Manager/Senior Manager - Group Products - Insurance Firm

Manager/Senior Manager Group Products

Job Description:

Group underwriting and pricing :

1. Obtain all relevant information and data to enable understanding of the client requirements and a thorough risk assessment of the proposal requests.

2. Apply judgement in situations where the data and information is not forthcoming from the client or broker to decide if the missing data is absolutely necessary or can ABSLI proceed with only the available data and information.

3. Apply judgement on the quality of data and information provided.

- Seek clarifications or make suitable assumptions where necessary.

4. Underwrite the proposals according to the pricing and group underwriting guidelines of ABSLI and document the rationale used for arriving at particular price and terms.

5. Engage operations, claims, compliance teams etc. if required to address specific non standard requests from the clients.

6. If required, negotiate with the Reinsurer for facultative terms or to seek opinion on special risks.

7. Create client specific pricing model and proposal documenting the client specific risks and expected profitability.

8. Escalate larger proposals or proposals where pricing or underwriting exceptions exceed own authority limits through the authorisation matrix and document the necessary approvals sought.

9. Prepare accurate proposal letters which clearly document the ABSLI understanding of client requirement and ABSLI terms for doing business.

10. Explain features of the proposal to sales as required. Provide justification when asked.

11. Document the feedback received from sales on proposals and the difference between terms offered by ABSLI and the terms desired by client/broker.

12. Develop, propose and justify alternative underwriting views to address cases where the company is at a competitive disadvantage on price or terms.

Manage proposal activity:

1. Maintain a daily log of the proposal pipeline to track the status of each request.

2. Release the proposals within agreed timelines and provide prior notification to sales and operations teams in case of delay.

3. Assess known future work (eg proposals on hand, renewals) and identify potential resource shortfalls. Escalate these when identified.

4. Document and create an audit-trail of various communications, sign-offs, authorisations and exceptions granted/received.

Domain support:

1. Conduct analysis of profitability and mortality experience for GTL line of business.

- Provide advice on technical matters to clients and internal teams of ABSLI including Sales and Operations.

- Propose, explain and justify solutions to problems that have been raised.

2. Provide technical support on risk management, underwriting and pricing of group business and products of ABSLI.

3. Review the technical content of special provisions and endorsements to Policy Contracts and certify it to be within the rules, guidelines and practice for ABSLI group product.

4. Prepare exception reports for submission to IRDA and obtain Appointed Actuary sign-offs.

5. Assist in preparing documents for filing with regulator to launch new products or enhance existing offering.

6. Update declared interest rates on system.

Group portfolio management:

1. Review and analyse the reasons for ABSLI winning or losing proposals - identify any insights and provide inputs for further decision making.

2. Prepare and analyse group portfolio MIS on a monthly basis and present the insights to senior management.

Training and self learning:

1. Continuously update knowledge on new developments in the product or technical domain of group business in the market.

2. Develop and maintain a thorough understanding of the group products of ABSLI, their terms and pricing.

3. Impart on the job training to new members in the team and share the knowledge on various products between the team.