TM_AM_Underwriting_Thane
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Review and ensure adherence to service standards in terms of quality, speed, costs, regulatory compliance and operational risks to achieve the organizational & functional objectives and ensure seamless execution of underwriting activities for assigned distribution channels. Interface with external and internal customers and create frameworks for superior service delivery.
Assess & approve both standard and sub standard risks as per the agreed matrix. Regular review of mortality risk factors affecting the organisation and creating ways & means of controlling and mitigating the same.
Job Context: Review and ensure adherence to service standards in terms of quality, speed, costs, regulatory compliance and operational risks to achieve the organizational & functional objectives and ensure seamless execution of underwriting activities for assigned distribution channels. Interface with external and internal customers and create frameworks for superior service delivery.
Assess & approve both standard and sub standard risks as per the agreed matrix. Regular review of mortality risk factors affecting the organisation and creating ways & means of controlling and mitigating the same.
Job Challenges: To handle the dynamism arising in view of seasonal business peaks and also unpredictable regulatory & sales behaviours.
. Balance the expectations of sales channels along with functional and organisational needs of risk management and mitigation without impacting the business goals.
Align the large and widespread sales team including the advisor and the frontline field force to the field underwriting expectations in order to balance the risk mitigation of the organisation.
. Minimise Risk leakages though both the automated as well as the manual underwriting roots by constant vigilance & updation of all the realeted micro processes.
| KRA (Accountabilities) (Max 1325 Characters) | Supporting Actions (Max 1325 Characters) | |
|---|---|---|
| KRA1 | Underwrite cases as per the defined matrix & framework | 1. Individually Underwrite cases of value from 1.5 to 2 cr. 2. Approve cases which are declined & postponed beyond annualized preium of 5 lacs. 3. Liaise with reinsurer's for complexities and for cases beyond 3 cr value Review in detail the new product portfolio (individual/ Health/ Group business) from an underwriting Risk perspective and present to the senior management. 4. Constant updates to the Zonal Head Sales/ Operations wrt the policy decisions and guiding them wrt the requirement management for completions of policies above 1.5 crore Sum Assured and on all cases of complex natures. 5. Decisioning on frauds and tampering and feeding back the same to Compliance and Zonal Manager Sales 6. Identifying patterns of high risk for the business handled and course corrections or introduction of extra vigilance by also indicating the same to the Chief Underwriter (CUW) /Reinsurer and the Appointed Actuary. |
| KRA2 | Process Management & Enhancement | 1. Identify the process lapse. 2. define and implement the standard operating procedure detailed to a level of micro processes.thereby ensuring operational efficiency including productivity 3. Work with IT/Actuarial functions/ Sales/Reinsurers for developing the designed processes and implementation of the same. 4. Achieve the defined accuracy scores for the team for qualitative inputs and decision making. 5. To deliver as per the bench marked approach -catering to internal definitions and industry peer comparisons by working with the vendors internal/ external through process efficiency studies, 6. Constant review of performance and initiate corrective action in consonance with the audit findings. |
| KRA3 | Implementation of underwriting systems as per the best practices being followed in the market and the latest developments. | 1. Analyse the business trends and compare the same with parallel internal segments 2. Implement changes in consultation with Chief Underwriter & the Quality team basis emerging patterns of Mortality (both good & bad), patterns of frauds, Medical service parameters, basic customer segmentation etc. 3. Perform cost benefit analysis of 4. of the cross industry comparisons of various processes . 5. Suggest efficiency building methods and improvisation of cost structure by review of all the aspects of both fixed and variable cost of the function.Also suggest methods of being comparative on the Medical/ Non medical mix of the business basis the trend analysis. |
| KRA4 | Manage the operations of the department within the defined manpower & cost | 1. Assess man power requirement as per the business needs, recruit ,train & allocation of resources 2. Review various projects that impact the budget controls and modify the same accordingly in consultation with CUW. 3. Look at minimising operational costs through process efficiency. 4. Negotiate and consistently monitor vendor delivery to build efficacy and productivity. 5. Control spends to budget and take corrective action. 6. Identify the process inefficiencies/lapses as also opportunity for automations, variablisations, outsourcing. and Collaborate with IT/Vendor management/F&P or other function to implement the same. |
| KRA5 | Team & Self Development | 1. Constantly upscale the technical knowledge by acquiring the bench marked fellowship accreditations specific to underwriting thereby remaining abreast of the latest developments in the assessment of the Mortality risks. 2. For the team members -Identify skill gaps,Identify /Impart/ arrange suitable training for team members ,Coach subordinates to upgrade their skills 3. Manage the employee expectations of Professional development and sense of belonging there by leading to retentions and employee engagement. |
Job ID: 151675915
