Senior Manager- Central Underwriting (General Insurance)
- InsuranceMarket.ae
- 4 - 9 years
- Mumbai
- 1 month ago
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Job Description
Hiring : Senior Manager- Central Underwriting | General Insurance
Location: Lower Parel , Mumbai
Job Title: Senior Manager- Central Underwriting
Job Description:
Overview: We are seeking a highly detail-oriented and organized professional to join our team as a Product Compliance and Audit Specialist in our General Insurance Company. This role will play a pivotal role in ensuring the adherence to regulatory requirements, overseeing product filings, conducting comprehensive peer audits, and performing thorough Underwriting (UW) audits.
Responsibilities:
1. Product Filing:
- Review and Analysis: Carefully review and analyze product-related documents for new products, add-ons, and revisions to ensure compliance with regulatory standards.
- PMC Approval: Coordinate and facilitate meetings with the Product Management Committee (PMC) for necessary approvals related to product filings.
- Interdepartmental Collaboration: Engage in meetings with Product Tower (PT) and other relevant departments to resolve queries and ensure seamless product filing processes.
2. Peer Audit:
- Quarterly Audits: Conduct quarterly Peer Audits by establishing effective communication with all Product Towers, ensuring a comprehensive understanding of products, and identifying potential issues.
- Issue Identification: Systematically identify and categorize issues arising from the audits and assign suitable issue ratings based on severity and regulatory impact.
- Report Preparation: Prepare detailed Peer Audit Summary Reports and Technical Audit Summary Reports, highlighting findings, recommendations, and corrective actions taken.
3. Comprehensive UW Audit:
- Audit Calendar: Execute Comprehensive Underwriting (UW) audits based on the defined calendar schedule, ensuring coverage across different product towers.
- Briefing Sessions: Conduct briefing sessions with the concerned product tower teams to explain the audit process, objectives, and expectations.
- Methodology Review: Scrutinize UW methodology to ensure alignment with industry best practices and regulatory requirements.
- Authority Evaluation: Evaluate Underwriting Authority to verify that it is in accordance with company policies and regulatory guidelines.
- Breach Analysis: Investigate and analyze instances of Product Filing breaches, Pricing errors, and Compliance errors, providing recommendations for corrective actions.
Qualifications:
- Bachelor's degree in Business, Finance, Insurance, or a related field, or Masters in Business Administration
- Proven experience in underwriting, auditing, or policy drafting within the insurance industry.
- In-depth knowledge of insurance product compliance and regulatory requirements.
- Strong analytical skills with an eye for detail.
- Excellent communication and interpersonal skills for effective collaboration.
Key Competencies:
- Regulatory Knowledge: Stay updated on industry regulations and ensure that all product filings and audits align with current standards.
- Organizational Skills: Ability to manage multiple tasks simultaneously and meet deadlines in a fast-paced environment.
- Communication: Clear and concise communication skills for effective interaction with internal teams and regulatory bodies.
- Analytical Thinking: Capacity to analyze complex documents, identify issues, and propose effective solutions.
Warm Regards,
Jolly Nayak
3POINTHRM
Job Classification
Industry: InsuranceFunctional Area / Department: BFSI, Investments & TradingRole Category: General InsuranceRole: UnderwriterEmployement Type: Full timeContact Details:
Company: InsuranceLocation(s): Mumbai
Keyskills: Underwriting Audit Underwriting Central Underwriting Underwriting Governance Product Compliance Insurance
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