Underwriter - PPP, Annuities, IDD & Ordinary Life at Jubilee Insurance

Job Ref. No: JLIL 230

Role Purpose

The role holder will be responsible for onboarding, assessing and evaluating risks associated with personal pension plans, annuities, income drawdown (IDD), and ordinary life insurance products. The role holder will also determine appropriate terms and conditions for policies, ensuring compliance with regulatory and corporate standards, and contributing to the profitability and sustainability of the JLIL’s portfolio.

Main Responsibilities
Operational

•  Customer Onboarding. Assess and evaluate applications for personal pension plans, annuities, IDD, and ordinary life insurance as per company and regulatory guidelines.
•  Medical & Financial Underwriting. Review medical reports, financial documents, and other relevant information to assess the applicant's health and financial status.
•  Policy Issuance. Approve or decline applications based on established guidelines and risk appetite, and issue policies with appropriate terms, conditions, and premiums.
•  Documentation. Maintain accurate and detailed records of underwriting decisions and the rationale behind them.
•  Communication. Liaise with agents, brokers, and clients to gather additional information and explain underwriting decisions when necessary.
•  Technology Utilization. Use underwriting software and tools to assess risks and streamline the underwriting process.

Corporate Governance

•  Compliance. Ensure all underwriting activities comply with regulatory requirements, industry standards, and internal policies.
•  Documentation and Reporting. Prepare and provide necessary documentation for audits and regulatory reviews.
• Report on underwriting activities and performance to senior management.
•  Internal Controls. Implement and maintain robust internal controls to mitigate underwriting risks and prevent fraud.
•  Policy Development. Assist in the development and updating of underwriting guidelines, policies, and procedures to ensure they remain current and effective.

Culture

•  Promote ethical underwriting practices and maintain high standards of integrity and professionalism.
•  Foster a collaborative work environment by working closely with other departments, including sales, claims, and actuarial teams.
•  Encourage a culture of continuous learning and improvement within the underwriting team.
•  Ensure customer-centric approaches in underwriting processes and maintain a high level of customer service.

Key Competencies

• Analytical Skills. Strong analytical and decision-making skills to assess risk and determine appropriate underwriting actions.
• Attention to Detail. High level of attention to detail to ensure accurate risk assessments and policy issuance.
• Communication Skills. Excellent verbal and written communication skills to interact effectively with clients, agents, and internal stakeholders.
• Customer Service Orientation. Strong focus on providing excellent customer service and maintaining positive client relationships.
• Problem-Solving. Ability to identify and resolve underwriting issues efficiently and effectively.
• Team Collaboration. Strong ability to work collaboratively within a team and across departments.

Academic Background & Relevant Qualifications

• Bachelor’s degree in Finance, Economics, Business Administration, Actuarial Science, or a related field.
• Diploma in Insurance
• LOMA/CII/IIK/ FALU Qualification will be an added advantage.
• Minimum of 2-3 years of experience in underwriting personal pension plans, annuities, IDD, and ordinary life insurance.
• Proven track record of making sound underwriting decisions and managing insurance portfolios.
• Experience in interacting with clients, agents, and brokers to gather necessary information and explain underwriting decisions.