Max Life Insurance - Assistant Vice President - Underwriting Automation & Reinsurance Administration

JOB SUMMARY :

Core job is to play a pivotal role in building a focused, customer-focused and a future ready Underwriting management function driven by vision of Frictionless and intelligent Underwriting with sharper risk assessment, growth and customer centricity at its core

KEY RESPONSIBILITIES :

Underwriting Automation:

- Driving projects on Underwriting automation and accelerated underwriting.

- Move from point in time mortality risk to dynamic, behavior based continuous underwriting

- Create Integrated rule engine and risk score model enabling evidence requirement, questions & journey

- Revamping the end to end policy journey and introduce smarts upfront to power auto UW and prioritize only high risk cases for manual underwriting.

- Evaluate emerging trends, competition practices, formulate options and propose recommendations on guideline to senior management.

- Constantly look for opportunities and innovation to simplify online customer experience with respect to Policy Documentation and Digital application

- Monitor leakage and bring in systemic guideline changes to reduce the same.

Reinsurance Negotiation and Administration :

- Drive Reinsurer engagement at strategic level

- Develop Strategic alignment with reinsurer on customized sourcing restriction, underwriting guidelines, underwriting/financial requirements and surrogates.

- Risk management decisions- Risk retention for business enablement

- End to end operations management of Reinsurance admin and timely delivery of Financial reports.

- Regulatory submission: Complete operational understanding of annual and quarterly reinsurance returns including BAP portal (zero tolerance)

- Good handholding of Reinsurance premium ceding and claims recovery process / logics

- Interpretation of ceding logics and ability to manage reinsurer queries

- Sum at risk ceding reporting to Actuarial team

- Understanding of Internal Control framework and its timely delivery to Audit & Finance

- Good knowledge of Reinsurance application, coding and operational activities.

- Proficiency in SQL queries and working over large data base

- Treaty compliance (online and offline) and timely delivery to Reinsurers to avoid breach of terms

Opex budgeting:

- Sharp understanding of each sub-function and its associated expenses

- Preparation and demonstration of budget requisition sheet for all four sub-functions.

- Monthly review of Opex budget vs Actuals and update to Management

- Ability to discuss and table your point with Finance team

- Ability to crack gaps in financial books and its corrective measures.

- Propose ways to business for cost saving

MIS and reporting:

- New dimensions to existing MISes using advance tools

- User friendly repots, ease of usage and mobility

- Data repository and quick archival of facts, as and when required

- Timely and consistent delivery of Management dashboards

- Scheduled reporting within the team and outside (followed by business needs)

Compliance with Regulatory guidelines :

- Supervise and review procedures and ensure for compliance in line with IRDA, Internal guidelines, reinsurance and ISO requirements.

- Identify gaps and implement measures for gap resolution program.

- Maintain acceptable audit ratings in all Compliance and Audit reviews.

- Assist in Internal /external audit and closure of audit reports and follow-up updation of all audits.

Training and Quality Check :

- Identification of training needs for department and ensuring the training by internal trainers, reinsurer, ops training team and MDP training.

- Ensure deficit free system set ups to reinsurance agreements and product underwriting guidelines.

People Management :

- Coach and build in-house underwriting IT and reinsurance administration capability through a professional and engaged team.

- Conduct performance reviews