Do you have a strong understanding of insurance product terms and conditions?
Are you looking for a varied role that will include cataloguing products and ensuring product governance, through to overseeing changes to existing products and project managing the development of new products?
Our client, a global financial services provider based in the City Centre, is looking for an experienced Insurance Product Underwriter to join their Technical Underwriting team. The Insurance Product Underwriter will be responsible for defining and implementing technical product governance by analysing, evaluating and using commercial judgment to achieve a balance between regulation, customer affordability, market forces and commercial requirements.
Daily duties of the Insurance Product Underwriter to include;
· Delivering competitive pricing T&Cs that will fully support all new business and retention targets whilst delivering the required financial returns
· Implementing effective monitoring, control and quality assessment of the issuing and sales process
· Working in collaboration with the business to determine the most effective product offer for B2C, B2B2C and B2B channels
· Ensuring product is clearly structured and obtain KPIs that ensure adherence to the intention of the product
· Defining technical controls including risk acceptance criteria in relation to products across multiple channels, and ensuring correct implementation into systems
· Ensuring a robust product development governance framework, assessing products against customer outcomes, profitability and commercial strategy in the business
· Producing and maintaining a product database to ensure that information can be utilised for pricing, commercial, client and operational requirements
· Remaining up to date with market, regulatory and product knowledge, and coordinating any appropriate product adaptations through the product governance framework
· Working closely with pricing and underwriting to ensure that product considerations are made in tender or review processes
· Developing and maintaining policy wording documentation across B2C, B2B2C and B2B channels
· Coordinating with Compliance to ensure effective product governance is in place between B2C, B2B2C and B2B partners aligned with regulatory requirements
· Ensuring product documentation is managed accordingly for IT and Operational implementation
Due to the nature of this Insurance Product Underwriter position, a strong understanding of insurance product T&Cs is required, ideally within travel, healthcare or general insurance lines. This is alongside strong analytical, numerical and problem-solving skills to be applied when utilising risk and price optimisation models.
If this Insurance Product Underwriter position sounds of interest, please get in contact or apply today.