European Certified Insurance Senior Underwriter - SQF 6

The details of the country’s legal principles, regulations, directives and code of ethics which effects the underwriting business

• Handle new, existing / renewed applications and any relevant documentation changes; verify their completeness and confirm their correctness
• Gather material and background information on applications through corresponding with applicants / stakeholders
• Assess proposals and enquiries for insurance cover on complex policies

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

• Ensure an orderly risk assessment of new applications or changes
• Identify and evaluate risks and their associated hazards through surveys (in house or independent), actuarial reports  and / or underwriting guidelines
• Select and classify risks
• Determine the scenario for insurance through the analysis of alternative scenarios, analysis of parallel scenarios and choosing the most appropriate scenario
• Ensure that risk acceptance criteria are fully applied and placed
• Ensure that fraud and money laundering procedures are fully applied
• When relevant, initiate counter fraud initiatives

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

• Consider losses occurred, claims frequencies and claims paid of risk/s being considered and of the  proposer/s being considered
• Determine whether to accept the proposal in full, in part or decline it entirely
• Design an insurance contract within the framework of the market environment including the behaviour of competitors
• Determine when to deviate from company guidelines, when designing an insurance contract
• Affix terms, conditions and warranties
• Draft new policy wording and / or update existing policies

Create solutions that benefit both the customer and the company, through

• considering the relative costs and benefits of potential actions to limit, mitigate or eliminate risks
• finding the most appropriate insurance product for the customer’s risks
• choosing the appropriate reinsurance or coinsurance treaty for the company’s best interest

The specifics of insurance, including the technical and legal aspects underwriting.

Apply re-insurance and/or co-insurance when relevant

• Report and negotiate with co-insurers, reinsurers and risk managers to determine base price and corresponding terms and conditions

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

• Calculate premium considering factors such as expenses, brokerage commission, burning cost, IBNR and expected profit margin through own judgement, company and industry-wide statistics and through the use of actuarial information, in order to determine the most appropriate premiums to charge
• Issue corresponding quotation

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

• Ensure accuracy of terms including but not restricted to, conditions, cover limits, rebates, deductibles and premium and issue final policy
• Advise clients and support direct sales force with regard to questions in connection with the insurance contract
• Support the distribution force in negotiations with clients
• Ensure that the risk acceptance criteria are being fully applied and placed appropriately by personnel
• Supervise the timely contracting of all accepted application forms
• Manage, update and handle the termination of contracts

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:

• explain the risk situation of customer in clear and accurate way.
• Respond to the customer’s enquiry regarding policy conditions.
• Analyse negative client relationships and feedback

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

• Determine underwriting parameters and criteria, company practices, processes and guidelines
• Execute underwriting and risk improvement criteria

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

• Monitor market conditions, developments and trends and share information with company personnel, direct sales force and intermediaries about all important and relevant regional developments
• Keep abreast of legislative/financial directives and developments   
• Observe laws, directives, regulation, code of ethics and  market practices

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

• Maintain a profitable portfolio including the implementation of operational control limits and underwriting policy
• Execute budgets and projections and maintain appropriate results   
• Manage of exposures including aggregation, trends  and tendencies

The specifics of reinsurance and coinsurance (suppliers, markets, effects on underwriting)

Develop new/existing underwriting products and tools

• Develop and update policy wording and related documentation
• Develop company processes in line with industry-wide developments and practices
• Monitor product performance and processes, adjusting for improvement
• Develop and supervise special contracts and master policies for major customers

Solvency requirements and how they affect underwriting.

Statistics and probability.

Principles for effective communication.