Underwriting Manager

Job Purpose

Responsible for planning, directing and overseeing the accurate and prompt risk evaluation, classification and acceptance of new business within the set underwriting guideline and service standards with compliance to applicable relevant regulations towards the achievement of its strategic goals.

Critical Accountabilities

Key Result Areas

Major Activities

Output

Challenges and Risks

Operational Management

· Establishes underwriting processes and guidelines and ensures accurate risk evaluation, classification, and acceptance within the set turnaround time

· Communicates with and seek reinsurer’s approval on various underwriting endeavors

· Implement activities that will increase approval rate for new business

· Partners with the distribution channel to help grow the business

· Develop Underwriting Training Modules for Distributors and Underwriters

· Contribution to the achievement of NBI, persistency targets

· Prompt and accurate risk evaluation

· Number of issued policies

· Acceptance of new business within set risk criteria as dictated by Company and reinsurers

· Develop/Conduct UW training modules

· Improved distribution satisfaction rating

· Stretched working hours especially during cut-off

· Managing volume

· Meeting TAT

Operational Management

(cont.)

· Provides leadership, support and guidance to the underwriting team

· Ensures that the team complies with the goals, objectives and standards of the organization in order to meet customer satisfaction and deadlines.

· Interprets and implements guidelines for the team

· Assesses the risk posed by a client to the company

· Evaluates regularly the efficiency of business procedures according to organizational objectives and drive cross functional discussions to influence system / process improvements.

· Establish and maintain relevant controls and feedback systems to monitor the operation of the unit / department

· Manage the preparation and maintenance of reports necessary to carry out the functions of the department.

· Process new business refunds and performs LID (life insurance deposits) monitoring and analysis on a regular basis.

· Achievement of KPI targets

· Accessibility of accredited medical providers (examiners and clinics)

· Positive Customer feedback

Workforce Management

· Manage the performance of the team and the individual team members; conduct coaching and put in place corrective action plan/s for non/under performance

· Plan and allocate resources to effectively staff and accomplish the work to meet departmental productivity and quality goals

· High performing team

· Managing underperformance

· Staff turnover

Staff Development

· Provide career planning, development planning and opportunities for team members

· Lead employees using a performance management and development process that provides an overall context and framework to encourage employee contribution and includes goal setting, feedback, performance development planning, and disciplinary action, when necessary

· Employee engagement

· Keeping staff motivated

Stakeholder Management

· Manage relationships / agreements with customers, internal and external.

· Respond to escalated queries / concerns from customers, internal and external

· Communicate with customers, other parties on sensitive matters in a timely and effective manner

· Ensures prompt feedback on the status of new business applications to support distributors to facilitate new business applications

· Customer satisfaction

· Handling difficult customers

Quality Management

· Regularly reviews the internal Standard Operating Procedures for the Unit. Recommend updates, as necessary

· Ensures the development and implementation of departmental policies and procedures are completed

· Conduct annual close file review / technical underwriting audit of new business cases approved by supervisors.

· Review and update UW guidelines processes on a regular basis

· Conduct trainings and learning sessions with the distribution channels

· Non-adherence may lead to audit findings

Others

· Maybe assigned to participate om AdHoc projects for system and process improvements, if any

· Performs other related tasks, as maybe assigned, from time to time

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Key Decisions/Dimensions

Decisions

Quantifiable Data Related to Job

• Development and implementation of underwriting guidelines

• Approval of large cases

• Make decisions in addressing minor and complex problems affecting own unit or other units

• Recommend course of action to Immediate Head in addressing major issues, handling exceptions/deviations

• Turn Around Time – 2 days for non-med / 4 days for medical / 11 days for reinsured cases

• Underwriting Authority limits: Up to 50M

· Graduate of a 4-year Bachelor’s degree, preferably with a medical background

• Minimum 10 years of experience in life insurance underwriting

• Minimum 5 years of experience in managerial/supervisory capacity

• FLMI Designation

• Passed at least one ALU (Academy Life Underwriting) exam

· Personal Characteristics/Behaviors

Other Requirements

· Performance management

· Project management

· Coaching

· Quality management

· Results driven

· Foster teamwork

· Handles pressure

· Giving feedback

· Presentation skills

· Oral and written communication

· Computer knowledge, Microsoft office