Apply specialized engineering and insurance knowledge to adequately assess the potential exposure to risks underwritten in the Corporate Insurance Partner Division of Specialty Markets. Determine the commensurate terms and conditions applicable and to consider risk-sharing acceptances. Validate, then optimize claims payments. Provide an expert engineering service to Corporate Insurance Partner Division clients and so contribute to its overall profitability.
- Establish and maintain sound contact with clients, keeping abreast of market developments and client needs.
- Provide, in close consultation with Corporate Insurance Partner Division, Engineering products and services to maximize eclectic business opportunities.
- Promote Engineering Group’s capabilities and competencies
Seminars and Media:
Participation on Technical Market Committees:
- Participate in appropriate engineering-industry seminars/workshops as a speaker and/or trainer.
- Devise, organize and assist in successful delivery of Corporate Insurance Partner Division s’ technical seminars.
- Contribute to technical journals.
- Ensure appropriate representation on technical insurance market committees, so providing technical input as well as sourcing key market knowledge.
- Underwrite for the traditional engineering classes of business through contacts with Brokers, Risk Purchasing Groups and Captives.
- Key underwriter charged with the responsibility for accepting engineering allocated business.
- Perform the underwriting referral function (To Munich, Home Office) for engineering business, as specified and as required in the underwriting guidelines and mandates.
- Implement use of pricing and layering models of Corporate Insurance Partner Division and the MR rating Computer and when necessary motivate modifications of it.
- Update and expand the Engineering Underwriting Guidelines as needed to stress additional requirements and developments. Ensure a consistent standard in the underwriting process of Corporate Insurance Partner Division’ engineering business.
- Work within the referral audit process with overall adherence to risk selection and pricing techniques developed for the Engineering Group.
- Develop and support new products and filings to satisfy Client needs by using depth of underwriting background/experience for program development.
- Enhance policy forms and rating tools as well as being innovative with respect to distribution channel choices. For example, to consider the use of finite risk products and dual trigger products for engineering risk-related exposures at utilities, oil and gas industries, project constructions, etc.
- Be a support/referral resource to other distribution channels and Client Groups, providing engineering insurance underwriting expertise and input.
- Negotiate and conclude the offers, terms of contract with Brokers/Clients and, when necessary and feasible, submit counter proposals.
- Analyze and evaluate our distribution of limits, attachment points and layers of engineering business to maximize profitability potential.
- Evaluate claim reports and where necessary carry out claim surveys to validate the basis of the claim settlement.
- Study, check and provide technical input and negotiate with clients – specifically on claims of a large/specialized nature.
- Capture on computer required risk information, e.g. Cat accumulations, risks, written, etc. Maintain records and monitor business development and renewals for engineering business, for which this underwriter is predominantly responsible
- Assist the Manager, Property Engineering as and when required in fulfilling all managerial and administrative duties of the Engineering Group.
- Mechanical/Chemical/Electrical/Civil Engineer (preferably with a Bachelor’s Degree) with a minimum of 5 years practical engineering-industry experience and 10 years engineering insurance experience.
- Knowledge of internal processing procedures and systems would be highly beneficial.
- Negotiation and relationship marketing skills.
- Strong computer skills
- Excellent verbal/written, language and communication skills
- Ability to travel nationally and internationally.
- Management/leadership skills.