Group Risk Underwriting Consultant at Absa Bank Limited

Job Summary

• Responsible for end-to-end underwriting across credit life and Group Risk
• To implement company Underwriting Best Practice standards and IRA guidelines and regulations.
• Periodic financial, actuarial, and non-financial reconciliation.

Job Description

Accountability:  Underwriting 70%

• Timely Quote for Group Risk products within approved guidelines and approval limits
• Ensure prompt registration and acknowledgement and onboarding of new schemes.
• Prepare and issue debit and credit notes.
• Prepare and issue cover notes and/or policy document as per onboarded risk.
• Ensure effective renewal process – renewal invites; costings; debit and credit notes and issue renewal endorsements.
• Ensure timely and effective reporting to internal stakeholders and brokers.
• Implement credit control policy and ensure that premiums are debited and collected as required.
• Ensure daily reconciliation and receipting of premium collections and subsequent accounting for commissions, taxes etc.
• Participate in Business Development through end-to-end tender process directly and/or through brokers.
• Perform Monthly operations reconciliation for both premiums and commissions.
• Verify and analyse client data according to company practices and procedures.
• Maintain updated group risk and associated files and records as per Information Risk Management guidelines.
• Prepare and compile weekly and monthly underwriting reports enhanced with qualitative assessment, portfolio analysis, risk recommendation within the stipulated time.
• Implement fraud strategies that actively identify and prevent fraud within the area through enhancing manual process or through system enhancement improvement.
• Collaboratively assess the loss ratios and report as per claims and underwriting best practice for effective decision making on placement, renewals and scheme administration.

Accountability:  Customer Service and Stakeholder Engagement 20%

• Adhere to the Query and complaint categorization and response standards to ensure client queries and complaints are dealt and recorded timeously, efficiently, and professionally.
• Ensure corrective action is taken on complaints received by following correct procedure and input and provided feedback for root cause analysis and resolution.
• Adherence to Treating Customers Fairly (TCF) principles.
• Provide superior customer service by proactively and timeously obtaining outstanding documentation to ensure complete efficient claims processing.
• Provide regular feedback and escalate concerns to the line manager: Risk Mitigation where process gaps should be addressed.
• Provide underwriting and claims technical support to operation, business development and accounts departments in all phases of policy life cycle.
• Have regular meetings to review work queues, claims, and underwriting progress etc with all stakeholders.
• Attend industry engagements on innovation and best practices to help improve performance, and quality standards.
• Query and complaint Case Management and resolution matrix to support Customer Experience Help Desk and relationship managed business.

Accountability:  Reinsurance liaison: 5%

• End-to-end processing of medical underwriting including broker and client engagement
• To prepare reinsurance bordereaux end-to-end
• To review underwriting special cases to effectively discharge Underwriting Best practice guidelines.

Accountability:  Control Environment (5%)

• Delivering operational excellence in achieving quality, cost, and service standards on assigned work from time to time.
• Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise-Wide Risk Management Framework and internal Absa Policies and Policy Standards. Understand and manage risks and risk events (incidents) relevant to the role.