Product Specialist – Financial Institutions, Asia
2 days ago
Job Summary:
To underwrite Financial Institutions (FI) and Financial Lines account within International Specialties and provide counsel and advice on..
Job Summary:
To underwrite Financial Institutions (FI) and Financial Lines account within International Specialties and provide counsel and advice on underwriting related issues. Provide technical expertise in this business area and maintain and improve market reputation of the Beazley brand.
Key Responsibilities:
Product Specialist
- Develop and maintain the focus group(s) strategy to ensure optimum profitability, premium growth, and market share.
- Liaise with other Beazley Focus Groups offering similar coverage to foster a consistent underwriting approach across the company.
- Oversee the development of focus group(s) products, underwriting guidelines and rating techniques.
- Liaise with the claims team to ensure claims frequency and severity is effectively monitored in the pursuit of underwriting profitability.
- Marshall and identify the necessary internal and external resources to anticipate and monitor developments that may alter the perception of risk.
- Liaise with the Broker Relations and Marketing team to promote our capabilities to our broker partners to pursue profitable long-term growth.
- Create and maintain a competitive differentiation for the focus group’s products, by building the brand to facilitate the placement of new business with Beazley.
- Monitor competitive, regulatory, distribution and economic environments for business opportunities in conjunction with the relevant stakeholders.
- Recognised as a product expert and leader internally and externally.
Underwriting
- Develop and underwrite a profitable portfolio of Asian FI business as part of International Specialties.
- Structure tailor-made solutions by considering the team underwriting parameters and underwriting policy and using underwriting knowledge and experience to win new business and retain existing.
- Monitor premiums, costs and claims ratios per contract and take corrective measures if necessary to ensure long term profitability at account level.
- Evaluate appropriate risk premium by considering the risk costs, reinsurance cessions, capital exposure as well as the underwriting and general administration costs to ensure profitability, using rating models as applicable.
- Monitor peer underwriters in their daily work to ensure profitability as well as efficient and cost effective administration of the Asian FI account.
- Monitor and supervise assistants in their daily work to ensure compliance with underwriting philosophy and policy and consistency within the team and Specialty Risks.
- Comply with Beazley’s underwriting control standards for business written through Lloyd’s and any of Beazley’s subsidiaries or internal MGAs.
- Develop a good working relationship with the claims managers on this class of business.
Client Management
- Advise, assist and service clients on insurance and risk matters to ensure clients’ satisfaction.
- Foster positive relationships with clients to get a mutual understanding of both their and Beazley’s needs.
- Maintenance of good business relationships with brokers.
- Maintain awareness of overall Beazley product range and take advantages of opportunities to introduce other Beazley products to clients.
General
- Leverage networking opportunities within the business to develop standardised underwriting policy and best practice within Beazley.
- Develop best practice and disseminate business and class knowledge within the FI, International Specialties and Specialty Risks team.
- Work with peers within FI, International Specialties and Specialty Risks to maximise business opportunities and profitability within the department. This will include but not be limited to sharing market information, marketing sources and cross selling opportunities.
- Share and gather knowledge within the Beazley Group to ensure dissemination of best practice and maximise business opportunities and profitability across the Group.
- Production of presentations and marketing literature as required.
- Production of business plans/research documents for the Asian FI account as required.
It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to:
- Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates FCA and PRA Conduct rules.
- Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
- Display business ethics that uphold the interests of all our customers.
- Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
- Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
- Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.
Personal Specification:
Skills & Abilities
- Proficient underwriting skills
- Accurate and numerate
- Strong analytical skills with attention to detail
- Able to communicate effectively with others, both verbally and in writing
- Ability to manage time, meet deadlines and prioritise
- Motivational skills, including ability to train other underwriters / support staff
Knowledge & Experience
- General commercial and financial knowledge
- Experience in insurance industry
- Extensive underwriting experience and expertise in FI and the Asian markets
- Thorough knowledge of underwriting policy, philosophy and practice
- Advanced knowledge of underwriting processes and systems
- Client service experience
Aptitude & Disposition
- Result focused, self-motivated, flexible and enthusiastic
- Professional approach to interact successfully with managers/colleagues/external suppliers
- Team worker as well as able to work on own initiative
- Customer focused, with a strong ethic of service and fairness to the customer
Competencies
- Achievement drive
- Analytical thinking
- Strategic thinking
- Service focus
- Team working
- Forward thinking
- Influencing
- Conceptual thinking
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