UNDERWRITING OFFICER

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JOB DESCRIPTION FOR UNDERWRITING OFFICER

JOB SUMMARY:

The Underwriting Officer is responsible for supporting the underwriting team by performing various tasks related to risk assessment, policy issuance, and other insurance applications. This role involves analyzing financial data, conducting risk assessments, ensuring compliance with underwriting guidelines and collaborating with other departments to maintain operational efficiency and accuracy of the underwriting process.

Key Responsibilities:

  • Risk Assessment:
    • Review applications and supporting documentation to assess the risk associated with each application.
    • Identify potential risks and weaknesses in the applicant's business model.
    • Analyze client data to determine eligibility and premium rates.
  • Compliance and Policy Management:
    • Ensure underwriting decisions comply with company policies and regulatory requirements.
    • Maintain accurate records of underwriting activities.
    • Adhere to Shariah-compliant practices in insurance operations.
    • Stay up-to-date on industry regulations and compliance requirements.
  • Collaboration and Communication:
    • Coordinate with marketing, claims, and actuarial teams to gather relevant information.
    • Participate in underwriting meetings and contribute to discussions on risk management.
QUALIFICATIONS:
    • A Bachelor’s degree in Insurance, Finance, Business administration, or a related field.
    • A minimum of 0-2 years experience in underwriting or a related role.
    • Internship experience in insurance or financial services is a plus.
    • Proficiency in Microsoft Office Suite, especially Excel.
SKILL AND COMPETENCIES:
    • Strong analytical and problem-solving skills.
    • High level of accuracy and attention to detail.
    • Good communication and interpersonal skills.
    • Willingness to learn and adapt in a dynamic environment.
    • Ability to work collaboratively and independently under minimal supervision.
    • Strong ethical conduct and commitment to confidentiality.
KEY PERFORMANCE INDICATORS (KPIS) and PERFORMANCE METRICS:
  1. Accuracy:
    • Minimal or error-free in underwriting decisions.
  2. Timeliness:
    • Completion of assigned tasks and reports within set deadlines.
  3. Learning and Development:
    • Demonstration of knowledge growth through training assessments.
    • Active participation in team projects and department initiatives.
  4. Compliance:
    • Adherence to internal policies and regulatory requirements.
    • Minimal to zero compliance-related errors.
  5. Quality of Work:
    • Contribution to audit findings with actionable insights.
  6. Collaboration:
    • Positive feedback from peers and supervisors on teamwork and communication.
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