understanding of risk exposure, mitigation strategies, and methods for reducing underwriting losses.
• Financial Acumen: Knowledge of financial principles related to insurance, such as premium income, loss ratios, and profitability management.

Experience

• Underwriting Experience: A minimum of 7-10 years of relevant experience in insurance underwriting, including a track record of managing diverse insurance portfolios (e.g., general insurance).
• . Leadership Experience: Proven experience in a managerial or supervisory role, demonstrating leadership in driving teams, decision-making, and setting underwriting strategies.
• Risk Assessment: Experience in evaluating and analyzing complex insurance risks, working closely with actuarial teams to maintain a balanced risk portfolio.
• Relationship Management: Experience in collaborating with brokers, agents, and corporate clients, maintaining strong relationships to facilitate business growth.
• Market Knowledge: Understanding of the local and regional insurance market, competitive landscape, and industry developments.

Qualifications

• Education: A Bachelor’s degree in Business, Actuarial Science, Insurance, Risk Management, Business Administration, or a related field. A postgraduate qualification or MBA is an added advantage.
• Professional Certifications: Certification in insurance-related programs such as ACII (Associate of the Chartered Insurance Institute), or equivalent professional qualifications.
• IT and Analytical Skills: Proficiency in insurance management systems, underwriting software, and data analytics to support decision-making and optimize underwriting processes

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