Overall job content
The overall role of the European Certified Insurance Senior Underwriter is to handle the company’s underwriting criteria, rules and pro-cesses and to apply the widely accepted insurance principles to analyse and assess the applicant’s risk profile, determine the premium and decide whether to accept (with or without special conditions), the applicant’s risks on behalf of the insurance company
In addition the Policy Manager is responsible for:
• Managing specialist knowledge on underwriting and the given insurance class
• Identifying trends in the claims development and the market structure
• Developing new products
• Translating new legislation into processes, procedures and practices
The profile covers any insurance class, including reinsurance business and it is intended for an underwriter dealing with all classes of business within the European insurance market and who may be representing both a local or foreign firm. The Policy Manager deals with the most complex:
• CustomersThe certificate holder does not have to have training within all insurance classes, but can be certified based on any class.
Exams applying for accreditation of European Certified Insurance Senior Underwriter must meet the following criterias within knowledge, skills and competences.
The details of the country’s legal principles, regulations, directives and code of ethics which effects the underwriting business
|Handle complex new, existing, renewed or amended insurance documentation |
Ensure that the underwriting process is handled in a professional and ethical way.
The detailed structure, specific conditions and various pratices of the market.
For complex customer situations with a high risk and cost margin, analyse risks and their associated hazards and determine possible risk based scenarios
Apply specialized risk management techniques to specific cases and develop complex risk profiles, by judging and differentiating between risks and level of exposures.
Roles, responsibilities and tools of an underwriter, and how the effectiveness of this role impacts the overall business.
Establish cover limits and set terms and conditions of the complex policy
Create solutions that benefit both the customer and the company, through
The specifics of insurance, including the technical and legal aspects underwriting.
Apply re-insurance and/or co-insurance when relevant
Ensure and manage an effective collaboration and communication with relevant units such as actuary, accountancy, claims, sales and marketing.
The underwriting parameters and criteria of the organization regarding decision-making, selection and acceptance.
Determine the premium for the risk being considered
Supervise and spar with employees and other departments during the underwriting process and approve final policy
The specifics of perils, hazards and risks and how they impact insured goods, persons and the relevant insurance products.
Conclude the Underwriting process
Build and maintain a profitable customer relationship
Detailed risk management techniques including risk identification and profiling, risk reduction and elimination, risk retention as well as generally respected risk management tools and guidelines.
Communicate effectively with the customer:
Build and maintain relationship with the direct sales force and other stakeholders
In detail, the company’s policy cover, terms and conditions including extensions, special clauses and/or limitations.
Set, monitor and maintain company guidelines and process
Continuously improve underwriting products, guidelines and processes
Premium calculation components, including the company’s rules for premium calculation.
Ensure compliance and upkeep with market developments
Ensure that the organization (underwriters and other departments) are updated on underwriting products, tools and processes
Financial consequences of insurance contracts and portfolios (e.g. indicators, profitability, combined ratio, loading, discounting).
Monitor underwriter performance and take corresponding decisions
The specifics of reinsurance and coinsurance (suppliers, markets, effects on underwriting)
Develop new/existing underwriting products and tools
Solvency requirements and how they affect underwriting.
Statistics and probability.
Principles for effective communication.