Job Description – Underwriting Assistant (1 Year Fixed Term Contract) (2400000L)

Job Description – Underwriting Assistant (1 Year Fixed Term Contract) (2400000L)

Job Description

Underwriting Assistant (1 Year Fixed Term Contract) – (2400000L)

Job Purpose and Key Responsibilities

Job Purpose: Assisting the Assistant Manager Medical Underwriting in implementing the underwriting philosophy.

Key Responsibilities:

1. Implement Underwriting Philosophy: Execute underwriting philosophy, strategy, process, and guidelines for medical insurance business to ensure profitability and achievement of set loss ratio targets.
2. Risk Analysis: Analyze proposed risks and make decisions regarding acceptance or rejection.
3. Rate Determination: Determine the rates and terms to charge for insurance policies.
4. Risk Survey Management: Ensure risk survey recommendations are communicated promptly and oversee their implementation.
5. Compliance Management: Ensure underwriters comply with the company’s credit policy.
6. Record Management: Manage company records and ensure proper filing of client information, both manually and electronically.
7. Delegated Authority: Operate within the approved Delegated Authority Matrix.

Knowledge, Experience, and Qualifications Required

Knowledge, Experience, and Qualifications Required:

• Bachelor’s degree (insurance option preferred).
• Progress in Professional qualification in Insurance (ACII, FLMI, or IIK).
• 2 years’ experience in medical.

Technical/Functional Competencies:

• Knowledge of insurance regulatory requirements.
• Knowledge of insurance products.
• Sales and marketing management skills.

Primary Location: Kenya-Nairobi-Nairobi

Organization: Business

Job Type: Contractual

Shift: Day Job

Contract Type: Full-time

Job Posting: 22-02-2024

Unposting Date: 29-02-2024

Number of Openings: 1

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Expert Tips To Be A Successful Applicant for Underwriting Assistant

1. Highlight Relevant Experience: Emphasize any previous experience in insurance, particularly in underwriting or related fields.
2. Demonstrate Analytical Skills: Showcase your ability to analyze risks effectively, as this is a crucial aspect of the role.
3. Stay Updated: Keep abreast of the latest developments in the insurance industry, including regulatory changes and new products.
4. Showcase Qualifications: Highlight any relevant qualifications or progress towards professional certifications in insurance.
5. Communication Skills: Highlight your communication skills, as the role involves liaising with various stakeholders.
6. Attention to Detail: Demonstrate your attention to detail, as accuracy is paramount in underwriting.
7. Adaptability: Illustrate your ability to adapt to changing circumstances and handle diverse challenges.
8. Team Player Attitude: Showcase your ability to work effectively as part of a team, collaborating with underwriters and other colleagues.
9. Customer Focus: Highlight your commitment to providing excellent service to clients and addressing their needs.
10. Problem-Solving Skills: Provide examples of how you have effectively solved problems in previous roles, particularly those related to underwriting.

SAMPLE COVER LETTER FOR AN UNDERWRITING ASSISTANT POSITION

[Your Name]

[Your Address]

[City, State, Zip Code]

[Your Email Address]

[Your Phone Number]

[Date]

[Hiring Manager’s Name]

[Company Name]

[Company Address]

[City, State, Zip Code]

Dear [Hiring Manager’s Name],

I am writing to express my interest in the Underwriting Assistant position at [Company Name], as advertised. With a Bachelor’s degree in [relevant field] and two years of experience in the insurance industry, I am confident in my ability to contribute effectively to your team.

In my previous role at [Previous Company], I gained valuable experience in risk analysis, rate determination, and compliance management. My attention to detail and analytical skills have enabled me to make sound underwriting decisions while ensuring compliance with regulatory requirements.

I am particularly impressed by [Company Name]’s commitment to excellence and innovation in the insurance industry. I am eager to bring my expertise to your organization and contribute to its continued success.

Thank you for considering my application. I look forward to the opportunity to discuss how my skills and experience align with the needs of your team.

Sincerely,

[Your Name]

Frequently Asked Questions

1. What qualifications are required for the Underwriting Assistant position?

• A Bachelor’s degree, preferably in insurance, and progress towards professional qualifications such as ACII, FLMI, or IIK are required. Additionally, two years of experience in the medical field is preferred.

