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Underwriting Manager

2 weeks ago

Downtown Core, Singapore U3 InfoTech Pte Ltd Full time $90,000 - $100,000 per year

Job Description

Purpose of job:

The Underwriting Manager is responsible for delivering sustainable, profitable growth of our portfolio through the execution of tactical underwriting actions ranging from case underwriting, portfolio management, product management and development, and reinsurance support. The role's key metrics include frequency, loss ratio, referral turnaround-time and revenue. The role is expected to develop and maintain local underwriting guidelines and authorities, whilst managing a small team of underwriters (two). The role is a member of the Client's Singapore Leadership Team and is expected to work cohesively to deliver the company's goals and financial targets. Active participation in projects either as project lead, member or subject matter expert, depending on the nature of the project is anticipated along with representing the company at various workgroups and committee set-up by industry associations or regulators. The role reports directly to the Singapore Chief Executive Officer.

Main Responsibilities:

  • Oversee the day-to-day running of underwriting, including
  • Ensure new business, endorsements and renewal processes are effective, appropriate and compliant
  • Manage and maintain Underwriting Guidelines and local Underwriting Authorities ensuring effective compliance thereof
  • Ensure vehicle listing data is complete and groupings and descriptions are up to date
  • Define insurance admin system and website user requirements and perform QA and user testing
  • Quickly respond to underwriting irregularities and escalate as required
  • Continuously improve work processes to ensure better work efficiency
  • Conduct annual reviews of policy wordings and Underwriting Authorities
  • Regularly review operational performance and provide management reports, setting out clear recommendations for performance improvement and implementation

Management of frequency and loss ratio, including:

  • Monitoring of trends against budget/target at both portfolio and segment level, Accident Year and Financial Year basis
  • Escalate anomalies observed with cause-and-effect to Singapore CEO
  • Development of targets considering multiple factors such as financial goals, customer expectations, market performance, current performance, severity / frequency trends etc.
  • Develop plans, implement actions to achieve targets
  • Create, develop and implement a product development plan to ensure that:
  • DirectAsia's existing products are driven by customer insight and contribute the required amount of both revenue and profit through consistent measurement, research and testing
  • DirectAsia new product launches are driven by customer insight, have clear value propositions and deliver on both revenue and profit targets
  • All new products or enhancements are compatible with local regulatory requirements and risk appetite

Work with various teams across the Singapore business, including:

  • Pricing team to understand the loss development patterns, develop underwriting guidelines and new products
  • Sales and Marketing on any new underwriting initiatives such as product revision / enhancements or new products
  • Customer Service / Contact Centre team on technical training – conducting training as well as identifying skills gap and ensuring that underwriting practices are adhere to
  • Claims team to understand trend-related accident attributes and severity, coordinating changes to policy
  • Project Management / Product Owner to detail requirements for any underwriting driven initiatives
  • IT team for implementation of system related change, UAT and sign-off
  • CEO and Pricing Manager to review, structure and maintain the company's reinsurance program, with a view towards optimal coverage structure that aligns with overall risk appetite and safeguarding the company's financial stability

Skills and Knowledge

  • Hands-on portfolio/individual risk underwriting through portfolio management, leading to achievement of target frequencies, loss ratio and revenue targets
  • New product development skills from customer insight, value proposition development, product proposal, preparation of products specs to implementation
  • Product management skills through using research and analysis of existing products to uncover customer insight which drives product testing and enhancements that meet revenue and profit targets
  • Market pricing analysis, tactical actions to be taken for personal motor through rate adjustments, experience rating for fleets
  • Ability to process/analyse complex and large amounts of business, product and service information make sound recommendations for improvements/enhancements
  • Emotional intelligence, ability to communicate and relate to people and manage them effectively
  • Demonstrates integrity and the ability to resolve challenging team members and customer/business situations
  • Seeks empowerment and able to make informed decisions independently
  • Team player with drive and energy to move yourself/team and the business forward
  • Experience representing an insurer in the context of industry associations, regulators, the courts / police and other associated organisations.

Qualification

  • Bachelor or equivalent level of Degree
  • Certificate in General Insurance (BCP, PGI & ComGI)
  • Insurance certification (e.g. CPCU, ANZIIF, CII)

About the Company

U3 Infotech is a Technology Solutions, Managed Services, and Talent Management Solutions company with over 2 decades of experience in the APAC region since 2002. Our clients include Fortune 100, MNCs, Leading Regional Organisations, Government organizations, and Startups. We work with clients across Banking, Insurance, Bio-Science, Pharmaceutical, Healthcare, Engineering, Product, and Supply Chain domains.

We have been growing rapidly through value creation, solving complex problems, and addressing the opportunities of our clients' businesses. We differentiate ourselves through our deep commitment at all levels, entrepreneurial mindset, outcome-driven approach, and financial resources.

If you are interested in this role, send us your CV to

Job Types: Full-time, Permanent

Pay: $9, $10,000.00 per month

Work Location: In person