Avp - Underwriting in a Premium Life Insurance Co

1 month ago

Gurgaon, India Fortune Human Capital Full time

From 5 to 10 year(s) of experience
- ₹ 10,00,000 - 15,00,000 P.A.
- Gurgaon/Gurugram, Delhi / NCR**Roles and Responsibilities**

**Job Objective**
- To underwrite and provide technical support for an effective and efficient underwriting team management for HSBC life insurance venture in Indian market, in line with the HSBC group and to ensure that Life Insurance venture provides professional underwriting service to its clients and maintain healthy levels of profitability, growth and development.
- To supervise the underwriting team to maintain the productivity levels as well keep them motivated. Provide quality check and ensure that internal audits and measures are undertaken regularly and reviewed in order to maintain the required process (es), quality and productivity levels
- .Medical underwriting to be done for Group and Policy Servicing and co-ordinate with bank channels sales personnel for all underwriting queries and resolution

**Key Result Areas**

**_
Impact on the Business / Function _**
- By technical assistance to team and sales in all complex and High Sum Assured proposals, risk identification and extra premium estimation.
- By doing reinstatement underwriting of Lapsed cases forwarded by policy servicing team.
- By underwriting and providing assistance in underwriting complex medical cases and HNI (High Net worth Individual cases) cases.
- By ensuring quality check on underwriting decisions, documentation and system check.
- To recognize training needs and recommend underwriting authority limits.
- Working knowledge of Group Business and underwriting gog group medical proposals as per group guidelines

**_
Customers / Stakeholders_**
- By ensuring high standard of customer service and sales satisfaction.
- By fair risk assessment to maintain profitability.
- By providing technical assistance to Claims, Policy Servicing, Group Life Business, Complaints redressal and resolution centre.
- By reporting EDD+ cases to Compliance team on regular basis

**_
Leadership & Teamwork_**
- By monitoring productivity of the team.
- By directing active talented individuals for training.
- Continual improvement of processes/systems for quality and efficiency.
- By ensuring that Service Level Agreements are met.
- By creating an environment where initiatives for improving quality and controlling costs are identified, implemented and met.

**_
Operational Effectiveness & Control_**
- Maintain HSBC internal control standards, including the timely implementation of internal and external audit points together with any issues raised by external regulators
- .
- Implementation of Group Compliance Policy as applicable to the role.
- Awareness of the operational risk associated with the role and the action to be taken to minimize the likelihood of operational risk occurring including risk identification, assessment, mitigation and control, loss identification and reporting.
- By adhering to the Group’s agreed processes and procedures - Achieving a satisfactory audit report.
- By adhering to compliance.
- By addressing any areas of concern in conjunction with line management and/ or the appropriate department.
- By providing training on risk identification and assessment.

**Major Challenges**

The nature of the job requires a professionally and technically skilled individual with experience in insurance industry to understand the technical aspects of the job requiring professional experience to deal with complex financial and medical proposals, to provide timely and accurate response to sales queries as well as an efficient management of the underwriting department. It is essential that the individual has a firm grasp of the insurance concepts as the underwriting department deals with risk acceptance on behalf of the company.

The challenge also constitutes of keeping the sales satisfied as well as maintaining an efficient team which is skillful and talented. Supervision of the team for optimum productivity to meet the deadlines is part of the challenge. Providing the team with appropriate training in Underwriting concepts, risk analysis, quality and compliance is also a recognized need for efficiency and efficacy.

It is also required that the Job Holder is able to motivate staff with widely differing aspirations to work in a high pressure, productivity based environment where deadlines are critical.
- Underwriting department uses underwriting related software. Therefore it is essential to have knowledge regarding IT systems to provide the required input for system development.

**Role Context**

The context of the Job requires a professional experience in medical underwriting as well management skills. Based on experience, the individual will have an underwriting authority limit and is required to underwrite the cases with the authority limits. Cases above the authority limit will be approved by senior underwriter. The job also requires providing technical assistance to the team and related departments. Co-ordin

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