Underwriting Risk Reviewer

Posted 5 days ago by Resource Solutions
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Job title: Underwriting Risk Reviewer - Property & Casualty

Location: Central London

Part Time - Working 21 hours per week

Salary: Negotiable

Resource solutions are recruiting for a leading insurance provider, who are seeking a part time Underwriting Risk Reviewer to join their Property & Casualty Underwriting team

Job Purpose

The purpose of this role is to provide a post binding independent review of risks underwritten, in accordance with the current Risk Review Standard. To ensure that each risk is reviewed by an individual who is independent of the underwriting process and, any issues are raised with the underwriters. Additionally, to escalate issues to the department management as laid down within the company Risk Review Standard, the risk review guidelines and risk review terms of reference.

To provide summary reports as required, to the Underwriting Management, of trends and developments in risk acceptance within Specialty. Additionally, report as required, on any significant emerging issues at any Performance Review meetings for each class of business.

This role will involve the day to day management of the risk review process, and plus co-ordinate with other reviewers across the company through the Risk Reviewers Group. Co-ordinate and liaise with pricing actuarial resources. Additionally, co-ordination with external risk reviewers for annual "expert" review reports.

Duties of the Role:

Carry out the risk review process within the department, specifically:

The post binding review and assessment of risks written by individual underwriters within the company Specialty.

Ensure risks are reviewed within agree time frames and review comments entered within the work Process system and the review is evidenced within S2000 database.

Clarify and challenge the quality of risks accepted, where either or both is required.

Ensure that the size of the line is within the Syndicate parameters and report any breach of syndicate or individual authorities to management.

Ensure that there is supporting and adequate documentation about the risks bound.

Escalate any issues to the Specialty CUO’s as they require.

Capture a risk score for each risk reviewed and independent of the Underwriter’s score.

Ensure remedial action is taken where necessary, including consideration of the purchase of additional Reinsurance or cancellation of risks in the extreme.

Ensure meetings with the underwriting teams take place when required.

Co-ordination with the Independent Expert Reviews, providing any information/materials to external reviewers as required and identify responses from Underwriters to issues raised by external reviewers.

Provide a risk review report for each business unit’s semi-annual performance review and /or strategy meetings.

Pricing/Rating:

Review the pricing adequacy of risks relative to technical pricing standard and highlight issues arising.

Review Underwriters "Estimated Loss Cost" assessments relative to technical premium versus price achieved, and additionally review the "risk versus catastrophe" element of the ELC.

The role interfaces with Underwriting teams, Management, the London Underwriting Manager, pricing actuarial resources other risk reviewers across the London operation and external risk reviewers as follows:

Ensure issues are raised with Underwriters when appropriate;

Escalate issues to Management;

Liaise with other risk reviewers across the London operation in meetings;

Liaise with the external risk reviewers;

Co-ordinate with Group Underwriting as required.

Person Specification

Proven experience as a Underwriting Risk Reviewer, ideally with detailed knowledge of the Property & Casualty business placed into the Lloyd's market

Judgement and decision making capability

Evaluation and Analysis skills

Commercial Awareness

Underwriting Experience

Negotiation skills

The role interfaces with Underwriting teams, Management, the London Underwriting Manager, pricing actuarial resources other risk reviewers across the London operation and external risk reviewers as follows:

Conduct the risk review process ensuring that a level of consistency is adopted across the division;

Effectively challenge underwriters of individual risks and portfolios optimising the risk/reward ratio of the business written;

Required skills

  • Underwriting

Application questions

Do you have more than Two years Risk Reviewing experience?
Are you able to work part time 21 hours per week for this role?

Reference: 39957304

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