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Head, Life Underwriting at Coronation Insurance Plc

Posted on Wed 02nd Nov, 2022 - --- (0 comments)

Coronation Insurance Plc. is a leading West African full line insurance company offering a diverse range of products and services covering life, general and special risk businesses. Founded in 1958, Coronation Insurance Plc is licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all risk insurance etc.

We are recruiting to fill the position below:

Job title: Head, Life Underwriting

Location: Lagos
Reports to: Executive Director, Technical Operations
Supervises: Underwriting team

Key Responsibilities

  • Monitor underwriting trends in the market for insurance products.
  • Review and monitor underwriting guidelines and standards to ensure they are aligned with the organization’s business strategies and underwriting policies.
  • Provide guidance and direction to the team in underwriting decisions.
  • Negotiate with reinsurers to achieve fair decisions for both the organization and customers.
  • Make strategic decisions about situations that are affected by the principles of insurance to support business objectives
  • Ensure reinsurance procedures are aligned with organization’s financial objectives and goals
  • Develop underwriting standards to ensure alignment with the organization’s guidelines
  • Evaluate potential issues arising out of the principles and practice of insurance, the potential impact and recommends solutions to resolve these.
  • Develop and establish financial and credit management policies and systems by determining organization’s financial needs and credit risk exposure threshold.
  • Evaluate the changes required to insurance products and services in response to changes in consumer expectations, company strategy, legislation, regulations and ethical standards environmental and societal changes, and the impact of improved technology
  • Determine and review the policies and procedures for the processing of new and existing risks in own area of business in line with own organisation’s strategy.
  • Develop appropriate and effective underwriting decisions with reference to the law, regulations, and other relevant factors
  • Develop underwriting process improvements and implements these in line with organisational strategy and market trends
  • Assess underwriting function efficiency using management information and Key Performance Indicators (KPIs)
  • Issue notices, status reports, and billings to reinsurers and brokers, with a focus on complex programs and portfolios
  • Analyze options available and makes appropriate and effective underwriting decisions with reference to the law, regulations, and other relevant factors
  • Analyze data on aggregation exposures and identifies action necessary to minimize any adverse impact on the underwriting account for own business area
  • Oversee and provide guidance on the calculation of premiums
  • Monitor and review operational plans and procedures for compliance
  • Meet and negotiate with clients and brokers to build relationships and to develop new and renewal business

Key Requirements

  • Degree in Finance, Insurance or related discipline.
  • Minimum of ten (10) years’ experience in the Insurance Industry and 5 years supervisory experience in the Underwriting function
  • Professional qualification and membership such as Chartered Insurance Institute of Nigeria is a key requirement
  • Required Skills and Competencies
  • Uses specialist knowledge of insurance products and services to meet complex client needs.
  • Ability to demonstrate understanding of how different policy wordings impact on the claims handling process
  • Deep knowledge of underwriting regulations.
  • Knowledge of IFRS 17
  • Knowledge and ability to implement compliance procedures and controls
  • Analytical thinker with research proficiencies.
  • Strong problem-solving and decision-making skills.
  • Solid organizational skills and detail oriented.
  • Ability to work under pressure and meet strict deadlines.
  • Strong interpersonal and negotiation skills.
  • Experience in analyzing financial projections and assessing risks.
  • Ability to build positive relationships and partnerships with clients, brokers and key role-players

Application Closing Date
Not Specified.

Method of Application
Interested and qualified candidates should:
Click here to apply online


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