The IPMI Underwriter – Health role is a fixed-term position responsible for evaluating and managing International Private Medical Insurance (IPMI) risks. This involves ensuring strict compliance with internal policies, regulatory guidelines, and industry best practices. The role supports the delivery of profitable business, streamlines underwriting processes, and ensures timely turnaround in underwriting decisions. The incumbent will contribute to the effective oversight and execution of the company’s underwriting operations, ensuring that all activities align with the organization’s strategic objectives.
Key Tasks and Responsibilities
- Evaluate and assess IPMI risks for new and renewal business, ensuring sound underwriting decisions that align with the company’s underwriting philosophy.
- Build and maintain a quality IPMI business book through reinforcement and implementation of experience-based underwriting discipline.
- Ensure all underwriting practices comply with internal policies, processes and procedures, regulatory standards, and audit requirements, while contributing to the improvement of underwriting controls and processes.
- Debit all IPMI business within the set TATs (Turnaround Times) and SLA’s (Service Level Agreements) and in any case not later than 20th of each month.
- Work closely with the sales team and retention team to provide technical IPMI underwriting support, resolve queries, and ensure alignment with underwriting guidelines.
- Manage customer complaints in line with service standards (acknowledgment within 24 hours; closure within 5 days).
- Review monthly reinsurance administration accounts and ensure reinsurance parameters reflect accurately as per the agreed parameters under the reinsurance.
- Perform weekly account reconciliations to identify debtors and creditors based on aging and advise Finance on any allocation issues.
- Prepare accurate and insightful underwriting reports to facilitate data driven decision making.
- Ensure all underwriting documentation is complete, compliant, and fully approved.
- Support with continuous review of policy documents to ensure exposures are identified and closed timeously.
- Participate in the development of new IPMI products and the enhancement of existing ones to ensure continued relevance in response to evolving client needs and market dynamics.
- Continuously monitor and review the performance of the IPMI portfolio; identifying trends, providing insights and recommendations to improve profitability, sustainability, and customer value.
- Identifying opportunities to improve efficiency and reduce costs in the department to support organizational goals.
- Support in training of staff and contribute to knowledge sharing on health products and underwriting processes.
- Ensure compliance to insurance related Statutory and regulatory requirements including Treating Customers Fairly and Data Protection Act.
- The incumbent will be responsible for ensuring adherence to, implementation of, and adoption of Compliance, Anti-Money Laundering (AML), and Sanctions-related policies, procedures, and process requirements within Old Mutual and its subsidiaries. This includes execution of customer due diligence processes, ensuring compliance with Know-Your-Customer (KYC) standards, conducting ongoing and enhanced due diligence, and maintaining data quality. Additionally, the role involves identifying and monitoring potential AML, Sanctions, or Compliance breaches and unusual activities, and escalating these concerns to the Risk and Compliance Office for further action.
Knowledge and Experience
- University degree in Actuarial Science, Mathematics or Statistics.
- Progress in professional qualification in insurance such as ACII /DipCII/CertCII.
- Experience in IPMI underwriting will be an added advantage.
Skills and Competencies
- Sound Technical Underwriting skills.
- Intensive and extensive IPMI health products knowledge.
- Good assessment and analytical skills.
- Decision - making skills.
- Detail oriented with strong problem- solving skills.
- Accountability and self-organization skills.
- Customer service skills.
- Ability to work with cross functional teams.
- Ability to meet strict deadlines.
