L&T Insurance - Sr Mgr - Techincal Service

JOB DESCRIPTION

Position Title : Senior Manager – Technical Services

Company : L&T Insurance

Division / Department: Distribution

Location : Kolkata

1. JOB PURPOSE

- To lead the Technical Services vertical for all Lines of Business responsible for Underwriting of Personal & Commercial Proposals including large and complex risks, Risk Evaluation, Risk Rating and placement of Risk reinsurance; this role is critical for the organization in order to ensure an acceptable portfolio mix through proper Risk Selection methodologies and maintaining the portfolio within the acceptable target metrics

2. PRINCIPAL ACCOUNTABILITIES

1. Accountabilities

- To ensure appropriate risk assessment, risk rating, risk underwriting as per underwriting policy of the company. Implement proper risk selection methodology so as to arrive at an acceptable portfolio mix and managing risk accumulations.

- Meeting with brokers and clients to understand market trends and to formulate underwriting policies accordingly (To work closely with Distribution, Claims and Actuaries on Pricing). To ensure adequate reinsurance protection in conjunction with reinsurance team/ Corporate underwriting team

- Achievement of budgeted C2E in conjunction of Claims Ratio & Cost of Acquisition

- Train internal and external sales channels and other associated partners

- To ensure Quote discipline wrt. the Underwriting / RI guidelines and proper issuance of Commercial LOB policies

2. Major Activities

- Analysis of the existing portfolio of the Zone and classification based on the Risk Profile

- Mapping the portfolio with our budgeted LR and / or Reinsurance T&C

- Regular & structured monitoring of the portfolio and suggestion of the Controls

- Interaction with the Sales Team to devise a shared approach to implement the organizational goal

- Monthly / Quarterly plans for market visits based on Concentration of customers & intermediaries

- Regular meeting with Sales to understand the market dynamics along with the quote tracker for lost proposals

- Monthly review with Claims department on the Loss nature

- Regular review of the Zonal Portfolio and matching with the RI treaty

- Regular interaction with Corporate Underwriting / RI team to match both

- Undertaking / organizing Risk Inspection

- Review of the LR for every Lines of Business matching with the budget

- Review of large deals / associations in light of the target / budget C2E

- Review with the other Zonal Heads of various verticals to develop a shared view of the business in order to drive budgeted C2E

- Create a calendar for regular training on company products, Underwriting philosophy in tandem with RI terms

- Make a program for train the trainers within the Sales Team to promote as Underwriting Champions

- To check the quote issued by Team members and sales for a proper Audit

- Corrective actions wherever required

- QC of Policies issued on a sample basis

3. Key Performance Indicators

- Maintaining the desired Portfolio Mix

- Risk Rating & Actual Portfolio performance matching

- Loss Ratio as per budget

- Minimizing non-voluntary attrition

- Productivity per person

- Team productivity in line with budget

- Adherence to Budgeted GWP and C2E numbers

- No. of Training program held

- QC scores

4. DIMENSIONS

Financial Dimensions

(These should be quantifiable numerical amounts like annual budgets, project costs, annual revenue, purchase value etc.).

- Annual Budget & C2E

Other Dimensions

(Indication of some of the significant volumes associated with the job like number in team/ staff handled etc).

- 5 – 7 Direct Reports

5. SKILLS AND KNOWLEDGE

(State the minimum acceptable proficiency for this job which best indicates the education and/or experience requirements of this job and not the incumbent).

Educational Qualifications

- MBA / Graduate with AIII; FIII desirable

Functional Skills

- Knowledge of the Zonal market

- Subject matter expertise in a min. of one area i.e. Property & Engineering/Marine/Liability & Financial Insurances/Accident & Health/ Misc Commercial Lines

- Analytical skills including the ability to understand financial statement, financial ratios etc.

- Basic Reinsurance knowledge

- Knowledge of Risk Inspection

Relevant and total years of Experience

- Minimum Total experience of 7 - 10 years of which at least 5 years in Underwriting of Commercial Lines of products