Underwriting Head

Job Description: Head Underwriting

Location: Powai, Mumbai

Experience: 10-15 years in underwriting, with at least 5+ years of experience in Life Insurance

Role Overview:

We are looking for a dynamic and experienced Head of Underwriting to lead our underwriting function. The ideal candidate will have a strong background in underwriting, particularly in Life Insurance, and a deep understanding of risk assessment, regulatory compliance, and business strategy. This role requires a strategic leader who can enhance underwriting processes, implement best practices, and collaborate with multiple teams to drive profitable growth.

Key Responsibilities:

Strategic Underwriting Leadership:

- Develop and lead the underwriting strategy, ensuring alignment with the companys risk appetite and business goals.

- Oversee the end-to-end underwriting process, ensuring efficiency, accuracy, and compliance.

- Work closely with senior management to identify emerging risks and adapt underwriting policies accordingly.

- Collaborate with actuarial, claims, sales, and product teams to develop competitive and profitable insurance products.

Risk Assessment & Decision-Making:

- Review, assess, and approve complex and high-value insurance proposals, ensuring sound risk assessment and adherence to underwriting policies.

- Utilize data analytics and predictive modeling to improve underwriting accuracy and efficiency.

- Implement a tiered risk assessment approach to optimize underwriting time while maintaining rigorous risk controls.

Regulatory Compliance & Governance:

- Ensure strict compliance with IRDAI regulations, internal policies, and industry best practices.

- Regularly review underwriting policies and procedures to keep them updated with regulatory changes.

- Liaise with auditors, regulatory bodies, and risk teams to ensure smooth audits and compliance checks.

Team Development & Leadership:

- Manage, mentor, and upskill a team of underwriters to enhance their expertise and performance.

- Foster a culture of continuous learning and improvement, driving excellence in underwriting standards.

- Conduct regular training programs and knowledge-sharing sessions to keep the team updated with industry trends and regulatory changes.

Process Optimization & Automation:

- Leverage technology, automation, and AI-driven underwriting tools to improve efficiency and reduce manual errors.

- Identify areas for process enhancement and work with IT and digital transformation teams to implement underwriting automation solutions.

- Optimize turnaround times for underwriting decisions without compromising on risk assessment quality.

Stakeholder Collaboration:

- Work closely with sales and distribution teams to ensure a smooth underwriting experience for customers.

- Provide expert insights to product development teams to create innovative insurance solutions.

- Engage with reinsurers and external partners to ensure effective risk-sharing arrangements.

Key Requirements:

Experience: 10-15 years of underwriting experience, with a minimum of 5+ years in Life Insurance.

Industry Knowledge: Strong understanding of life insurance underwriting, risk assessment, and policy structuring.

Regulatory Expertise: In-depth knowledge of IRDAI guidelines, compliance requirements, and underwriting best practices.

Leadership Skills: Proven ability to lead teams, manage stakeholders, and drive performance.

Analytical Mindset: Experience in data-driven decision-making, predictive modeling, and risk evaluation.

Technology Adaptation: Familiarity with underwriting automation, AI-driven risk assessment, and digital tools.

Communication Skills: Strong ability to interact with cross-functional teams, senior leadership, and external partners.

Preferred Qualifications:

Education: Bachelor's degree in Finance, Insurance, Business Administration, or related field. An MBA would be an added advantage.

Certifications: Fellowship or certifications in insurance underwriting (e.g., LOMA, ALU, FALU, CII) preferred.

Tech Proficiency: Exposure to underwriting software and automation tools like RGA AURA, Munich Re ALLFINANZ, or similar platforms.