Head of Underwriting

4 weeks ago

Singapore Chubb Full time
Job Description

Key Objectives

The Head of Underwriting and Portfolio Management, Consumer Division, is responsible for leading a team that supports underwriting, product development and portfolio management functions for Accident & Health (A&H) and International Personal Lines (IPL) business units, and Independent Distribution Partners (IDP) and Bancassurance distribution channels.

In this role, the Head of Underwriting and Portfolio Management will ensure that Consumer Lines products meet target loss, acquisition, and expense ratios as established by Chubb guidelines. Other core responsibilities include engaging business teams to create and launch new coverages/products and proactively monitor and optimize underwriting performances.

This position reports directly to the Division Head of Consumer and Bancassurance, while technical underwriting authority and guidance are received from Regional and Global Underwriting and Portfolio Management in A&H and IPL.

Major Duties and Responsibilities

  1. Support Business and Distribution teams by:
  • Researching and proposing new coverages and products as per Chubb Underwriting appetite and guideline
  • Optimizing existing products
  • Sharing and providing underwriting training with local stakeholders
  • Leading product development process


2. Facilitate portfolio management of various product lines:
  • Review and report results of all A&H and IPL product lines portfolios to ensure profitability and viability of products (via products, stat lines, and sponsors)
  • Work closely with Claims Department to analyse claims data and recommend actions to manage losses according to underwriting intent; ensuring loss ratios are within target levels
  • Provide input to business teams to support business-case-writing, when required


3. Develop, implement and manage underwriting programmes and processes:
  • Underwriting Plan/Monitoring Control
  • Pricing Management (using the Burning Cost Model as appropriate)
  • Policy Delivery Management
  • Catastrophe Management (support COG/RO on CAT modelling/control)
  • Portfolio Planning (including Account Management)
  • Portfolio Pricing
  • Portfolio Monitoring and Control


4. Underwriting Management:
  • Underwrite New Business and approve cases within assigned authority according to the underwriting standard and within set TAT/SLA targets
  • Oversee and direct submissions to Regional and/or Home Office for review beyond delegated underwriting authority
  • Obtain approval by Regional Management or Global Underwriting when required
  • Ensure all business is underwritten within established Internal Audit Guidelines
  • Establish, implement and communicate country underwriting policies and procedures, response timetables and quality standards
  • Manage the end-to-end policy delivery process, ensuring product set-up is done to accurately reflect premiums and reinsurance arrangements. Ensure scheduled and ad-hoc reporting requirements are met
  1. Manage, train, mentor and guide underwriter to be technically proficient in underwriting and product development. Initiate and lead in reviewing underwriting proficiency and efficiency of technical and production underwriters
  2. Liaise with other functional groups to ensure appropriate and timely flow of technical information into and out of the Underwriting Unit e.g. Finance and Claims
  3. Lead and coordinate internal and external underwriting audit reviews.
  4. Manage ad-hoc projects assigned.


Qualifications

Requirements
  • Bachelor's Degree in insurance, actuarial science, accounting, engineering or related fields
  • Solid proficiency and underwriting of insurance, underwriting and insurance industry theories and practices
  • Professional qualifications such as ACII will be a plus
  • 8 - 10 years in the insurance industry as an underwriter or production underwriter, preferably in A&H and/or IPL
  • Strong and effective technical and analytical skills
  • Problem-solving skills, with a logical approach to work
  • Excellent proficiency in verbal and written English
  • Organised individual with acute attention to details and ability to delegate
  • Strong interpersonal and negotiation skills at multiple levels
  • Able to work in teams but also willing to work using your own initiative
  • Experience working within a profit center environment with a mid-size to large multinational company with matrix reporting lines
  • Able to team lead and provide excellent leadership to the department to drive results
  • Ability to multi-task and work in a fast-paced growth environment

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