Underwriter: PI at Santam Insurance

What will you do?

• We have an exciting opportunity for Underwriter: PI within Santam Specialist Solutions based in Illovo, Sandton.

What will make you successful in this role?

Accountabilities and responsibilities: 

• Examine insurance proposal for new and renewal business, gathering and assessing background information, conducting necessary research, evaluating and assessing the risk (including but not limited to coverage analysis, pricing and structure) and discussing/negotiating risks with the broker in order to effectively win or renew the risk.
• Calculate possible risk and determine appropriate insurance premiums using underwriting tools and practices, underwriting information and own judgement and experience.
• Quote within designated authority levels and refer where necessary in accordance with company policy and technical guidelines.
• Monitor portfolio performance and ensure that renewals, new business, lost business are tracked and that the cancellation reserve does not exceed 2.5%.
• Set accurate, realistic premium forecasts and draft financial reporting as required in a timely manner to enable management to set budgets and monitor performance targets for your own portfolio of accounts and as a contribution to the team portfolio.
• Be able to confidently articulate technical messaging and deliver training, as and when necessary, internally as well as to brokers and clients.
• Support junior underwriters with the underwriting process and renewal negotiations as necessary.
• Accurately enter data into company systems and produce management reports that ensure that the company remains aware of the nature and financial impact of all risks written for your own portfolio.
• Maintain accurate electronic records for auditing and regulatory purposes.
• Proactively participate in projects or other initiatives designed to improve the effectiveness or efficiency of the department.
• Undertake any other reasonable tasks as requested by the U/W Head or Manager in order that the team achieve its objectives.
• Ability to use Portfolio underwriting methodologies to assist Senior leadership in making key underwriting decisions.
• Design and implement underwriting notes, guidelines and methodologies.
• Adhere to and where possible, improve, all operational and procedural standards.
• Peer review and sign off including checking policy documentation for all accounts within authority but outside of junior staff authority.
• Handle accounts queries and credit control queries to the satisfaction of all parties.
• Liaise with brokers, clients and potential clients preparing quotes and negotiating terms as required, writing polices and specifying any conditions that should apply to policies.
• Visit brokers to discuss renewals and new business with a focus to build relationships and develop market presence.
• Feedback on market intelligence.
• Respond to queries and resolve to the satisfaction of the affected parties within the scope of authority and / or responsibility.
• Fulfil individual risk and compliance related obligations and provide support to and monitoring of the department’s adherence to Group and Regulatory guidelines.
• Provide proactive risk and compliance awareness by reporting any incidents or breaches identified within our compliance requirements.
• Perform underwriting and operational audits to ensure compliance and address breaches where necessary.

Qualifications & Experience

• 5 years or more of Professional Indemnity or casualty underwriting or broking
• Understanding of individual account and portfolio underwriting techniques
• Ability to use and convert internal and external data into underwriting information and insights
• Clear understanding of the landscape of the various professional landscapes (Built environment, legal, financial, etc.)
• Liaising with claims and technical teams to identify key PI risk trends
• Handling of meetings with senior personnel from brokers and their clients
• Incorporate modern underwriting techniques
• Assist in drafting modernized underwriting guidelines
• Perform compliance and underwriting audits
• Degree
• FAIS Compliant