Head of Underwriting

Found in: beBee S HK - 4 weeks ago

Hong Kong, Hong Kong SAR China Scor Full time
Job Description

Job Summary

The Head of Underwriting & Claims oversees all aspects of SCOR Global Life Underwriting and Claims services, and development innovative UW and Claims solutions for Hong Kong. Responsible for developing and driving growth initiatives, securing and retaining profitable new business premium. Accountable for planning and directing all life underwriting procedures and services to support SCOR's growth strategies across the Hong Kong.

The Head of Underwriting & Innovation has responsibility for a small operational team of underwriting specialists.

Responsibilities

Key duties and responsibilities

Key Result Areas:

The role will enable client focused solutions and covers a number of areas:
  • Underwriting Policy
  • Relationships (internal and external)
  • Operational
  • Sub-Regional & Global perspectives - Strategic management
  • Product & Pricing Supports
  • Product Developments & Innovations
  • Underwriting and Claims Innovations - Research and Development, and Implementation
  • Risk and Compliance
  • Leadership

Underwriting Policy
  • Implement SCOR Global Life's underwriting policies and principles and ensure risks are assumed on a sound and profitable basis
  • Cases for escalation are expected to be high-risk in nature and consultation with Head of Market, Legal & Compliance, Risk Committee, Retrocession and Clinical Specialists may be required

Relationships
  • Work closely with SCOR Global Life Hong Kong's target clients to understand their capability, strategy and provide support to meet their objectives
  • Build strong, long lasting relationships with clients through very regular contact, and develop client centric and innovative solutions
  • Help market manager & business development team to enhance client relationships and new business opportunities for the Hong Kong market.
  • Work closely with Regional Underwriting Support Structure ensuring high quality technical underwriting services are provided across the Asia Pacific region.
  • Build relationships with all departments across SCOR Global Life Asia Pacific (e.g. client management, actuarial, underwriting & claims) in order to contribute to company strategy.
  • Interact with CREDISS (Global underwriting support team) in promoting and developing SCOR's underwriting services including SOLEM (SCOR's OnLine Expert Manual).

Operational - Facultative UW assessments and Other operational supports
  • Responsible for delivering market leading operational support, driving SCOR's push to be viewed as an attractive operational partner and well respected provider of high quality underwriting and claims services across Asia Pacific
  • Be focused on delivering high quality facultative underwriting assessments within agreed service levels / TAT
  • Ensure underwriting selection is within SCOR Global Life underwriting and claims guidelines.
  • Perform research and monitor underwriting practices and guidelines, reporting on emerging trends as relevant to SCOR and market.
  • Prepare / generate UW case monitoring report on a monthly basis.
  • Design and Deliver high quality underwriting based training for key clients throughout the Hong Kong market
  • Enhance underwriting team's technical capability in all product lines through close mentoring and personal development plan

Strategic Management: Regional & Global Perspectives
  • Collaboration with multi-disciplinary teams within SCOR Global Life Asia Pacific and the wider SCOR Global teams
  • Liaise closely with the Regional Underwriting Support team as well as CREDISS R&D to support the strategy for Hong Kong and High Net Worth Solutions, and Taiwan (where necessary).

Product & Pricing Support
  • Lead UW & Claims requirements and solutions and ensure robust product Terms and Conditions on new reinsurance requests for proposals.
  • Provide technical input to help alleviate pricing concerns and considerations
  • Review underwriting questions, policy and / or benefit provisions, and provide qualitative assessments on to support deal pricing.
  • Recommend commercially viable enhancements on underwriting terms and conditions where necessary.
  • Where necessary, offer high quality written and/or verbal justifications to support change recommendations to clients.
  • Lead reinsurance treaty agreement terms and conditions

Product Development & Innovation
  • Develop commercially viable UW & Claims requirements and solutions, and ensure robust product Terms and Conditions on SCOR's new product development initiatives, and / or products distributed via alternative distribution channels (including but not limited to online, social media, bancassurance, etc)
  • Define appropriate rules, and other terms and conditions for new product / benefit concepts;
  • Customise benefit definitions for new benefit features;
  • Support PD initiatives of other markets with South Asia (e.g. Taiwan, SEA);
  • Customise UW questions for product being distributed across different distribution channels;
  • Facilitate the internal product review, and underwriting governance process for new product concepts.

