Head of Underwriting (Motor)

The Head of Motor Underwriting will be responsible for leading and managing the motor underwriting team, ensuring the development and implementation of effective underwriting strategies, policies, and processes. This role requires the individual to have deep expertise in motor insurance products, risk assessment, and pricing, while also managing a team of underwriters and driving profitability in the motor insurance portfolio.

Responsibilities:

• Evaluate and underwrite new and renewal business, handling delegated authority levels for motor insurance.
• Monitor the profitability of underwriting for Motor Insurance.
• Conduct periodic competitor analysis for Motor Insurance.
• Evaluate and enforce underwriting procedures, guidelines, insurance laws, regulations, and rating manuals.
• Continuously assess and audit the underwriting performance of the Business Development team.
• Develop and implement effective risk monitoring tools.
• Regularly review and adjust rates to ensure pricing remains adequate and competitive.
• Support and enhance the Motor underwriting knowledge of underwriters and the distribution team.
• Lead the training, mentoring, and development of underwriters to enhance their technical proficiency and product knowledge. Drive the review of underwriting competency and customer-focused efficiency of the underwriting team.
• Work closely with reinsurers to structure reinsurance treaties on a quota share and facultative basis.
• Update in-house risk management guidelines to ensure compliance.
• Ensure reinsurance strategies and arrangements align with the broader product and business objectives.
• Prepare reports for Board meetings, regulatory authorities, and rating agencies.
• Collaborate with the Claims team to share data and keeping a keen eye on claims ratio to calibrate premium adjustments.
• Oversee and evaluate the operational processes and controls of the Underwriting Department.

Requirements:

• Recognized Bachelor’s degree in Insurance, Actuarial Science, Finance, Risk Management, Business Administration, or a related field.
• Professional certifications such as ACII (Associate of the Chartered Insurance Institute), Certificate in General Insurance, or equivalent qualifications are highly preferred.
• Minimum of 7 years of experience in an insurance, banking environment or credit rating agency, with at least 3-5 years in a managerial role in motor underwriting.
• Proven experience in managing large teams and developing effective strategies for motor insurance portfolios.
• In-depth understanding of motor insurance products, market trends, regulatory environments, and pricing models.
• Strong experience in risk assessment, pricing, and claims management in the motor insurance sector.
• Strategic thinker with the ability to execute tactical initiatives.
• Excellent analytical and decision-making skills, with a keen eye for detail.
• Proactive and adaptable to a fast-changing insurance environment.