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Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

Job Description

Responsible for risk evaluation, pricing and selection / rejection of new and renewal business for all assigned accounts within the portfolio.

Perform risk and contract evaluation on renewal business using rating guidelines, industry and occupational classifications, financial statements, manual rating, experience information (e.g. premium, claims, reserves, rate history and average exposure) for all assigned accounts.

Determine required premium level based on experience and manual rates, plan design, services, and competitive information in accordance with organisational guidelines.

Demonstrate a high degree of knowledge regarding underwriting quantitative and qualitative tools and communicate the outcomes clearly to Sales and Claims functions.

Research all problems and risk related issues by using initiative in problem solving that involves management in decision making as necessary.

Responsible for monitoring profitability as measured by loss ratio improvement.

Complete semi-annual and ad hoc profitability analysis for all assigned cases and provide summary of analysis to management and Sales.

Analysis to include but not limited to action plans for moving accounts to profitability and complete assessment of claim trends and services. Analyse all necessary historical account information.

Determine renewal terms including required premium level and policy plan change recommendations and deliver complete renewal package to Sales according to organisational department guidelines.

Accountable for the accuracy and completeness of all renewal data.
Negotiate all subsequent appeals with Sales regarding premium levels and policy plan provisions and involve appropriate people in decision making and negotiating as necessary.

Participate in interdepartmental discussions between Sales, Claims and Underwriting on renewal business issues and make recommendations regarding policy plan provisions and claims and administrative procedures.

Communicate recommendations to Sales for delivery to customer.

Review all customer and Sales requests for policy and plan changes.

Determine contract and pricing changes necessary according to underwriting guidelines and use independent judgment.

Negotiate with Sales subsequent appeals and manage changes according to organisational procedures.

Reviews complex risk submissions from clients, agents, and referrals, and underwrites complex insurance requests within guidelines of the underwriting manual and authority limits. Applies underwriting and risk-selection techniques to determine acceptability of new and renewal insurance risks.

ResponsibilitiesUnderwriting Insurance Cases

Act as a technical referral point for the team, providing guidance on underwriting complex and unusual cases and leading on decisions relating to high-value and complex risks to ensure that insurance contracts are constructed within acceptable commercial and risk parameters.

Underwriting Automation

Evaluate new or existing automated underwriting processes and systems and propose new and/or improved functionalities to reduce cost and/or enhance underwriting effectiveness.

Organizational Risk Management

Ensure the organization is not exposed to undue risks by using risk management systems to achieve specific goals within a designated area of the business.

Regulatory and Compliance Management

Investigate all kinds of incidents and reports and provide expert advice to more senior colleagues. Minimize risk exposures and ensure adherence with regulatory standards by working with all internal functions to make sure compliance programs are properly implemented.

External Communications

Execute a communications plan within established systems and procedures.

Recommendations

Advise others on how to design new processes and systems that meet professional standards.

Document Preparation

Edit document in line with organizational style guidelines and prepare information for publication.

Operational Compliance

Maintain and renew a deep knowledge and understanding of the organization's policies and procedures and of relevant regulatory codes and codes of conduct, and ensure own work adheres to required standards. Or identify, within the team, patterns of noncompliance with the organization's policies and procedures and with relevant regulatory codes and codes of conduct, taking appropriate action to report and resolve these and escalating issues as appropriate.

Personal Capability Building

Develop own capabilities by participating in assessment and development planning activities as well as formal and informal training and coaching; gain or maintain external professional accreditation, where relevant, to improve performance and fulfill personal potential. Maintain an in-depth understanding of technology, external regulation, and industry best practices through ongoing education, attending conferences, and reading specialist media.

Skills

Action Planning, Computer Literacy, Data Compilation, Data Controls, Default Risk, Insurance Product Management, Insurance Sales, Large Group Presentations, Legal Practices, Management Reporting, Numerical Aptitude, Oral Communications, Risk Based Pricing, Risk Management, Underwriting Management

Competencies

Action Oriented

Business Insight

Communicates Effectively

Decision Quality

Financial Acumen

Instills Trust

Manages Complexity

Optimizes Work Processes

Education

NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent

Closing Date

11 February 2025 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

Old Mutual Limited is pro-vaccination and encourages its workforce to be fully vaccinated against Covid-19.

All prospective employees are required to disclose their vaccination status as part of the recruitment process.

Please refer to the Old Mutual’s Covid-19 vaccination policy for further detail. Kindly note that Old Mutual reserves the right to reinstate the requirement to vaccinate at any point if it is of the view that it is imperative to do so.

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