Our client, The Monarch Insurance Company Limited is a leader in the insurance sector with over 40 years’ experience in insurance service providing tailored products in both general and life insurance.
They are looking for a dynamic, innovative and result-orientated individual to fill in the following position.
Underwriting Manager
Reporting to the General Manager – General Insurance Business, the Underwriting Manager will be responsible for ensuring that Monarch fulfils its obligations of assuming insurable risks of its customers and evaluating risks being offered to the company for insurance with a view of accepting and accounting for those which meet the criteria and subsequently evidencing the acceptance in the various insurance contracts.
Principal Accountabilities
Analyzing documents for the different classes of insurance to determine the degree of risk considering the underwriting factors for each particular class.
Determining and declining excessive risks
Authorizing reinsurance of policy when the risk involved is high
Recommending on risk minimization measures for risky business e.g. pre-inspection of motor vehicles before commencement of cover
Ensuring business acquired for the various classes is reinsured as per agreed terms and as per the reinsurance program
Ensuring all risk assessments and decisions are made on acceptability and costing
Ensuring business accepted is documented with agreed terms
Evaluating the possibility of losses due to a catastrophe or excessive insurance
Decreasing the value of a policy when the risk involved is substandard and specifying applicable endorsements or applying rating to ensure safe profitable distribution of risks
Reviewing company records to determine amount of insurance in force on single risk or a group of closely related risks
Ensuring compliance on cash and carry law and making sure the company credit policy is not flouted at head office and at the branches
Key Qualifications and Experience
Bachelor’s Degree in Commerce or any business-related course
At least 8 years’ experience in the insurance sector
AIIK/ACII (Associate of Chartered Insurance Institute of London) qualifications
Technical competence in underwriting insurance, risks and claims handling
Ability to analyze and interpret statistics and statistical data
Knowledge of company products and country laws
Knowledge of insurance laws and regulations by AKI, IRA RBA, KRA
How to Apply
Interested candidates are requested to forward their updated CVs to recruit@virtualhr.co.ke stating the subject heading “UNDERWRITING MANAGER” by Wednesday, 28th April 2021 clearly indicating their current and expected remuneration (MUST), daytime telephone contacts and addresses of three referees.
The position is filled as soon as a suitable candidate is found.
