Senior Executive – Underwriting
Union Assurance is a leading corporate and the fastest growing entity in the Life Insurance industry backed by the strength and stability of John Keells Holdings PLC, one of Sri Lanka’s largest conglomerates. For the 9th consecutive year, the company has received the GPTW certification as a ‘Best Employer Brand,’ and in 2020 was awarded the ‘Global Employer Brand’ by the World HRD Congress.
Principle Accountabilities:
- Underwrite policy applications submitted by agents in accordance with underwriting guidelines and procedures set by the company
- Evaluate risk factors and determine policy eligibility based on information provided in the application
- Perform the underwriting process in accordance with the limits defined in the delegation of authority
- Conduct research to verify information provided in the application and identifying any red flags or inconsistencies
- Communicate with agents and policyholders to gather additional information or clarify any doubts related to policy applications
- Maintain accurate and detailed records of all underwriting decisions and processes
- Provide support to the Manager in ensuring that all policies are underwritten accurately and efficiently
- Review and process policy endorsement requests and ensuring that they are processed within the required time frame
- Ensure that all underwriting activities comply with relevant laws, regulations, and industry standards
- Collaborate with other departments to ensure seamless coordination of underwriting activities
- Serve as the primary point of contact for underwriting queries and assist in the resolution of underwriting issues and escalations
- Provide exceptional service to customers and field staff by promptly addressing their inquiries and needs
- Submit monthly management information (MI) to sales leadership on service levels, rejection rate, pending percentage, and USP acceptance rate to build sales confidence
- Ensure zero breaches of regulatory requirements and compliance on underwriting guidelines/control environment
- Ensure satisfactory audit ratings from internal and external audits on New Business operation and follow up on related audit issues to ensure closure/minimize control gaps
- Ensure regulatory compliance regarding timely delivery of policy documents and cooling-off cancellations
- Provide trainings and updates on progress & suggestions on UW process improvements
- Review Doctors & Lab payments module in the eBao system and identify gaps. Initiate discussions with Life Team and IT for further enhancements and support the project team to rectify the issues
- Support the project team to enhance the Auto Underwriting tool of the eBao system to cover all products and increase the STP pass rate and underwriting productivity
- Settle due payments of Labs/Doctors and make arrangements to revise the lab payments as and when discrepancies are identified
- Coordinate with Labs/Doctors and maintain good relationships in order to provide a speedy response
Qualifications and Experience:
- 5 to 6 years experience in the Insurance industry with minimum 3 years experience in medical underwriting
- Degree / Diploma in Insurance is essential
- Knowledge on all aspects of Life Insurance underwriting and specially on medical underwriting.
- Knowledge in Microsoft office applications.
- Knowledge on group product and pricing knowledge on group reinsurance.
- Team player with excellent communication.
- Ability in decision making and problem solving.
The selected candidate for the above position will be entitled to an attractive remuneration package. Applicants who are interested are encouraged to apply on or before 30th September 2023
Union Assurance PLC
Closing Date: 2023/09/30