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Head-Liability LOB
Bajaj Allianz General Insurance
posted 13hr ago
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Flexible timing
Key skills for the job
Job Description
- Business, Product & Underwriting Strategy and Planning
- Define underwriting guidelines of risk assessment at different levels within the team in line with organization guidelines and policies; ensure that the same is understood and adhered by the team
- Acts as the ultimate underwriting authority for the line responsible for overall bottom line delivering timely, quality and profitable underwriting to the channels & channel partners
- Cascade the underwriting strategy and guidelines as finalized at Head Office; address and drive alignment of the team on the same; clarify doubts, if any
- Address quarterly Internal and external audit requirements and offer required sign-off
- Study emerging liability exposures across industries within the country & globally and discuss the same with sales / marketing team to estimate business opportunity; share inputs and concerns with respect to possible regulatory or industry level changes and suggest possible course of action to augment profitable premium growth for the organization in liability line of business.
- Builds best-in-class liability underwriting capabilities across risk evaluation frameworks, pricing structure, coverage & exclusions, participation strategy, underwriting capacity deployment and controls
- Drive excellence in underwriting by defining & promoting best practices, standardizing through underwriting manuals, training programs, quotation modules, raters, etc
- Define underwriting guidelines in emerging segments like cyber insurance by proactively acquiring knowledge and translating into risk frameworks for the company, monitors claims developments across markets to continuously evolve underwriting and product offering
- Collaboration & negotiation with Treaty and Facultative reinsurers to optimize and secure reinsurance support
- Guide team in analyzing data regularly to identify risks where the organization is incurring losses; share inputs / suggestions to tackle such risks and provide overarching framework for underwriting such risks
- Growth & Profitability
- Build profitable growth for Liability line of business in line with the AOP and LRP budgets and roadmap.
- Drive key relationships across corporates, brokers, agents, regulators, reinsurers, service providers, etc to enhance our market positioning, presence and reach
- Anchor strategic client discussions at CXO & risk/insurance head levels in new segments, large accounts and complex risks to target new accounts & leverage our position in existing accounts
- Coach sales teams and partners in this knowledge intensive & complex risk focused selling to differentiate & win in the market
- Define & own annual operating plan and long-range plan for the LOB that encompasses top-line, bottom-line, processes, differentiation, products, future growth and capability building
- Product Promotion, Marketing and Relationship Development
- Participate and anchor technical and product client discussions to win business and create new opportunities for the organization
- Define, manage & monitor product performance and product mix to promote target products, curtail loss making products and evolve capabilities in emerging products (e.g. cyber insurance)
- Introduce new products to cater to evolving liability risks and tap potential markets (e.g. Cyber Insurance - Commercial, Retail and Group)
- Create Zero-underwriting product capsules, enable products on digital platforms, overall reporting & tracking of product and channel mix, identify and drive cross-sell opportunities across the group
- Represent Bajaj Allianz in industry and regulatory forums focused on trends, knowledge sharing and evolving risk landscape
- Process excellence & systems - act as the single source of knowledge for defining liability related processes, business process reengineering and systems evolution
- Support marketing & communications team in campaigns and content around liability insurance & emerging risk dynamics
- Conduct industry seminars (physical & virtual) to promote and position organizations expertise in liability insurance
- Aid overall maturity of the line by providing underwriting & product learnings to other teams like claims, actuaries, operations, customer services and digital
- Data and Analytics - identify right sources of market data to drive product decisions, work with analytics teams to build leading models and leverage data to identify new product or improvement opportunities
- Team Development:
- Recruit and groom a team of underwriters and product specialists to continuously grow liability insurance portfolio and represent the organization in respective geographies and segments
- Guide and direct the team in making prudent underwriting decisions and complex reinsurance structures
- Establish individual performance expectations and regularly review individual performance of the team.
- Identify and create development opportunities for team members to enhance functional knowledge by coaching, building training modules and facilitating industry exposure
- Encourage and coach the team to create new offerings, research, guidelines and frameworks that help overall maturity & growth of the line
- Determine individual training needs and development plans to build expertise and enhance skills in the team; encourage team to focus on development by focusing on self-improvement
- Functional Review:
- Monthly and quarterly review with zonal underwriters to monitor achievement of topline and bottom-line targets, discuss geography and account specific issues and design action plans
- Conduct technical audit of zones to review adherence to underwriting guidelines and policies. Address deviations to minimize financial impact for BAGIC.
- Interact with sales channels for feedback on market, product and underwriting and incorporate the feedback to further streamline processes, underwriting and market engagements.
Employment Type: Full Time, Permanent
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based on 2.3k employees
Flexible timing
Monday to Friday
Within city
Day Shift
Bajaj Allianz General Insurance Benefits
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