Role: Underwriting Portfolio Manager
We are looking for an experience candidate for this position within the Legal Expenses division of the Specialty Business Unit reporting to the Lead Underwriter. This role involves supporting the Lead Underwriter working on all aspects of the development, implementation, testing, and analysis of business written by the Legal Expenses underwriting team and the tracking and reporting of relevant business metrics.
Other duties include:
- Engaging with underwriters to ensure the provision of high quality underwriting management information, whilst supporting the implementation of new tools so that the firm achieves its objectives on delegated authority and open market business.
- Interaction with Reserving and Pricing Actuarial to ensure profitability of the portfolio, adequacy of return on capital and the accurate presentation of the results through the reserving process;
- Interaction with Operations and Claims to ensure the efficient and accurate booking of Legal Expenses premium and claims bordereaux and ensure that the LOB results are accurately reflected in the P&L account;
- Production of monthly and quarterly reporting and underwriting information into the Finance and Specialty leadership teams and committees;
Acting as a reviewer, challenger and advisor to Legal Expenses underwriters on reporting and system matters to ensure compliance with internal and external minimum standards, profitability of the portfolio and good customer outcomes
Essential Job Functions:
- Internal and External Audit:
- Managing the relationship with auditors to ensure the provision of quality data and reports and developing processes to respond to audit requests.
Underwriting Management Controls:
- Ensuring that external and internal underwriting best practice are implemented, embedded and are being met by Underwriters - e.g. responsibility for the review of exception reports, peer review and underwriting governance KPIs.
- Management of the Product Governance Process including overseeing new product development and regular product reviews;
- In close collaboration with the Lead Underwriter implement new/enhanced portfolio monitoring and analytical methods, techniques and processes in order to enable enhanced understanding of the risks that the business is writing.
- Ensuring that such processes/reports are automated, optimized and fully documented.
- Interpret, challenge and communicate the data to facilitate the underwriting team in carrying out analysis. Identification and timely communication of Portfolio trends and risks (including both profitability and conduct) and in-depth analysis of contributing factors.
- Oversee the collation of relevant reports for committees (Underwriting Management Committee, Delegated Authority Committee, Product Governance Committee, Conduct Committee etc) as may be required
Internal Stakeholder Management:
- Develop and maintain strong relationships with the wider Underwriting Governance team and all internal Business Functions (Operations, IT, Finance, Risk Management, Actuarial, Claims and Compliance)
- Working with the Lead Underwriter on the annual Business Planning process. Tracking / proposing remediation to the execution of the business plan in aspects such as production, profitability, price adequacy, risk profile and portfolio mix.
- Other duties may be assigned in order to meet the on-going needs of the organization.
- Extensive experience of working in a regulated insurance company environment, ideally within Legal Expenses but any environment where there are high conduct risk lines of business such as Warranty, Property or Accident & Health would be relevant.
- Familiarity with delegated authority business and processes
- Understanding of Legal Expenses business lines preferably in a Legal Expenses Insurer or MGA environment.
- Proven strong quantitative / qualitative analysis experience, techniques and skills
- Skilled in the interpretation of data and able to work to a high level of detail and accuracy
- Experience of data management and/or portfolio monitoring processes and techniques