2. What are the primary responsibilities of an Underwriting Assistant?

• Primary responsibilities include implementing underwriting philosophy, analyzing risks, determining rates and terms, managing risk survey recommendations, ensuring compliance, and maintaining proper record management.

3. How important are communication skills for this role?

• Communication skills are essential as the role involves liaising with various stakeholders, including underwriters and clients.

4. What is the significance of attention to detail in underwriting?

• Attention to detail is crucial in underwriting to ensure accuracy in risk assessment and policy determination.

5. How can applicants demonstrate their suitability for the position?

• Applicants can demonstrate their suitability by highlighting relevant experience, qualifications, analytical skills, and a customer-focused approach.

6. Is adaptability important for an Underwriting Assistant?

• Yes, adaptability is essential as the role may involve handling diverse challenges and adapting to changing circumstances in the insurance industry.

7. What career progression opportunities are available for Underwriting Assistants?

• Career progression opportunities may include advancement to roles such as Underwriter, Senior Underwriter, or Underwriting Manager, depending on performance and experience.

8. How can applicants stay updated on industry developments?

• Applicants can stay updated by regularly attending industry seminars, workshops, and webinars, as well as networking with professionals in the field.

9. What role does teamwork play in underwriting?

• Teamwork is crucial in underwriting as it involves collaborating with underwriters and other colleagues to assess risks and make informed decisions.

10. Are problem-solving skills important for an Underwriting Assistant?

• Yes, problem-solving skills are essential for effectively addressing challenges and finding solutions in underwriting processes.

Possible Underwriting Assistant Interview Questions With Answers

1. Question: Can you explain your experience in underwriting?
   • Answer: Certainly. In my previous role at [Previous Company], I was responsible for analyzing risks, determining rates, and ensuring compliance with company policies and regulatory requirements.
2. Question: How do you handle complex underwriting scenarios?
   • Answer: I approach complex scenarios by conducting thorough research, consulting with colleagues, and leveraging my analytical skills to make informed decisions.
3. Question: How do you ensure accuracy in underwriting processes?
   • Answer: I pay close attention to detail, double-check information, and utilize software tools to minimize errors and ensure accuracy in underwriting.
4. Question: Can you give an example of a challenging underwriting decision you had to make?
   • Answer: Certainly. There was a case where the risk assessment was borderline, requiring careful consideration of various factors. I consulted with senior underwriters, conducted additional research, and ultimately made a decision based on the available data and company guidelines.
5. Question: How do you stay updated on changes in the insurance industry?
   • Answer: I stay updated by regularly reading industry publications, attending relevant seminars and webinars, and participating in professional networking events.
6. Question: How do you prioritize tasks in a fast-paced underwriting environment?
   • Answer: I prioritize tasks based on urgency, importance, and deadlines, ensuring that critical tasks are addressed promptly while managing competing priorities effectively.
7. Question: How do you handle disagreements with colleagues regarding underwriting decisions?
   • Answer: I approach disagreements by listening to the perspectives of my colleagues, presenting my reasoning based on data and company guidelines, and working towards a mutually acceptable solution.
8. Question: Can you describe a time when you had to communicate complex underwriting concepts to a non-technical audience?
   • Answer: Certainly. In a client meeting, I explained the rationale behind underwriting decisions using clear, jargon-free language, ensuring that the client understood the implications for their insurance policy.
9. Question: How do you ensure compliance with regulatory requirements in underwriting?
   • Answer: I stay updated on relevant regulations, adhere to company policies and procedures, and conduct regular audits to ensure compliance with regulatory requirements.
10. Question: What do you find most rewarding about working in underwriting?

• Answer: I find it rewarding to contribute to the financial stability of the company by making sound underwriting decisions, providing clients with comprehensive insurance coverage, and mitigating risks effectively.

Best of luck with your application! We are committed to attracting and retaining the best employees from all races and backgrounds in our continued effort to become a better development partner. Remember, we are an equal employer and do not charge any application/recruitment fee, whether refundable or not.

THE KENYAN JOBFINDER