Executive - Agency Underwriting
Executive – Agency Underwriting
Union Assurance is a leading corporate and one of the fastest growing entities 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.
The Job Role:
The person will be responsible for ensuring that all documents submitted by the customer are correct and in line with the policy requirements working with the Underwriting team and agents to ensure timely processing of underwriting requests
Principle Accountabilities:
- Conduct thorough policy underwriting for various products sold through agents, ensuring accuracy and completeness of information and documentation
- Verify that policy applications are complete and accurate before proceeding with the underwriting process
- Assist in promptly identifying and escalating any irregularities or inconsistencies discovered in the underwriting process
- Provide helpful assistance to agents regarding underwriting policies and procedures, if required
- Actively contribute to developing and maintaining positive relationships with agents to ensure smooth processing of underwriting requests
- Ensure strict adherence to relevant laws, regulations, and industry standards throughout the underwriting process
- Maintain detailed and accurate records and documentation of all underwriting decisions and processes
- Support in preparing and submit monthly management information (MI) reports to sales leadership, providing updates on service levels, rejection rate, pending percentage, and USP acceptance rate to build sales confidence
- Support the Manager in internal and external audit findings related to New Business operations, ensuring timely closure of audit issues and minimizing control gaps
- Ensure compliance with regulatory requirements for timely delivery of policy documents and cooling-off cancellations
- Review the Doctors & Lab payments module in the eBao system, identifying gaps and initiating discussions with Life Team and IT for further enhancements and providing support to the project team in rectifying the issues
- Collaborate with the project team to enhance the Auto Underwriting tool of the eBao system to cover all products and increase the Straight-Through Processing (STP) pass rate and underwriting productivity
- Settle due payments of Labs/Doctors and make arrangements to revise lab payments when discrepancies are identified
- Coordinate with Labs/Doctors and maintain good relationships to provide a speedy response and resolve any issues
- Stay up to date with industry trends and best practices related to underwriting
- Perform all other duties assigned by the Manager professionally and efficiently
Qualifications and Experience
- Minimum 2 years experience in Life Insurance Industry.
- CIP - SLII or Part / Full Qualification in Dip -CII / AIII is essential
- Experience in a Life Underwriting Department will be an added advantage.
- Good understanding and knowledge about competitor products and practices, trends & developments in the life insurance market in Sri Lanka
- Fair understanding on regulatory framework of Insurance industry
- Very Good knowledge on life underwriting (medical & financial), diseases, medical procedures and their impact to longevity and disability, medical tests and their interpretations.
- Fair knowledge on reinsurance arrangements.
- Broad knowledge in Microsoft office applications
- Ability to work under minimum supervision, multi-task and work under pressure.
- A self-motivated individual as well as a team player.
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 21st August 2024.