JOB PURPOSE:
This is a senior leadership position responsible for overseeing the end-to-end process of new business and underwriting for life insurance products. This role ensures that applications are processed efficiently, risks are assessed accurately, and policies are issued in compliance with company guidelines, industry standards, and regulatory requirements. The incumbent will lead a team of underwriters, administrators, and support staff, driving operational excellence, implementing best practices, and leveraging technology to enhance productivity and customer experience.
Main Tasks and Responsibilities:
1. Leadership and Strategy
- Develop and implement strategic plans for the New Business Underwriting department to align with the company’s overall goals and objectives.
- Lead, mentor, and manage a team of underwriters, new business administrators, and support staff, fostering a high-performance culture.
- Collaborate with senior leadership to establish underwriting guidelines, risk appetite, and pricing strategies for life insurance products.
- Drive process improvements, automation, and digital transformation initiatives to streamline workflows and enhance operational efficiency.
- Monitor industry trends, regulatory changes, and competitive landscape to ensure the company remains agile and compliant.
2. New Business Administration
- Oversee the entire new business process, from application receipt to policy issuance, ensuring accuracy, timeliness, and a seamless customer experience.
- Establish and monitor service level agreements (SLAs) to ensure applications are processed within agreed timelines.
- Manage relationships with internal stakeholders (e.g., distribution, marketing, IT) and external partners (e.g., vendors, reinsurers) to facilitate smooth operations.
- Implement quality control measures to minimize errors and ensure compliance with underwriting and administrative standards.
- Identify bottlenecks in the new business process and implement corrective actions to improve turnaround times and customer satisfaction.
3. Underwriting Oversight
- Oversee the risk assessment process for life insurance applications, ensuring consistent and fair underwriting decisions based on company guidelines and risk appetite.
- Develop and maintain underwriting policies, manuals, and procedures to reflect best practices and regulatory requirements.
- Approve complex or high-value cases within delegated authority and escalate cases as needed to senior management or reinsurers.
- Ensure underwriting decisions balance risk management with business growth objectives, maintaining profitability and competitive pricing.
- Monitor underwriting performance metrics (e.g., standard/substandard rates, decline rates, and turnaround times) and implement strategies to optimize outcomes.
4. Compliance and Risk Management
- Ensure all new business and underwriting activities comply with regulations and industry standards.
- Work closely with the compliance and legal teams to address regulatory inquiries, audits, and reporting requirements.
- Identify and mitigate operational and underwriting risks through robust internal controls and monitoring mechanisms.
- Stay updated on emerging risks (e.g., medical advancements, fraud trends) and adapt underwriting practices accordingly.
5. Technology and Innovation
- Collaborate with the IT department to implement and optimize underwriting and new business systems (e.g., automated underwriting engines, CRM platforms, policy administration systems).
- Leverage data analytics and predictive modeling to enhance risk assessment and decision-making processes.
- Drive the adoption of digital tools and technologies to improve customer experience, such as e-applications, e-KYC, e-signatures, e-policies, and tele-underwriting.
- Evaluate and recommend third-party tools or partnerships to improve efficiency and accuracy in underwriting and administration.
6. Stakeholder Management
- Act as the primary point of contact for senior leadership on matters related to new business administration and underwriting.
- Build strong relationships with reinsurers, ensuring effective communication and collaboration on complex cases and risk-sharing arrangements.
- Partner with the distribution, marketing and product teams to address client escalations and provide technical expertise during product launches or campaigns.
- Represent the company in industry forums, conferences, and regulatory discussions related to underwriting and new business operations.
7. Performance Monitoring and Reporting
- Develop and track key performance indicators (KPIs) for the new business and underwriting teams, such as application processing times, underwriting accuracy, and policy issuance rates.
- Prepare regular reports and dashboards for senior management, highlighting performance trends, risks, and opportunities for improvement.
- Conduct periodic reviews of team performance, providing feedback and implementing training programs to address skill gaps.
