Business Lead - Insurance Underwriting

Business Lead

We are currently hiring for "VP - Insurance Underwriting" with a leading startup based out in Mumbai.

- You will also be responsible for developing and implementing underwriting strategies, leveraging technology and data analytics to optimize decision-making processes, and fostering automation and innovation within the underwriting function and onboarding and managing relationships with the Insurance/Reinsurance partners, negotiating terms, pricing, and repricing with them

- As a key member of the executive team, you will collaborate closely with other departments to drive overall business objectives and enhance our competitive position in the market.

Job Responsibilities:-

1. Strategic Leadership:

- Develop and execute underwriting strategies aligned with the company's overall goals and objectives.

- Drive innovation in underwriting processes, incorporating automation and data analytics to enhance efficiency and effectiveness.

- Provide strategic guidance on product development, and pricing to maximize profitability while ensuring alignment with regulatory requirements and industry best practices.

2. Underwriting Operations:

- Establish underwriting standards, guidelines, and workflows to maintain consistency and quality across all underwriting activities.

- Oversee all aspects of underwriting operations, including plan sales declarations, premium payments, claims declarations, and claims recovery.

- Monitor program performance metrics (current as well as projected) from the Program Owner as well as the Insurer's point of view, and suggest corrective actions as needed.

- Perform periodic (quarterly) reviews of each program's performance and discuss the findings with the Business Team as well as the Insurer.

- Evaluate profit share calculation with the Program Owner as well as the Insurer, in line with the Contracts.

- Work with the finance team to calculate Accounting Provisions.

3. Insurer / Reinsurer relations:

- Identify Insurance / Reinsurance partners in the respective country to underwrite the programs.

- Negotiate terms, pricing, re-pricing, and profit share with the Insurers/Reinsurers, using data-driven insights to analyze the underlying risk.

- Diversify the book with multiple Insurance partners (at least two) for each country / region.

4. Compliance:

- Ensure adequate licenses are procured and maintained in the respective territory to conduct business in a compliant manner.

- Ensure compliance with regulatory requirements and industry standards related to underwriting practices.

5. Technology and Data Analytics:

- Leverage technology solutions and data analytics to automate underwriting processes, improve decisionmaking accuracy, and enhance customer experience.

- Collaborate with the technology team to develop and implement underwriting platforms, tools, and predictive models.

- Collaborate with the technology team to develop real-time dashboards on program performance.

- Data analytics to identify unusual patterns negatively affecting program health, and suggest control measures.

6. Talent Development:

- Build and develop a high-performing underwriting team, providing leadership, mentorship, and professional development opportunities.

- Foster a culture of continuous learning, innovation, and collaboration within the underwriting function.

7. Stakeholder Management:

- Collaborate with internal stakeholders, including business development, product development, claims adjudication, and customer happiness to drive cross-functional initiatives and optimize business outcomes.

- Cultivate relationships with external partners, such as insurers, reinsurers, brokers, and regulatory authorities, to support business growth and strategic objectives.

Key Requirements:

1. MBA OR Bachelor's degree in business, finance, mathematics, or a related field with 18+ years of work experience.

2. Extensive experience in underwriting leadership roles within the insurance industry with a focus on property and casualty (P&C) lines.

3. Strong understanding of actuarial principles, underwriting principles, risk management techniques, insurance regulations and compliance.

4. Proven track record of driving underwriting excellence, profitability and innovation.

5. Experience implementing technology solutions and leveraging data analytics to improve underwriting processes and decisionmaking.

6. Excellent leadership, communication, and interpersonal skills, with the ability to collaborate effectively across departments and influence key stakeholders.

7. Strategic mindset with the ability to think analytically, anticipate market trends, and develop actionable plans to capitalize on opportunities and mitigate risks.

Mumbai