Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.
Job Description
Provide technical underwriting expertise with a clear focus on growth, profitability, efficiency and customer satisfaction. Manage the product set in line with the company risk appetite and business strategy.
Responsible for risk evaluation and selection / rejection of new and renewal business to ensure profitability across all assigned accounts within the portfolio.
Manage the underwriting on the product set
- Develop tools to support the underwriting framework including product wording, risk acceptance criteria, underwriting rules & guidelines, retention limits, survey standards and risk classification guide.
- Monitors market conditions, competitive landscape regulatory and technological changes and provides feedback on complaints to ensure the product offering remains relevant and competitive.
- Manage the process of any implementing any product or underwriting changes (e.g. setting up business requirements, obtain sign-offs and testing).
- Set the underwriting framework and guidelines in line with business strategy and implement into the various policy administration systems.
- Monitor and track compliance to underwriting guidelines and make recommendations to senior management to mitigate any risks identified.
- Manage a team of underwriters that resolves day-to-day technical referrals on larger or more complex risks.
- Provide training to the larger underwriting teams working in the business environment.
- Perform risk evaluation on new and renewal business using rating guidelines, industry and occupational classifications, manual rating, experience information (e.g. premium, claims, reserves, and rate history and average exposure) for all assigned accounts.
- Determine required premium level based on experience and manual rates, plan design, services, and competitive information in accordance with organisational guidelines.
- Monitor profitability as measured by loss ratio improvement.
- Complete semi-annual and ad hoc profitability analysis for all assigned cases. Analysis to include but not limited to action plans for moving accounts to profitability and complete assessment of claim trends and services.
- Determine renewal terms including required premium level and policy plan change recommendations and deliver complete renewal package according to organisational department guidelines.
- Accountable for the accuracy and completeness of renewal data for assigned cases.
- Negotiate all subsequent appeals regarding premium levels and policy plan provisions and involve relevant stakeholders in decision making and negotiating as necessary.
- Participate in interdepartmental discussions on renewal business issues and make recommendations regarding policy
- Approve above mandate referrals by combining research outcomes, past experience, intuition and commercial / business acumen to fully understand the risk and the impact of the referral.
- Ensure statutory and legislative knowledge is always current in order to resolve customer complaints, to advise the business on corrective solutions to mitigate risks and to improve the customer experience whilst complying with governance requirements.
- Ensure adherence to organisational policies, practices, guides, mandates and procedures.
- Identify solutions to enhance cost effectiveness and increase operational efficiency.
- Maintain service, quality and desired outputs within a specific functional process through ensuring compliance to tactical policies, procedures and standards.
- Establish productive operational relationships with key stakeholders in the various channels and administrative teams.
- Develop work routines in line with operational plans / schedules in order to manage achievement of service delivery goals.
- Share knowledge on, and participate in the creation of new standards, control systems and procedures to maintain service delivery.
Cost control and governance adherence
- Proactively ensure use of time, of resources, money, materials or equipment is in line with policies and procedures.
- Comply with corporate governance policies, procedures and standards.
- Operate within agreed mandates.
- Align own behaviour with the organisation culture and values.
- Share and transfer product, process and systems knowledge to colleagues.
- Ensure achievement of own performance objectives.
- Actively share information with other team members regarding successes, issues, trends and ideas.
- Actively participate in own professional development and career path.
- Actively promote a culture of learning and high performance culture amongst team members.
- Bachelor degree and/or equivalent NQF Level 7 qualification in general insurance.
- 5 8 years experience in technical underwriting or product development.
- 3 5 years experience leading a team of specialist underwriters and / or portfolio managers.
Education
Closing Date
28 December 2023
The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.
Old Mutual Limited is pro-vaccination and encourages its workforce to be fully vaccinated against Covid-19.
All prospective employees are required to disclose their vaccination status as part of the recruitment process.
Please refer to the Old Mutuals Covid-19 vaccination policy for further detail. Kindly note that Old Mutual reserves the right to reinstate the requirement to vaccinate at any point if it is of the view that it is imperative to do so.
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