Technical Head Commercial Underwriting

JOB PURPOSE
Decide about terms, conditions, pricing for business arising out of geographies (almost 90% of business) that require market insights, technical assessment of risk parameters and building a robust portfolio that delivers underwriting profits. Produce data and information that shapes underwriting guidelines based on market practices as well as underwriting guidelines for all non-motor products across both corporate and retail channels to ensure selection of profitable business in minimum turnaround time, keeping loss ratios under control.

PRINCIPAL ACCOUNTABILITIES
Business profitability maintenance
Participate in creation of underwriting guidelines for various type of conditions under which the risk should be accepted on various non- motor products/ policies (such as property, marine etc.) to maintain profitability of the company
Provide guidance to the team in conducting assessment of proposals/ business opportunities to ensure genuine/ profitable business is acquired to keep claims ratio in check
Analyze the potential business opportunities and check their applicability with reinsurance treaty to assess the maximum amount of Risk that can be underwritten (including the proportion of risk to be passed to reinsurer)
Ensure assessment of business opportunities happens in timely manner so that business can be converted in minimum turnaround time

Capability enhancement
Conduct training for team to enhance their technical knowledge of underwriting guidelines and equip them with capabilities to apply those guidelines in various business scenarios
Provide training to internal stakeholders (sales team and other business partners) and external stakeholders (agents, brokers and third party vendors) to enhance their knowledge of USPs associated with various products and processes

Business and operational support
Support sales team/ agents/ brokers by providing them with products information required to drive high sales
Provide ideas for design of new products or upgrade of existing products basis understanding of market requirements to support in driving growth of business
Identify and recommend improvement opportunities in underwriting processes (such as improvement of TAT, introduction of rule-based underwriting where possible etc.) to increase operational efficiency.

Relationship management
Interact with various stakeholders (sales team, compliance team, products team, agents and brokers etc.) to discuss various products and risk to be undertaken in compliance with regulatory requirements
Build and maintain relationship with clients to explain and assure them of BAGIC s value proposition, various products and risk coverage of their business

Team Development
Participate in selection process to identify the right talent for positions within the team
Establish individual performance expectations and evaluation metrics for team and regularly review their performance
Identify and create development opportunities for team members to enhance domain knowledge and develop underwriting expertise to drive growth in productivity
Redundancy and second line planning for the team.

MAJOR CHALLENGES
Manage expectations of sales teams while ensuring business acquired is aligned with underwriting guidelines/ strategy and profitability.
Acquire manpower with the technical experience of underwriting
Low adoption of technology by business associates

DECISIONS
Following decisions are taken by the role within approved budgets and in compliance with regulatory guidelines:
Acceptance/ rejection of proposals in alignment with reinsurance treaty
Pricing of Product / proposals (e.g discounting etc)
Risk Selection for balanced profitable portfolio and also risk improvement suggestions to client post risk selection
Some business decision involving deviation from underwriting guidelines or reinsurance treaty needs superior s approval when same is beyond the delegated proposal acceptance authority limits

SKILLS AND KNOWLEDGE
Educational Qualifications

Qualifications
Masters in Business Administration and/or Bachelor s in Engineering Fellowship in insurance

Work Experience
Overall 15+ years of experience with 10+ years in technical side of General Insurance business
Comprehensive understanding of insurance industry and underwriting guidelines practices.