Senior Manager Of New Business And Underwriting

Job Description

Job Purpose

The Senior Manager of New Business and Underwriting is responsible for overseeing the operations of the new business acquisition and underwriting departments within a life insurance company. This role ensures efficient processing of new applications, accurate risk assessment, and alignment with the company's strategic objectives. The position requires strong leadership, a deep understanding of underwriting principles, and the ability to drive process improvements to enhance customer experience and operational efficiency.

Main Responsibilities

• Leadership and Team Management

- Lead, mentor, and manage teams responsible for new business processing and underwriting, fostering a culture of high performance and continuous development.

- Set clear performance expectations, conduct regular evaluations, and implement training programs to enhance team capabilities.

• New Business Operations

- Oversee the end-to-end process of new business acquisition, ensuring timely and accurate processing of applications.

- Collaborate with sales and marketing teams to develop strategies that drive new business growth and meet customer needs.

• Underwriting Management

- Develop and implement underwriting policies and guidelines that balance risk management with competitive offerings.

- Review and approve complex or high-value cases, providing guidance to underwriters on risk assessment and decision-making.

• Process Improvement

- Identify opportunities to streamline new business and underwriting workflows, leveraging technology and best practices to enhance efficiency.

- Monitor key performance indicators and implement corrective actions to address any deviations from targets.

• Regulatory Compliance

- Ensure all new business and underwriting activities comply with local regulations, industry standards, and company policies.

- Stay updated on regulatory changes and adjust processes accordingly to maintain compliance.

• Stakeholder Collaboration

- Work closely with internal departments, including actuarial, legal, claims, and customer service, to ensure cohesive operations and address any issues impacting new business or underwriting.

- Engage with external partners, such as reinsurers and brokers, to facilitate smooth business operations and maintain strong relationships.

Job Requirement

Qualifications and Experience

• Education

- Bachelor's degree in Business Administration, Finance, Insurance, or a related field. Advanced degrees or professional certifications (e.g., FLMI, FALU) are advantageous.

• Experience

- Minimum of 7-10 years of experience in the life insurance industry, with a focus on underwriting and new business operations.

- At least 3-5 years in a managerial or leadership role, demonstrating the ability to lead teams and manage complex processes.

• Skills

- In-depth knowledge of life insurance products, underwriting principles, and new business processes.

- Strong analytical and problem-solving skills, with the ability to make informed decisions on complex cases.

- Excellent communication and interpersonal skills, capable of interacting with various stakeholders effectively.

- Proficiency in using underwriting software and familiarity with digital tools that enhance operational efficiency.

- Ability to manage multiple projects simultaneously and adapt to a dynamic business environment.

This role is pivotal in driving the company's growth by ensuring efficient new business acquisition and robust underwriting practices, thereby contributing to the organization's profitability and market competitiveness.