Location: London/ Hyrbid
About the Role:
The company, a leading Lloyd's insure, is at the forefront in navigating the risk landscape. They collaborate internally with underwriting teams to assess, evaluate, price, and determine coverage for risks, get involved with the reinsurance and work with other strategic stakeholders.
Externally, they serve as the first point of contact engaging with brokers and clients – and actively communicate the company’s underwriting appetite and strategy through discussions and decisions. The underwriters are instrumental to understand and meet the needs of our customers in an ever-changing world of risk. In addition to the above, the Executive Underwriter role works closely with the Class Leaders, supporting them in executing annual business plans for the respective portfolios, act as a domain expert on behalf of the business, and actively contribute to the development of market relationships and pipeline.
Requirements and Experience:
Business Planning
- Assist your Head of Class in preparing required information for business plan submissions.
- Assist your Head of Class in obtaining approval of the Syndicate Business Plan / Forecast from the Board and Lloyd’s
- Highlight new opportunities for growth and raise concerns within the class to best evaluate long term sustainable strategy
- Understand the Syndicate Business Plan and its constraints at an overview level for the business and in detail for your class
- Understand the in-force and proposed reinsurance structures in detail for your class
- Underwrite your class of business in accordance with the Syndicate Business Plan and within the terms of your Underwriting Authority
- Monitor KPI’s and exposures for your class in accordance with the Syndicate Business Plan
- Underwrite in accordance with the reinsurance programme for your class, recognizing any limitations or exclusions that may apply
- Underwrite in accordance with the company’s policies and procedures, in particular those covering underwriting, pricing, delegated authority and the fair treatment of customers
- Responsibility for the maintenance of accurate underwriting records in line with the Underwriting Procedures
- Understand the pricing models for your class and provide your rationale for the pricing of each risk in line with the Pricing Policy
- Only accept business through intermediaries and cover holders approved in accordance with internal procedures
- Attend and participate in committees as required
- Liaise with brokers, attend client presentations and meetings and foster good relationships with existing producers
- Represent the company on Lloyd’s / market committees, steering groups and working parties where requested
- Represent the company externally in a manner that enhances reputation and profile in the insurance market
- Underwrite in compliance with all relevant regulatory standards including those laid down by the PRA, FCA, and Lloyd‘s.
- Comply with external regulatory requirements making use of tools such as Crystal and sanctions checkers where necessary.
- Ensure that all business underwritten complies with internal policies, procedures and controls.
- Attend / complete all mandatory training sessions and maintain your Continuing Professional Development
- Provide reports and other management information to the Underwriting Committee and the Board.
Skill & Attributes:
Risk Assessment
- Accurately price a range of complex risks using different statistical methods, risk data and risk premium to establish that the risk price is working
- Explain risk exposure measurements and the subsequent available management options to support ‘spread of risk’ to key stakeholders where necessary
- Identify ways to mitigate any adverse impact on the business through identifying the impact of rating changes on my own class of business
- Consider wording changes in the class to capture new emerging risks
- Exceptional decision-making skills, especially in high-pressure situations, while maintaining a strong commitment to risk management and profitability
- Strong analytical and creative problem-solving skills to evaluate complex risks to make sound underwriting decisions
- Ability to analyse market trends, competitor data, and industry developments to inform strategic decisions
- Ensure that underwriting decisions align syndicate risk appetite
- Monitor key Underwriting KPIs and how they relate to the business plan
Customer and Broker Focused:
- Customer-centric approach with the ability to build and maintain strong client relationships, become their trusted advisor
- Track record of delivering exceptional service to clients and brokers. Provide thought-led insights to further build collaborative relationships
- Liaise with the claims team to drive learnings from the losses experienced capture new emerging risks
- Flexibility to adapt to changing market conditions and adjust underwriting strategies accordingly
- Stay updated on industry trends, regulations, and best practices to enhance your underwriting knowledge and skills
- Proficiency in utilising underwriting software, data analytics tools, and industry-specific technology platforms
- Invest time in staying up to date with market trends, customer demands and competitor activity
- Get involved in RDS
- Input into reserving and capital discussions
- Demonstrated leadership abilities with experience in mentoring, coaching, and leading underwriting teams
- Effective communication and interpersonal skills for collaborating with cross-functional teams and presenting to executives
- Capability to think strategically and contribute to the development of underwriting strategies that align with the company's goals.
- Acting with integrity
- Acting with due skill, care, and diligence
- Be open and co-operative with Lloyd’s, the FCA, the PRA and other regulators.
- Pay due regard to the interests of customers and treat them fairly.
- Observe proper standards of market conduct.
- Act to deliver good outcomes for retail customers.
- Underwrite in compliance with the company’s Conduct and Consumer policies and procedures.
- Promote a culture where clients’ needs, and good customer outcomes are placed at the heart of
- underwriting decision-making and product development.
- Ensure that business is conducted in a manner that meets company’s internal standards and regulatory
- guidelines.
- Notify Compliance if identify any indication of poor customer outcomes.
- Assist the Conduct Group in assessing product risk when required.