Insurance is a traditional industry, one of the last ones to be transformed by digital. We are going to change that by launching a ground-breaking insurance solution for SME clients using the latest technology. This is a start-up business and we are looking to form an initial small team who will help set-up the business and support it through this initial stage to prove the concept. This is a rare opportunity to join an InsurTech business right from the start, especially one with the added resources of corporate backing.
We are currently developing an exciting new digital brand for our business and we will be based in our own cool new officies near London Bridge station. We are backed by a leading independent financial services partner to UK businesses providing. Their strategy is to extend into other financial services products and insurance is the latest venture. You would be an employee of that Corporate entity, trading under a new brand in the insurance industry.
Purpose of the role
The person joining to fulfil this role will be the first underwriter we recruit into the insurance business. This role will work with our wholesale MGA provider in the short term to understand and develop our underwriting strategy which will start with liability insurance. The primary role will be to take all underwriting queries and either have the delegated authority to make decisions themselves or to refer to our wholesale MGA. In the early days a large part of the role will involve ‘rolling your sleeves up’ and communicating with the end customer via the phone or webchat. There will be inbound and outbound telephone calls to make to follow-up quotes etc. This role will also have the opportunity to be a founding member of the underwriting team and can contribute to future underwriting strategy. As we grow and scale, there will be a number of different career directions open to the candidate.
Key responsibilities and accountabilities
Discussing terms and cover with policyholders where needed (phone and webchat)
Delivery of product and trade underwriting strategy through digital channels
Customer management via web chat, inbound and outbound calls
New business sales and conversion rates
Developing risk management frameworks/models and identify and help manage key risks
Assessing risk and pricing to ensure premiums are competitive and accounts are in line with business strategy
Ensuring underwriting policies, procedures and guidelines are in line with company’s and regulatory compliance
Ensuring relevant reporting and analysis is in place for monitoring the underwriting result
Assisting in writing policy wordings, letters, general information in plain English
Training and coaching of Customer Service Agents
Have experience in underwriting SME commercial lines policies, preferably liability in an MGA model. This person believes that you can build very effective underwriting decisions into a digital environment and is excited about using new and innovative ways of assessing risks on-line. This person believes that there is an opportunity to better serve customers of small businesses on-line making it easier, more transparent and hassle free, not least from taking the jargon away from policy documents. This persons wants to challenge the status quo of the industry and is looking for an opportunity to do something different. This role needs to push the boundaries but be very aware that they still need to make a profit. This person will be energetic, keen to make their mark, and analytical.
Key skills and behaviours needed for this role
Expertise - Junior underwriter with knowledge of the SME commercial market and of key regulatory principles
Analytically minded - Effective analytical skills, problem solving with a logical approach to work, absorbs technical information and translates into meaningful actions
Decision making - Makes good decisions based on fact and sound judgement, taking responsibility for such actions
Compliance - Understands and values the need to adhere to FCA regulations
Influence - Negotiation skills and the ability to influence others
Key knowledge and experience
Essential knowledge and experience
• Knowledge of Insurance industry
• SME underwriting experience – liability and possibly property
• B2C customer facing experience
• Experience of working autonomously and proactively
• Appreciation of technology and how it can be exploited to trade SME business more effectively
• Financial services industry
• Regulatory experience and knowledge
• Certified by chartered institute of insurance