Underwriting and Claims Innovation - Research, Development & Implementation
  • Research the needs of clients and maximise the potential of the operation in Hong Kong
  • Deliver tailor made solutions including on new product lines by establishing a clear and robust UW & Claims framework.
  • Understand future trend and emerging issues in Underwriting and Claims and identify best practices for potential use
  • Provide insights and recommendations through evidence based research on topics
  • Support the innovation and transformation of SCOR Global Life in the changing insurance environment. This includes technology disruption, machine learning, big data, wellness tools, behavioural economics and product simplification.

Training, Quality Assurance, Marketing, and Regional Initiatives
  • Complete relevant underwriting based training for key clients throughout the Hong Kong market.
  • Support marketing seminars in Hong Kong and wider Asia.
  • Assist in client underwriting quality assurance reviews, due diligence exercises and underwriting process reviews.
  • Part of the Regional Underwriting Support Structure (RUSS) and support UW initiatives with South Asia team.

Risk and Compliance
  • Identify key control issues/risks where applicable
  • Ensure adherence to SCOR policies, processes and external regulatory and legislative requirements, particularly on High Net Worth lines of business
  • Manage all risks and audit issues effectively
  • Have an understanding of the need to mitigate business operational risks in lines with established risk management and compliance frameworks
  • Monitor client processes and in force portfolios through delivery of Quality Assurance Reviews of Underwriting and Claims.
  • Ensure risk selection of clients is in line with SCOR Global Life appetite.
  • Resolve any Quality Assurance issues with clear recommendations


Qualifications

Experience:
  • Minimum 10 years' experience as a senior risk professional
  • Highly advanced technical underwriting skills, both medical and financial underwriting
  • High Net Worth underwriting experience is a plus
  • Traditional Life, CI and Disability underwriting experience is essential
  • Exposure to Health (Medical) insurance markets is desirable
  • Exposure to Group insurance market is preferred
  • Advanced knowledge of insurance practices, products and trends
  • Prior research and development experience developing solutions with clear impact on process and guidelines
  • Experience of designing and facilitating technical underwriting training
  • Has led underwriting audits and internal peer reviews
  • Strong network in Hong Kong and Asia Pacific

Personal Competences:
  • Self-starter with initiative, pace and drive
  • Exceptional analytical skills, combined with sound judgement and commercial awareness
  • Flexible attitude with an interest in gaining broader business and commercial experience
  • Clear and concise verbal and written communication with ability to deliver difficult messages
  • Confident and engaging manner when dealing with clients or peers at all levels across the business.

Managerial competences:
  • Prior experience of leading operational team
  • Set clear strategic goals and deliver
  • Exceptional ability to foster teamwork and customer orientated service
  • Design and execute personal development plans for team members


About Us

SCOR, the 4th largest reinsurer in the world, provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Leveraging experience and expertise to deliver "The Art & Science of Risk", SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk - from Life & Health and Property & Casualty insurance to Investments. Our specialized teams operate in over 160 countries, fostering long-term relationships with clients.

In order to provide our clients with a broad range of innovative reinsurance solutions, SCOR pursues an underwriting policy that is founded on profitability and supported by effective risk management strategy and a prudent investment policy. This approach allows us to offer clients an optimum level of security, to create value for shareholders, and to contribute to the welfare and resilience of society by helping to protect insureds against the risks they face.

At SCOR, we believe that employing people from different backgrounds and ensuring inclusivity is a major driving force for the success of the Group. We are committed to fostering a work environment in which all employees are treated fairly and respectfully, have equal access to opportunities and resources, and can contribute fully to SCOR's success.

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