Underwriting Business Leader

Job Overview

This leadership role is 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.

Key Responsibilities

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

• Communicates with and seeks reinsurer's approval on various underwriting endeavors

• Implements activities that will increase approval rate for new business

• Partners with the distribution channel to help grow the business

• Develops Underwriting Training Modules for Distributors and Underwriters

• Contributes to the achievement of NBI, persistency targets

• Provides prompt and accurate risk evaluation

• Manages the number of issued policies

• Ensures the acceptance of new business within set risk criteria as dictated by Company and reinsurers

• Develops/Conducts UW training modules

• Improves distribution satisfaction rating

• Manages stretched working hours especially during cut-off

• Manages volume

• Meets TAT

Leadership Responsibilities

• 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 drives cross functional discussions to influence system / process improvements.

• Establishes and maintains relevant controls and feedback systems to monitor the operation of the unit / department

• Manages the preparation and maintenance of reports necessary to carry out the functions of the department.

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

• Achieves KPI targets

• Maintains accessibility of accredited medical providers (examiners and clinics)

• Receives positive Customer feedback

Workforce Management

• Manages the performance of the team and individual team members; conducts coaching and puts in place corrective action plans for non/under performance

• Plans and allocates resources to effectively staff and accomplish the work to meet departmental productivity and quality goals

• Develops high performing teams

• Manages underperformance

• Minimizes staff turnover

Staff Development

• Provides career planning, development planning and opportunities for team members

• Leads 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

• Increases employee engagement

• Keeps staff motivated

Stakeholder Management

• Manages relationships/agreements with customers, internal and external.

• Responds to escalated queries/concerns from customers, internal and external

• Communicates 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

• Enhances customer satisfaction

• Handles difficult customers

Quality Management

• Regularly reviews the internal Standard Operating Procedures for the Unit. Recommends updates, as necessary

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

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

• Reviews and updates UW guidelines processes on a regular basis

• Conducts trainings and learning sessions with the distribution channels

• Adheres to regulatory requirements

• Performs other related tasks, as assigned

Key Decisions/Dimensions

Decisions

Quantifiable Data Related to Job

• Develops and implements underwriting guidelines

• Approves large cases

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

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

• Turns 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

• Fosters teamwork

• Handles pressure

• Gives feedback

• Presentation skills

• Oral and written communication

• Computer knowledge, Microsoft office