Head of Underwriting

Job Description

Title: Head of Underwriting

Company Name: NRB Islamic Life Insurance Ltd.

Vacancy: --

Age: 30 to 50 years

Job Location: Dhaka

Salary: Negotiable

Experience:

• 5 to 10 years

• Master of Business Administration (MBA)
• Masters

• 5 to 10 years

• Age 30 to 50 years

• The Applicants should have experiences on Life Insurance, Underwriting, Re-Insurance, Claims, Policy Service, Life Insurance Products and product rating.
• Must be able to develop long-term strategic underwriting, cycle management strategy & underwriting policy and provide underwriting “Leadership to the market”.
• Must be able to drive proposition management and development within the underwriting function.
• Sound knowledge about IDRA rules & Insurance Laws.
• Sound knowledge of Financial Management and risk assessment.
• Knowledge in Actuarial and Product management.

• Develop and enhance underwriting and risk management philosophies and controls in line with Company and market conditions.

• Responsible for ensuring integrity of Underwriting, Reinsurance, Policy Servicing & Claim activities and processes.

• Provide reporting and guidance to top management.

• Directly supervise staff by providing coaching and counseling and performance reviews.

• Creates functional strategies and specific objectives for the sub-function and develops budgets/policies/procedures to support the functional infrastructure.

• Developing and implementing Guidelines, Policies and Procedures for Underwriting, Reinsurance, Policy Servicing & Claims.

• Responsible for high-level administrative functions within the department which include performance evaluations of management staff, anticipation of staffing needs, design and implement training programs for strategic growth.

• Directly supervise branch coordinators by providing coaching and counseling and performance reviews.

• Allocates underwriting authority for staff, establishing their ability to accept risks, determine coverages.

• Provides assistance in underwriting of difficult, complex proposals and resolves issues beyond the authority level of underwriting staff.

• Ensure legal compliance, adherence to claims processes, and timely payments.

• Facilitate the settling of complex claims and process related paperwork.

• To make sure all requests for policy service are doing within turn-around time.

• To make sure that all alteration, surrender, Korje Hasnah, SB are managed according to company guidelines.

• To process policy service and record weekly/monthly reporting§ Prepare Quarterly treaty accounts.

• Establish, Maintain and strengthen relationship with current reinsurer.

• Manage the premium, policy and claims administration in the reinsurance processes.

• This role is responsible for leading underwriting team, arranging the placement of reinsurance and underwriting in different classes of non-life insurance business.

• To define underwriting strategy and recommend business plans that will generate continued profitable business growth in current and future markets.

• To Oversee and manage all underwriting functions.§ To Oversee design & implementation of rating tools & methodology.

• To review and analyze new insurance applications for risk exposure and compliance with underwriting guidelines.

• To meet and negotiate with clients and brokers.

• To build relationships and to develop new renewal business.

• To review contract wordings and act as signatory of insurance contracts and ensue alignment to U/W guidelines. As the accountable party, work with legal and compliance on policy wordings, marketing collaterals and other regulatory and compliance issues as and when required.

• To establish appropriate internal underwriting procedures and criteria to control risk.

• To delegate authority and provide underwriting direction to all Underwriters.

• Translate the strategic goals intro objectives, and plan for financial and human resources to achieve them.

• Ensure effective leadership & management of underwriting  people; pursuing active talent management, driving capability development and creating a high-performance culture.

• Set framework for underwriting decisions e.g. Authority grants, referrals, technical reviews.

• Provide assurance that the business adheres to underwriting governance/ compliance principles and regulatory standards.

• Develop understanding of new concepts of insurance business.

• Analyze, evaluate and make underwriting decisions in line with underwriting guidelines and recommendations, coordinating with analysts and other underwriting staff.

• Establish appropriate internal underwriting procedures and criteria to control risk.

• Salary Review: Yearly
• Festival Bonus: 2

Weekly 2 Days Off, Group Insurance