This career opportunity is available at SHA Risk Specialists a division of Santam for a Trainee Underwriter: Accident & Health, who will be based in Johannesburg: Illovo.
A Trainee Underwriter will be able to carefully select, analyse and underwrite risks, in a cost-effective manner and in accordance with company requirements under supervision and guidance. Gaining understanding of guidelines and governance and how to ensure good risk selection and profitability to ensure business targets are met. They will be proactive in developing skills to underwrite unsupervised, learning and absorbing expertise from more Senior colleagues.
They will maintain professional conduct (dress code, communication (written and verbal) with internal and external stakeholders and begin to develop understanding of industry changes and trends, general market intelligence, technology and other relevant developments.
What will make you successful in this role?
Technical
- Examine insurance proposal for simple new and renewal business, gathering and assessing background information, conducting necessary research, evaluating and assessing the risk (including but not limited to coverage analysis, pricing and structure) and discussing/negotiating risks with the broker in order to effectively win or renew the risk.
- Calculate possible risk and determine appropriate insurance premiums using underwriting tools/rating guidelines and practices, underwriting information and own judgement and experience.
- Prepare rationale / referral documentation for sign off in accordance with company policy and technical guidelines.
- Assist with monitoring portfolio performance (of own renewal portfolio). In order to progress they need to learn to track renewals, new business and lost business and that the cancellation reserve does not exceed 2.5%.
- Be able to articulate basic technical messaging, internally (for referrals) as well as to brokers and clients and to work with colleagues to expand this knowledge and the means to communicate it.
- Accurately enter data into company systems and produce management reports that ensure that the company remains aware of the nature and financial impact of all risks written for your own portfolio.
- Maintain accurate electronic records for auditing and regulatory purposes.
- Undertake any other reasonable tasks as requested by the U/W Head or Manager in order that the team achieve its objectives.
- Adhere to all operational and procedural standards.
- Handle accounts queries and credit control queries to the satisfaction of all parties.
- Seek out and leverage diversity (in all its forms) to create an inclusive work environment.
- Collaborate on innovation and fresh perspectives and support initiatives into the team, the business and with our brokers and customers.
- Behave in a professional manner at all times demonstrating relationship management and development (internally and externally).
- Demonstrate the SHA brand values in all activities.
- Develop and maintain relationships with brokers and clients at all relevant levels of their businesses.
- Respond to queries and resolve to the satisfaction of the affected parties within the scope of authority and / or responsibility.
- Fulfil individual risk and compliance related obligations in adherence to Group and Regulatory guidelines.
- Provide proactive risk and compliance awareness by reporting any incidents or breaches identified within our compliance requirements.
- Working towards NQF 7 insurance or risk management qualification, if not already attained
- FAIS Compliance and RE5
- Basic understanding of insurance industry including the reinsurance market and the terminologies used.
- Basic understanding of policy wordings, specifically related to A&H.
- Basic Understanding of an A&H Policy and how to apply the wording in the event of claims being incurred
- Curiosity and proactive questioning of Senior colleagues (respecting their time and resources) to gain knowledge and understanding of all aspects of underwriting.
- Developing decision-making skills; able to consider the costs and benefits of various options and recommend the appropriate one as part of the referral process (to management or the technical team).
- Good communication and interpersonal skills; comfortable with phone and face to face discussions with underwriters, brokers and any other relevant stakeholders.
- Deadline focused; able to work under pressure to meet tight deadlines and able to organise own workload effectively to prioritise and delegate to meet service standards.
- Competent user of Excel, Word, Outlook and other Microsoft platforms.
- Operationally efficient; able to follow all process requirements.
- Must demonstrate resilience
- Must be a team player
- Attention to detail is critical!
- Undertake Client Liaison meeting on a regular basis, in conjunction with the Underwriting Head or Team Manager.
- Regular discussions with Underwriting Head with regards to risks, underwriting protocols & considerations and risk types, as they come up for renewal
- Regular discussions with Underwriting Head when preparing terms for potential new business, to ensure that the risk is understood and suitable solutions are presented in the quote
- Ad hoc assistance to the broader team when required, and in relation to any aspect of the business conducted within the Team
- Management and retention of own portfolio, under the guidance of the Underwriting Head, which includes financial controls and general compliance requirements being met
- Assist the Underwriting Head with compliance related matters as they arise, and which includes working in conjunction with Technical where Binder / Outsource Audits are required
Being resilient - Contributing dependently
Customer focus - Contributing dependently
Collaborates - Contributing dependently
Cultivates innovation - Contributing dependently
Drives results - Contributing dependently
About The Company
Santam is the market leader in the general insurance industry in Southern Africa. We are a large, diversified, expanding and transforming company and whilst based in South Africa, we are rapidly moving into a number of emerging markets, both in Africa and Asia.
Our success is rooted in our passion for our clients and everything we do is centered on our delivery of Insurance Good and Proper. Were about people. People drive our business so it follows that we want to recruit the best people possible whether they work for us permanently or for a short time as temporary employees.
At Santam we are committed to transformation and embracing diversity. This commitment is what drives us to achieve a diverse workplace with employment equity as a key goal to create an inclusive workforce, representative of the demographics of our society. In achieving our employment equity goals, we give preference to applicants from the designated groups in alignment with the Divisions Employment Equity targets.
