Underwriter at Jubilee Insurance

Job Ref. No. JLIL163

Role Purpose

The role holder will be responsible for ensuring efficiency in life underwriting and individual pensions member registration for a variety of products to contribute to the achievement of financial objectives of the business. The role holder will be required to carry out duties in line with compliance of underwriting and member registration activities and processes. The role holder is required to assess and evaluate applications for life insurance coverage, ensuring that the risks associated with insuring individuals or groups are accurately and appropriately priced.

Main Responsibilities 

Operational

• Application Assessment: Review and evaluate life insurance applications to determine eligibility, risk level, and appropriate premium rates.
• New Business Issuance: Ensuring timely issuing of new business within the given timelines.
• Creation of Individual Pension Plan accounts and member certificates within the given timelines. Risk Analysis: Analyse medical records, financial statements, and other relevant information to assess the risk profile of applicants.
• Policy Pricing: Calculate and recommend appropriate premium rates based on the risk assessment and underwriting guidelines.
• Communication: Communicate with agents, brokers, and applicants to gather additional information or clarify application details.
• Documentation: Maintain accurate records of underwriting decisions, correspondence, and policy-related information.
• Manage the not taken up policies to ensure conversion of pending proposals to issued business within given timelines.
• Monitor changes of policy premium status, identify and address process gaps within the new business.
• Prepare management reports on policy issuance, proposal deposits and other requirements.
• Data Management – Ensuring data relating to new business is continuously updated and well maintained and handled with utmost confidentiality.
• Risk Management: Identify potential risks and fraud indicators during the underwriting process and take necessary actions to mitigate risks.
• Policy Document Preparation – Signing of policy documents as per the authority limits.
• Policy Renewals and Modifications: Review and evaluate policy renewal requests, endorsements, an modifications.
• Collaboration: Collaborate with other departments such as claims, sales, and customer service to ensure effective policy management and customer satisfaction.

Corporate Governance

• Underwriting Guidelines: Apply underwriting guidelines and policies to determine whether an applicant meets the criteria for coverage.
• Compliance: Stay updated with insurance regulations and underwriting best practices to ensure compliance with industry standards
• Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.

Culture

• Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• Individualized Development Planning: Create personalized development plans that align with your career aspirations and the organization's objectives.

Key Competencies

• Analytical Thinking
• Attention to Detail
• Risk Assessment
• Communication Skills
• Decision Making Skills
• Problem Solving Skills
• Ethical Conduct
• Time Management Skills

Qualifications

• Bachelor’s degree in Insurance, Finance, Business or any other related course.
• Diploma in Insurance will be an added advantage.

Relevant Experience

• Minimum 2-3 years’ experience in a similar role.
• Good understanding of insurance products and services is advantageous