Senior Executive - Alternate Underwriting

Senior Executive –  Alternate 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.

The Job:

The person will be responsible to conduct policy underwriting and ensure the accuracy, completeness, and compliance of underwriting processes while providing excellent customer service 

Principal Accountability:

• Perform regulatory Actuarial Valuation for each monthly, quarterly & annual requirement.
• Conduct thorough policy underwriting for Alternate Channel and Digital products to ensure compliance with guidelines and standards
• Perform the underwriting process in accordance with the limits defined in the delegation of authority
• Review policy applications meticulously and ensure completeness and accuracy before proceeding with underwriting
• Verify policy data, scrutinize for any inconsistencies or irregularities in the underwriting process to minimize risk
• Communicate underwriting decisions to relevant stakeholders in a timely and professional manner to provide transparency and ensure customer satisfaction
• Provide prompt assistance to customers on underwriting policies and procedures to expedite processing of underwriting requests
• Contribute actively to developing and maintaining relationships with agents and customers to enhance customer retention
• Ensure compliance with relevant laws, regulations, and industry standards to mitigate legal and financial risks.
• Maintain accurate records and documentation of underwriting decisions and processes for audit purposes and historical reference
• Conduct periodic audits to ensure compliance with underwriting guidelines and standards and identify potential risks.
• Assist in identifying areas of improvement in the underwriting process and recommend feasible solutions to optimize efficiency
• Assist in the resolution of complex underwriting issues to ensure accurate underwriting decisions and prevent customer complaints
• Stay updated with industry trends and best practices related to underwriting to enhance knowledge and improve the quality of underwriting
• Collaborate proactively with other departments to ensure seamless coordination of underwriting activities and avoid bottlenecks
• Act as a point of contact for underwriting queries and escalations, ensuring timely resolution
• Escalate any issues or concerns to the Manager as necessary to avoid potential risks
• Assist in training new team members on underwriting policies and procedures to ensure they have smooth onboarding experience
• Contribute actively to the development and improvement of underwriting guidelines and standards to ensure they remain current and relevant
• Attend training sessions and workshops to enhance skills and knowledge and keep up with the latest underwriting trends
• Perform any other duties as per delegation authority to ensure efficient functioning of the underwriting department

Qualifications and Experience:

• Minimum 4+ years’ experience in Life Insurance industry.
• CIP - SLII or Part / Full Qualification in Dip -CII / AIII is essential
• Experience in a 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 of 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 24th January 2025.