Underwriting Officer at Coronation Insurance Plc

Principal Duties & Responsibilities

Underwriting Strategy

• Provide support in the design and implementation of the Company’s underwriting strategy

Risk Management

• Ensure implementation of the Company’s risk appetite and pricing strategy to achieve its strategic objectives

Product development

• Participate in defining appropriate pricing for all key products in all channels and risk classes to ensure that the Company meets its stated strategy of underwriting to a profit in all products and across all distribution channels
• Provide support in setting optimal product strategies to maximize cross-selling opportunities

Underwriting Operations

• Support the monitoring of the underwriting portfolio ensuring adherence to agreed target business levels, financial limits, historical claims patterns and underwriting controls
• Provide support in setting the premiums charged for coverage and negotiate with the client or the broker to ensure the best fit for all parties
• Provide support in establishing and communicating underwriting profit goals and other measurements including loss ratio, new business development, policy count, account retention, etc.
• Oversee the use of analytics and technology to deliver better underwriting outcomes.
• Monitor and assess the effectiveness of underwriting guidelines, underwriting pricing tools, and pricing strategies and make recommendations for enhancements.

Education and Experience

• Bachelor’s Degree in Insurance, Accounting or any related discipline.
• Professional certification such as CIIN or relevant qualification
• Minimum of 3-5 years’ relevant experience in insurance industry
• Relevant experience in life underwriting

Competencies and Skills Requirements

• Good understanding of trends and recent developments in insurance industry.
• Extensive knowledge of MS Office tools.
• Excellent problem-solving skills
• Good strategic orientation, creativity and innovation.
• Good stakeholder management skills
• Demonstrated commitment to ethical standards and high level of integrity.
• Very good knowledge of company’s insurance policies
• Good risk management skills
• Strong understanding of insurance principles and practices
• Strong understanding of legal obligations and regulatory compliance
• Excellent mathematical and statistical skills
• Excellent collaboration skills
• Strong knowledge of claims management
• Strong knowledge of loss adjustment