Underwriter ( 12 months - FTC )

Job Advert Summary

(Land Bank) is South Africa’s only specialist agricultural bank established in 1912, the bank’s sole objective is to serve South African commercial and emerging farmers and bring specially designed financial services within their reach. These services enable farmers to finance land, equipment, improve assets and obtain production credit. The Land Bank provides financial services that have moved with the times and continues to provide services to agri-business and constantly reviews its offerings to ensure that they match the needs of an industry. As change has swept across the sector in South Africa the socio-economic makeup of agriculture has altered, bringing new entrants from historically disadvantaged backgrounds on to the land, these new farmers, facing the challenges of establishing sustainable agri-businesses across the agricultural value chain, Land Bank has been a commercial lifeline offering appropriately designed financial products that facilitate personal and commercial viability in a sector that is vital to the sustainability of South Africa and its people.

MAIN PURPOSE OF THE JOB

Underwrite and administer insurance policies in line with the company’s underwriting philosophy and guidelines.

Key Performance Areas

1. Underwriting and Administration

• Evaluate and assess insurance proposals.
• Determine required premium level based on experience and manual rates plan design, services, and competitive information in accordance with organisational guidelines.
• Demonstrate a high degree of knowledge regarding underwriting quantitative and qualitative tools and communicate the outcomes clearly to Sales and Claims functions.
• Research all problems and risk related issues by using initiative in problem solving that involves management in decision making as necessary.
• Responsible for monitoring profitability as measured by loss ratio improvement.
• Complete assessment of claim trends and services.
• Analyse all necessary historical account information.
• Determine renewal terms including required premium level and policy plan change recommendations and deliver complete renewal package to Sales according to organisational department guidelines.
• Accountable for the accuracy and completeness of all renewal data.
• Negotiate all subsequent appeals with Sales regarding premium levels and policy plan provisions and involve appropriate people in decision making and negotiating as necessary.
• Participate in interdepartmental discussions between Sales, Claims and Underwriting on renewal business issues and make recommendations regarding policy plan provisions and claims and administrative procedures. Communicate recommendations to Sales for delivery to customer.
• Review all customer and Sales requests for policy and plan changes.
• Determine contract and pricing changes necessary according to underwriting guidelines and use independent judgment.
• Negotiate with Sales subsequent appeals and manage changes according to organizational procedures.
• Complete semi-annual and ad hoc profitability analysis for all assigned cases and provide summary of analysis to management and Sales. Analysis to include but not limited to
• Continuous improvement to ensure effective service
• Ensure statutory and legislative knowledge is always current in order to resolve customer complaints, to advise the business on corrective solutions to mitigate risks and to improve the customer experience whilst complying with governance requirements.
• Ensure adherence to organisational policies, practices and procedures.
• Identify solutions to enhance cost effectiveness and increase operational efficiency

2. Maintenance of policies in the operating system

• Receive the information to be captured and analyse to determine the nature of the capturing required
• Capture the information accurately on the system
• Process debit order collections.
• Ensure that all Sasria rates are embedded in the system.
• Submit captured information for approval where necessary
• Maintain system in accordance with policies, procedures and legal requirements

3. Quality Assurance

• Determine the quality requirements applicable to the work environment
• Ensure that all work conforms to the quality requirements in terms of delivery
• Initiate corrective actions where required to maintain quality standards
• Ensure that all policies and procedures are maintained to enable compliance measurement

Preferred Minimum Education and Experience

• Commercial Business Degree
• 5-8 years Life and/or Short term insurance underwriting experience
• 5-8 years Insurance operating system experience

Critical Competencies

• Underwriting and administration
• Maintenance of policies in an operating system
• Quality Assurance
• Good underwriting principles

Additional Requirements

• Extended hours as and when required.