Overview
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.