SUMMARY
This role will report to the Head of Accident and Health (A&H) and is accountable for the profitability, growth, retention, and loss ratio of the A & H portfolio. In partnership with local A&H, the role will develop and execute the country A & H underwriting strategy.
The role will work closely with Head of A & H, Line of Business Managers, Distribution, Customer Hub, Claims and Operations, Finance, Legal, Risk and Compliance to help drive and implement strategic initiatives.
The role functions as the key contact regarding all underwriting, compliance and portfolio management issues in the country.
The person in this role is responsible for:
managing underwriting for Accident & Health Insurance;
monitoring and compliance to internal underwriting guidelines and procedures;
Implementing and maintaining a rigorous and ongoing portfolio analysis and management process.
DIRECT REPORTS TO THIS ROLE
Underwriters
KEY RESPONSIBLITIES
Meet the planned financial and operating targets
Responsible for achievement of financial targets for revenue, profit and growth
Achieve new business and retention objectives
Deliver on underwriting profit results with focus on loss ratio and combined ratio
Govern the Underwriting Process
Develop the underwriting framework, best practices, underwriting guidelines and risk appetite, i.e.rating, pricing, product features and risk segmentation
Drive consistent underwriting, claims and portfolio management best practices and guidelines
Ensure all underwriting initiatives are complaint with local regulations and aligned with A&H strategic objectives and global principles for risk appetite
Handles referrals within stated authority
Analyze and underwrite large accounts and complex risks
Oversee portfolio management and provide leadership on decision making and execution on corrective action plans
Monitor loss ratio performance for the various product lines, large cases, programs and segments and recommend corrective action to maintain targeted loss ratio.
Ensures effective utilization of monitoring standards including audits, quality reviews and peer reviews to assess underwriting results and loss ratios
Deliver timely and accurate performance and P&L reports.
Responsible for the operational execution of the underwriting process, including service levels, error rates, customer satisfaction, and underwriting leakage rates. Implement process improvement ideas
Meet agreed SLA as it relates to Underwriting servicing, processes and response time. To manage workflow between underwriting and key stakeholders.
Manage the Underwriting team
Lead a team of underwriters. Partner with product and distribution stakeholders on the development and execution of new business and renewal strategies for A&H products
Provide technical underwriting direction and leadership to A&H team.
Strengthen A&H capabilities to lead middle and large account segments and Multinational activities
Partner with local product and distribution teams to identify and target new business and cross sell opportunities into P&C base.
Provide ongoing training to improve underwriting skills and develop succession plans based on competency of our underwriters
Drive continuous improvement of underwriting productivity through implementation of underwriting strategies (automation, referral process, etc.) to optimize efficiency
Maximize resources and ensure consistency in underwriting, service and market facing activities
Manage Authority delegation in country including required Peer Audits
Responsible for how Authority holders appraise and accept risk on behalf of the Company
Drive a culture that promotes collaboration, diversity and inclusion
Lead and support product development
Support the development of new products and/or product enhancements/amendments in collaboration with Product Management and Distribution to deliver customized and innovative solutions aligned with segmented customer needs
Help to prioritize, size and expand existing products and/or introduce new products utilizing market trends to understand opportunities, gaps and our competitive position in the market
Develop underwriting guidelines for new products setting forth guidance on coverages, terms, conditions and limits. Create, control and/or approve policy wording and endorsements including changes and review of all collaterals relating to the product
In partnership with pricing actuaries and business analytics, develop pricing and portfolio strategies and rating models
Ensure adequate and regular monitoring and analysis of product performance
Review and update the product set up for the operating system in regards to the underwriting rules, fields to capture benefits and peril codes
Maintain product/plan benefits configurations and pricing to a standard that ensures A&H wording and profit objectives are met.
Carry out user acceptance testing and drive required changes to ensure the above is met
Maintain and manage policy wording and endorsement register, ensuring version control and appropriate signoffs from legal, compliance and other internal parties as required
Operations and Business Processes
Liaise with internal stakeholders to ensure awareness of underwriting activities that require support and service
Deliver timely and accurate production and P&L reports.
Improve service levels, reduce turn times, reduce underwriting leakage and improve productivity
Lead the execution of underwriting best practices and guidelines to ensure rating and pricing adequacy
Responsible for the operational execution of the underwriting process, including service levels, error rates, customer satisfaction, and underwriting leakage rates. Implement process improvement ideas
Compliance
Quarterly self-audit process to assure 100% and timely compliance.
Lead in any audits on underwriting issues.
Develop and implement action plans based on audit recommendations and findings
Adherence to all internal and external compliance standards, including implementation of new standards.
JOB REQUIREMENTS
Technical Skills
Preferred minimum of 10 plus years of underwriting experience with P&L responsibility, with at least 5 years of underwriting management experience with A&H insurance products
A commercial thinker with deep knowledge of insurance and financial services industry; an ability to determine how external changes or decisions will impact the company, and plan accordingly. Strong financial acumen; able to anticipate, identify, and explain the financial implications of decisions
Strong customer service ethic, with a sound understanding of the business processes
Knowledge of market segmentation, portfolio management, acquisition and multiple distribution systems
Ability to drive and execute global strategies and best practices
Established strong relationships with customers, intermediaries, and regulators
Demonstrated business savvy, analytical and quantitative skills
Leadership skills
Proven Strategic Leadership skills in developing vision and purpose and driving for results
Strong interpersonal and communication skills. Proven ability to lead, motivate and gain commitment and trust from direct reports and colleagues
Influencing skills and proven ability to work across interdisciplinary teams that are geographically dispersed and cultivating a network of productive relationships in an international matrix environment
Demonstrated capabilities in developing a high performance organization. Proven ability to manage diverse teams of people
At AIG, we value in-person collaboration as a vital part of our culture, which is why we ask our team members to be primarily in the office. This approach helps us work together effectively and create a supportive, connected environment for our team and clients alike.
Enjoy benefits that take care of what matters
At AIG, our people are our greatest asset. We know how important it is to protect and invest in what’s most important to you. That is why we created our Total Rewards Program, a comprehensive benefits package that extends beyond time spent at work to offer benefits focused on your health, wellbeing and financial security—as well as your professional development—to bring peace of mind to you and your family.
Reimagining insurance to make a bigger difference to the world
American International Group, Inc. (AIG) is a global leader in commercial and personal insurance solutions; we are one of the world’s most far-reaching property casualty networks. It is an exciting time to join us — across our operations, we are thinking in new and innovative ways to deliver ever-better solutions to our customers. At AIG, you can go further to support individuals, businesses, and communities, helping them to manage risk, respond to times of uncertainty and discover new potential. We invest in our largest asset, our people, through continuous learning and development, in a culture that celebrates everyone for who they are and what they want to become.
Welcome to a culture of inclusion
We’re committed to creating a culture that truly respects and celebrates each other’s talents, backgrounds, cultures, opinions and goals. We foster a culture of inclusion and belonging through learning, cultural awareness activities and Employee Resource Groups (ERGs). With global chapters, ERGs are a cornerstone for our culture of inclusion. The talent of our people is one of AIG’s greatest assets, and we are honored that our drive for positive change has been recognized by numerous recent awards and accreditations.
AIG provides equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
AIG is committed to working with and providing reasonable accommodations to job applicants and employees with disabilities. If you believe you need a reasonable accommodation, please send an email to candidatecare@aig.com.
Functional Area:
UW - UnderwritingAIG Malaysia Insurance Berhad