Motor Underwriting Officer

Job Summary

The Underwriter / Underwriting Officer receives the applications of Risks at the Grade (A) of the risks scale (The risk scale comprises of eight levels upto Grade (H) which is the highest rank at the risks and authority classification scale) when acting as a maker. The Underwriter reviews the submission and drafts prepared by the Jr. Underwriter to accept or reject applications of the insurance cover based on Wataniya’s underwriting manual, guidelines and philosophy of risk appetite. He / She should review and assess risks by weighing risk factors and information from prospective clients. The function at this position aims to evaluate risks, minimize losses, improve profits, and protect company’s assets. Underwriter should work closely with actuaries, risk management, sales team, and claims managers to ensure balance between attracting and retaining clients through equitable insurance premiums and being able to cover any potential losses at claims. He / She should review the clients’ applications where an endorsement is required, checking the draft prepared by the Jr. Underwriter delivering the draft endorsement to the Senior Underwriter for the final approval, or prepare the draft for the risks he received when acting as a maker delivering the draft to the Senior Underwriter for checking.

Job Responsibilities

• Accept or reject submissions based upon established data quality screening criteria
• Review submission for coverage, wordings and endorsements for Motor lines
• Implement the actuarial (Motor only) directives to ensure adequacy of insurance premiums to meet any potential losses by entering authentic data to the pricing module and following Wataniya’s underwriting manual/guidelines.
• Determine; Extent of coverage, the premiums to be charged, and other terms that are relevant and appropriate to the risk.
• Indicate whether facultative reinsurance support is required and alert the Senior Underwriters accordingly in case the sought risk is falling beyond the Treaty facilities to secure special acceptance or alternative security.
• Prepare quotations and pricing summaries and ensure balancing between competitiveness and exposure where no facultative reinsurance is required.
• Risk identification and provision of terms and conditions commensurate with the business accepted.
• Respond to servicing inquiries (i.e. billing, commissions, policy information, producer information, and claims related questions).
• Ensure correct filling of documents and files including policy proposals and other business line related documents.
• Perform regular quarterly portfolio analysis for all account has worked on and track these accounts thought the year to ensure adequate control and meet company’s defined underwriting standards.
• Assess and suggest possibilities of policy in respect of renewal or issuing new quotations upon investigating and reviewing the claim history of the policy, calculating and analyzing the policies loss ratio and number of years being insured.
• Suggest new rates or deductibles or change the quotation terms and communicate them to the Senior Underwriter for checking or approval.
• Analyze and compute results for appropriate premiums considering the risk factors, business nature, risk profile and other parameters to reach the proper judgement.
• mitigate and limit the policy coverage where the risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials.
• Monitor the client’s applications of the endorsements or applications and evaluate the risks therein.
• Check and review the draft endorsements and policies prepared for issuance by the Jr. Underwriter prior to the final approval by the Underwriting Supervisor.
• Handle the more sensitive applications within the (A) level preparing the draft Quotations / endorsements / policies to be checked by the Senior Underwriter and approved by the Underwriting Supervisor.
• Maintain timely service goals outlined in the underwriting service standards of the Company.

Job Duties

1. Study insurance proposals in line with regulatory requirements and prepare quotations.
2. Issue renewal notice to clients showing all the changes done after the approval of the line manager.
3. Gather and assess background information in order to effectively assess the risk involved.
4. Continuously monitor results in cooperation with the claims department.
5. Keep records of risk assessment and survey reports.
6. Gather information and various types of reports that help to identify the risk and loss ratio.
7. Keep detailed and accurate records of policies underwritten and decisions made.
8. Liaise with specialists, such as surveyors, or property inspector for risk assessment.
9. Examine documents to determine degree of risk from such factors as applicant financial standing, and value and condition of property.
10. Issue the policies and endorsements and/or certificates as per the directions of the superiors.
11. Check the work of the Jr. Underwriters and monitor their performance.
12. Perform other related duties as required and assigned by superiors.
13. Ensure all transactions are done within the given time frame stated in the Service Level Agreements of the company.

Requirements

Job Qualifications

Educational Background and Certifications:

Bachelor degree in Business Administration, Economics, Commerce, Insurance

IFCE Certified

Cert CII or above qualification (preferred)

Experience:

Relevant years of experience in the field of Insurance, ranged of 1 to 3 years.