Team Leader Underwriting - OMLAU job at Old Mutual

JOB PURPOSE

The purpose of the role is to provide quality underwriting outcomes for the Corporate or retail lines underwriting function through effectively maintaining underwriting standards and providing quality client, Agency, Bancassurance, direct business and broker service. Must be multi skilled with the ability to mentor and train junior underwriters & Operations Officers and have high technical knowledge.

To Administer and control the company’s underwriting operations to ensure profitable, business & product development, quality and timely service and to implement the company’s reinsurance program based on overall company’s objectives.

Key Roles and Responsibilities

• Maintain compliance with regulatory and treaty requirements.
• Assess risks based on information availed in the proposal forms, medical reports and other relevant documents.
• Capture data into the system and issue policy documents
• Allocate premium to correct accounts
• Oversee all bancassurance activities in terms of underwriting
• Prepare underwriting documents.
• Prepare Re-insurance cards on large risks.
• Undertake any other duties as required commensurate with the level of the position.
• Prepare quotations in consultation with supervisors, in a timely manner to assist in business acquisition
• Prepare, dispatch and follow up of renewal business to ensure retention
• Book premiums and process underwriting documentation
• Respond to customer queries and complaints in a timely manner
• Enforce credit control and cancel policies not paid for to ensure premium is received for risks accepted
• Continually review the performance of Accounts/Brokers within the section for follow up accounts that are not performing well.
• Ensure timely and accurate quotation for business and follow up on the same and thereafter filing monthly reports detailing renewal capture and status of un-renewed business.
• Follow up on premium collection and enforce the credit control policy to ensure that premiums are collected in good time.
• Ensure accuracy of renewal notice and timely preparation of renewal terms for major accounts while ensuring that a copy of such terms is maintained for reference purposes.
• Prepare policy documents to ensure that they are as per terms agreed and that they get the legal effect, approve and sign them within the authority limits for effective service delivery
• Oversee supervision, training, coaching, mentoring of the Junior underwriters and the Operations officer for effective service delivery and motivation of staff.
• Ensure preparation of management reports for the department to advice the status of the department at any time.
• Support the product development team in Life business to ensure relevance.
• Ensure all necessary underwriting information required to place the risk in the reinsurance market is obtained.
• Preparation of reinsurance underwriting statistics including reinsurance recoveries on a regular basis and update the same at periodic intervals as per requirement.
• Coordination of renewal of annual treaty program and preparation of statistics for treaty renewal in line with the IRA deadline.
• Administration of treaty through timely preparation and submission of quarterly returns, calculation of profit commission, preparation of annual premium adjustment at end of treaty year and follow up on premium settlements and recoveries due.

ANTI-MONEY LAUNDERING (AML) EXPECTATION

The incumbent will be responsible for ensuring adherence to, implementation of, and adoption of Compliance, Anti-Money Laundering (AML), and Sanctions-related policies, procedures, and process requirements within Old Mutual and its subsidiaries. This includes execution of customer due diligence processes, ensuring compliance with Know-Your-Customer (KYC) standards, conducting ongoing and enhanced due diligence, and maintaining data quality. Additionally, the role involves identifying and monitoring potential AML, Sanctions, or Compliance breaches and unusual activities, and escalating these concerns to the Risk and Compliance Office for further action.

Qualifications and Experience

• University degree in Business Administration, Actuarial Science, Insurance & ACII, Dip CII, Dip ITC
• Master's degree is an added advantage
• 5 years work experience in Insurance
• 3 years middle level management experience

SKILLS AND COMPETENCIES

• Knowledge of Insurance market
• Application of Re-insurance
• Leadership skills
• Good communication skills-
• Computer literate
• Good assessment and analytical skills
• Ability to interact at all levels

Skills

Business, Leadership, Technical Knowledge, Underwriting

Competencies

Business Insight

Communicates Effectively

Decision Quality

Directs Work

Ensures Accountability

Financial Acumen

Instills Trust

Manages Complexity

Education

Bachelors Degree (B): Actuarial Science (Required), Bachelors Degree (B): Business Administration (Required)

• Maintain compliance with regulatory and treaty requirements.
• Assess risks based on information availed in the proposal forms, medical reports and other relevant documents.
• Capture data into the system and issue policy documents
• Allocate premium to correct accounts
• Oversee all bancassurance activities in terms of underwriting
• Prepare underwriting documents.
• Prepare Re-insurance cards on large risks.
• Undertake any other duties as required commensurate with the level of the position.
• Prepare quotations in consultation with supervisors, in a timely manner to assist in business acquisition
• Prepare, dispatch and follow up of renewal business to ensure retention
• Book premiums and process underwriting documentation
• Respond to customer queries and complaints in a timely manner
• Enforce credit control and cancel policies not paid for to ensure premium is received for risks accepted
• Continually review the performance of Accounts/Brokers within the section for follow up accounts that are not performing well.
• Ensure timely and accurate quotation for business and follow up on the same and thereafter filing monthly reports detailing renewal capture and status of un-renewed business.
• Follow up on premium collection and enforce the credit control policy to ensure that premiums are collected in good time.
• Ensure accuracy of renewal notice and timely preparation of renewal terms for major accounts while ensuring that a copy of such terms is maintained for reference purposes.
• Prepare policy documents to ensure that they are as per terms agreed and that they get the legal effect, approve and sign them within the authority limits for effective service delivery
• Oversee supervision, training, coaching, mentoring of the Junior underwriters and the Operations officer for effective service delivery and motivation of staff.
• Ensure preparation of management reports for the department to advice the status of the department at any time.
• Support the product development team in Life business to ensure relevance.
• Ensure all necessary underwriting information required to place the risk in the reinsurance market is obtained.
• Preparation of reinsurance underwriting statistics including reinsurance recoveries on a regular basis and update the same at periodic intervals as per requirement.
• Coordination of renewal of annual treaty program and preparation of statistics for treaty renewal in line with the IRA deadline.
• Administration of treaty through timely preparation and submission of quarterly returns, calculation of profit commission, preparation of annual premium adjustment at end of treaty year and follow up on premium settlements and recoveries due.
• The incumbent will be responsible for ensuring adherence to, implementation of, and adoption of Compliance, Anti-Money Laundering (AML), and Sanctions-related policies, procedures, and process requirements within Old Mutual and its subsidiaries. This includes execution of customer due diligence processes, ensuring compliance with Know-Your-Customer (KYC) standards, conducting ongoing and enhanced due diligence, and maintaining data quality. Additionally, the role involves identifying and monitoring potential AML, Sanctions, or Compliance breaches and unusual activities, and escalating these concerns to the Risk and Compliance Office for further action.

• Knowledge of Insurance market
• Application of Re-insurance
• Leadership skills
• Good communication skills-
• Computer literate
• Good assessment and analytical skills
• Ability to interact at all levels

• University degree in Business Administration, Actuarial Science, Insurance & ACII, Dip CII, Dip ITC
• Master's degree is an added advantage