Job Title: Head, Underwriting, and Risk Management
Reports to: Managing Director
The Head of Underwriting, Risk Management is responsible for developing underwriting strategies, managing risk assessment processes, overseeing underwriting operations, portfolio management, and ensuring compliance with regulations. They provide leadership and guidance to underwriters, establish, and maintain relationships with stakeholders, and contribute to the overall profitability and growth of the organization.
1. Lead and oversee the underwriting department, setting strategic objectives and ensuring efficient and accurate processing of insurance applications.
2. Develop and maintain underwriting guidelines, policies, and procedures to manage risk effectively while maximizing profitable business opportunities.
3. Establish pricing models and methodologies based on risk assessment and market conditions.
4. Oversee the evaluation and analysis of risks associated with insurance applications or proposals.
5. Review underwriting submissions and determine the risk level, coverage eligibility, and appropriate pricing.
6. Conduct thorough risk assessments by analyzing financial data, claims history, loss experience, and other relevant factors.
7. Collaborate with actuaries and data analysts to develop and refine risk models and predictive analytics.
8. Monitor underwriting quality, accuracy, and compliance with underwriting guidelines.
9. Identify and assess potential risks that could impact the organization’s financial stability, operations, or reputation.
10. Conduct regular risk assessments and report findings to senior management, recommending appropriate risk management actions.
11. Stay up to date with relevant laws, regulations, and industry best practices to ensure the organization’s compliance with all legal and regulatory requirements.
12. Develop and implement compliance programs and training initiatives to foster a culture of compliance throughout the organization.
13. Conduct internal audits and reviews to assess compliance with policies and procedures, addressing any non-compliance issues promptly.
14. Ensure underwriting practices comply with legal and regulatory requirements.
15. Collaborate with actuaries and data analysts to develop and refine risk models and predictive analytics.
16. Collaborate with other departments, such as finance, legal, and product development, to ensure alignment on risk management and compliance initiatives.
17. Interface with external stakeholders, including regulatory authorities, auditors, and industry associations, to represent the organization on underwriting, risk, and compliance matters.
18. Develop and implement underwriting strategies, policies, and guidelines to ensure profitable and sustainable risk selection and management.
19. Establish pricing models and methodologies based on risk assessment and market conditions.
Requirements and Skill
1. Bachelor’s degree in insurance, mathematics, statistics, risk management, finance, or a related field.
2. Minimum 10+ years of experience in underwriting, risk management, and compliance roles, with at least 4 years in a leadership or managerial capacity
3. Proven track record of success in developing and implementing underwriting appropriate pricing, risk, and compliance programs.
4. Excellent leadership and communication skills, with the ability to influence and collaborate with stakeholders at all levels.
5. Ability to work independently and as part of a team.
6. Strong analytical and problem-solving skills.
7. Presentation and reporting skills.
8. Advanced degrees or professional certifications such as CFA, ACA CIIN, ACII, and FCII, are advantageous.