AVP – Underwriting in a premium Life Insurance Co.

From 5 to 10 year(s) of experience

₹ 10-15 Lacs P.A.

Mumbai, Gurgaon/Gurugram, Delhi / NCR

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Job Description

Roles and Responsibilities

Job Objective

To underwrite and provide technical support for an effective and efficient underwriting team management for company in Indian market, in line with the Group Co. and to ensure that Life Insurance venture provides professional underwriting service to its clients and maintain healthy levels of profitability, growth and development.
To supervise the underwriting team to maintain the productivity levels as well keep them motivated. Provide quality check and ensure that internal audits and measures are undertaken regularly and reviewed in order to maintain the required process (es), quality and productivity levels
.Medical underwriting to be done for Group and Policy Servicing and co-ordinate with bank channels sales personnel for all underwriting queries and resolution

Key Result Areas

Impact on the Business / Function

By technical assistance to team and sales in all complex and High Sum Assured proposals, risk identification and extra premium estimation.
By doing reinstatement underwriting of Lapsed cases forwarded by policy servicing team.
By underwriting and providing assistance in underwriting complex medical cases and HNI (High Net worth Individual cases) cases.
By ensuring quality check on underwriting decisions, documentation and system check.
To recognize training needs and recommend underwriting authority limits.
Working knowledge of Group Business and underwriting gog group medical proposals as per group guidelines

Customers / Stakeholders

By ensuring high standard of customer service and sales satisfaction.
By fair risk assessment to maintain profitability.
By providing technical assistance to Claims, Policy Servicing, Group Life Business, Complaints redressal and resolution centre.
By reporting EDD+ cases to Compliance team on regular basis

Leadership & Teamwork

By monitoring productivity of the team.
By directing active talented individuals for training.
Continual improvement of processes/systems for quality and efficiency.
By ensuring that Service Level Agreements are met.
By creating an environment where initiatives for improving quality and controlling costs are identified, implemented and met.

Operational Effectiveness & Control

Maintain internal control standards, including the timely implementation of internal and external audit points together with any issues raised by external regulators
.Implementation of Group Compliance Policy as applicable to the role.
Awareness of the operational risk associated with the role and the action to be taken to minimize the likelihood of operational risk occurring including risk identification, assessment, mitigation and control, loss identification and reporting.
By adhering to the Group’s agreed processes and procedures – Achieving a satisfactory audit report.
By adhering to compliance.
By addressing any areas of concern in conjunction with line management and/ or the appropriate department.
By providing training on risk identification and assessment.

Major Challenges

The nature of the job requires a professionally and technically skilled individual with experience in insurance industry to understand the technical aspects of the job requiring professional experience to deal with complex financial and medical proposals, to provide timely and accurate response to sales queries as well as an efficient management of the underwriting department. It is essential that the individual has a firm grasp of the insurance concepts as the underwriting department deals with risk acceptance on behalf of the company.

The challenge also constitutes of keeping the sales satisfied as well as maintaining an efficient team which is skillful and talented. Supervision of the team for optimum productivity to meet the deadlines is part of the challenge. Providing the team with appropriate training in Underwriting concepts, risk analysis, quality and compliance is also a recognized need for efficiency and efficacy.

It is also required that the Job Holder is able to motivate staff with widely differing aspirations to work in a high pressure, productivity based environment where deadlines are critical.

Underwriting department uses underwriting related software. Therefore it is essential to have knowledge regarding IT systems to provide the required input for system development.

Role Context

The context of the Job requires a professional experience in medical underwriting as well management skills. Based on experience, the individual will have an underwriting authority limit and is required to underwrite the cases with the authority limits. Cases above the authority limit will be approved by senior underwriter. The job also requires providing technical assistance to the team and related departments. Co-ordination with CMO (Chief Medical Officer) is also par t of this job.

Importance is given to efficient communication skills as there may be situations where it is required to talk to customers in case of sensitive issues such as medical findings or cover restriction which the sales may not be equipped with enough knowledge to fully explain and satisfy a customer. The job also requires efficient resolution of sales queries.

Technical expertise is stressed upon as the Job require experience of analysis of complex medical and financial documents, estimation of extra premium to be charged, specific underwriting such as revival and group medical underwriting, understanding of different plans and a basic knowledge of the software used in Underwriting both from technical aspect and user aspect.

Management skills are also required to manage the team in terms of efficiency, quality, supervision, training and staff recruitment. The individual should be practically prepared to work beyond the existing boundaries or rules for enhancing the effectiveness and efficiency of the Company.

Management & Leadership of Regulatory, Compliance & Operational Risk

Report any operational risk or operational risk loss to the line manager immediately (who is required to timely report to Operational Risk Coordinator) if the jobholder becomes aware of emerging or inadequately controlled operational risk or identify an operational risk loss in accordance with section B.1.2 of the Group Operations FIM.

Observation of Internal Controls

Maintain and observe Co's. internal control standards, implement and observe Group Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators. Foster a compliance culture and implement Group Compliance Policy by managing compliance risk in liaison with the Head of Group Compliance, Regional Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources are in place and training is provided, and optimising relations with regulators.

Desired Candidate Profile

The candidate must be from Life Insurance underwriting only.
Immediate joiner preferred

Key Skills

Life Insurance Underwriting