Job Summary
Responsible for end-to-end underwriting across credit life and Group Risk
To implement company Underwriting Best Practice standards and IRA guidelines and regulations.
Periodic financial, actuarial, and non-financial reconciliation
Job Description
Accountability: Underwriting 70%
- Timely Quote for Group Risk products within approved guidelines and approval limits
- Ensure prompt registration and acknowledgement and onboarding of new schemes.
- Prepare and issue debit and credit notes.
- Prepare and issue cover notes and/or policy document as per onboarded risk.
- Ensure effective renewal process – renewal invites; costings; debit and credit notes and issue renewal endorsements.
- Ensure timely and effective reporting to internal stakeholders and brokers.
- Implement credit control policy and ensure that premiums are debited and collected as required.
- Ensure daily reconciliation and receipting of premium collections and subsequent accounting for commissions, taxes etc.
- Participate in Business Development through end-to-end tender process directly and/or through brokers.
- Perform Monthly operations reconciliation for both premiums and commissions.
- Verify and analyse client data according to company practices and procedures.
- Maintain updated group risk and associated files and records as per Information Risk Management guidelines.
- Prepare and compile weekly and monthly underwriting reports enhanced with qualitative assessment, portfolio analysis, risk recommendation within the stipulated time.
- Implement fraud strategies that actively identify and prevent fraud within the area through enhancing manual process or through system enhancement improvement.
- Collaboratively assess the loss ratios and report as per claims and underwriting best practice for effective decision making on placement, renewals and scheme administration.
Accountability: Customer Service and Stakeholder Engagement 20%
- Adhere to the Query and complaint categorization and response standards to ensure client queries and complaints are dealt and recorded timeously, efficiently, and professionally.
- Ensure corrective action is taken on complaints received by following correct procedure and input and provided feedback for root cause analysis and resolution.
- Adherence to Treating Customers Fairly (TCF) principles.
- Provide superior customer service by proactively and timeously obtaining outstanding documentation to ensure complete efficient claims processing.
- Provide regular feedback and escalate concerns to the line manager: Risk Mitigation where process gaps should be addressed.
- Provide underwriting and claims technical support to operation, business development and accounts departments in all phases of policy life cycle.
- Have regular meetings to review work queues, claims, and underwriting progress etc with all stakeholders.
- Attend industry engagements on innovation and best practices to help improve performance, and quality standards.
- Query and complaint Case Management and resolution matrix to support Customer Experience Help Desk and relationship managed business.
Accountability: Reinsurance liaison: 5%
- End-to-end processing of medical underwriting including broker and client engagement
- To prepare reinsurance bordereaux end-to-end
- To review underwriting special cases to effectively discharge Underwriting Best practice guidelines.
Accountability: Control Environment (5%)
- Delivering operational excellence in achieving quality, cost, and service standards on assigned work from time to time.
- Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise-Wide Risk Management Framework and internal Absa Policies and Policy Standards. Understand and manage risks and risk events (incidents) relevant to the role.
Accountability: Underwriting 70%
- Timely Quote for Group Risk products within approved guidelines and approval limits
- Ensure prompt registration and acknowledgement and onboarding of new schemes.
- Prepare and issue debit and credit notes.
- Prepare and issue cover notes and/or policy document as per onboarded risk.
- Ensure effective renewal process – renewal invites; costings; debit and credit notes and issue renewal endorsements.
- Ensure timely and effective reporting to internal stakeholders and brokers.
- Implement credit control policy and ensure that premiums are debited and collected as required.
- Ensure daily reconciliation and receipting of premium collections and subsequent accounting for commissions, taxes etc.
- Participate in Business Development through end-to-end tender process directly and/or through brokers.
- Perform Monthly operations reconciliation for both premiums and commissions.
- Verify and analyse client data according to company practices and procedures.
- Maintain updated group risk and associated files and records as per Information Risk Management guidelines.
- Prepare and compile weekly and monthly underwriting reports enhanced with qualitative assessment, portfolio analysis, risk recommendation within the stipulated time.
- Implement fraud strategies that actively identify and prevent fraud within the area through enhancing manual process or through system enhancement improvement.
- Collaboratively assess the loss ratios and report as per claims and underwriting best practice for effective decision making on placement, renewals and scheme administration.
Accountability: Customer Service and Stakeholder Engagement 20%
- Adhere to the Query and complaint categorization and response standards to ensure client queries and complaints are dealt and recorded timeously, efficiently, and professionally.
- Ensure corrective action is taken on complaints received by following correct procedure and input and provided feedback for root cause analysis and resolution.
- Adherence to Treating Customers Fairly (TCF) principles.
- Provide superior customer service by proactively and timeously obtaining outstanding documentation to ensure complete efficient claims processing.
- Provide regular feedback and escalate concerns to the line manager: Risk Mitigation where process gaps should be addressed.
- Provide underwriting and claims technical support to operation, business development and accounts departments in all phases of policy life cycle.
- Have regular meetings to review work queues, claims, and underwriting progress etc with all stakeholders.
- Attend industry engagements on innovation and best practices to help improve performance, and quality standards.
- Query and complaint Case Management and resolution matrix to support Customer Experience Help Desk and relationship managed business.
Accountability: Reinsurance liaison: 5%
- End-to-end processing of medical underwriting including broker and client engagement
- To prepare reinsurance bordereaux end-to-end
- To review underwriting special cases to effectively discharge Underwriting Best practice guidelines.
Accountability: Control Environment (5%)
- Delivering operational excellence in achieving quality, cost, and service standards on assigned work from time to time.
Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise-Wide Risk Management Framework and internal Absa Policies and Policy Standards. Understand and manage risks and risk events (incidents) relevant to the role.
Education
Further Education and Training Certificate (FETC): Business, Commerce and Management Studies (Required)
