Job Description
The role holder is responsible for developing and implementing the strategy and business plans for the Underwriting Department. The role holder will be required to ensure the Division works in alignment with the overall business plans and ICIEC objectives. The role holder will also ensure that IOC underwriters are equipped to properly assess and administratively manage commercial risk related to corporates, banks and projects. This function will be responsible for ensuring adherence to the guidelines and effectively managing all underwriting operations pertaining to Underwriting - Commercial Risk.
Managerial Responsibilities:
- Participates in the development and implementation of the Department of Underwriting plans, in line with the corporate objectives.
- Manages the implementation of the Insurance Operations (Commercial Risks) Division (IOC) objectives, providing leadership and facilitating work processes in order to achieve high performance standards.
- Directs and manages the implementation of policy administration and ensures proper documentation of NBIs/policy offers/policies issued/policies amended/renewed/closed and all other transactions.
- Interprets and implements change in IOC by providing guidance and support, necessary for continuous improvement, to subordinates in the Division.
- Represents the Department of Underwriting Corporation in matters related to Commercial Risk Underwriting.
- Ensures compliance with organizational policies, procedures and quality standards in the IOC Division.
Strategic Planning:
- Works in close coordination with the Director, Department of Underwriting to develop business strategy and articulate action plans to drive the focus of business towards Commercial risk products.
- Undertakes internal and external training initiatives to expand the technical skills of Underwriters so as to develop country risk analysis, project financing, and financial analysis, sector analysis capabilities etc;.to enable them to independently undertake Commercial Risk underwriting.
- Drives the focus of business towards Commercial Risk products to ensure maintenance of a balanced portfolio in terms of product mix as well as achieve diversification in Member Countries.
- Guides the Underwriters in the Division in undertaking concrete action steps to expand the technical skills of Underwriters to ensure they are equipped to assist in shifting the business focus towards commercial risk related to Corporates, Banks and Project finance insurance.
- Coordinates with the Department of Business Development team in pursuing potential business opportunities, meeting potential customers to do a high level feasibility assessment, addressing any queries/concerns raised by the customers etc. to generate more commercial risk insurance business and ensure the quality of business insured is maintained as per the risk management guidelines.
Commercial Risk Underwriting Guidelines:
- Provides guidelines on Commercial risk underwriting processes, political risk analysis, sector analysis, socio-economic risk assessments, financial analysis, country analysis etc. to provide overall guidance to Underwriters in conducting a thorough due diligence of transactions.
- Assesses the proposals/inquiries received directly or through the Department of Business Development to ensure all requisite information is available and lists the requirements for any additional information.
- Guides the Underwriters in conducting detailed analysis by collation of information through external resources, credit rating agencies, media, meeting with key stakeholders pertaining to the project in the country
- Liaises with Underwriters to define business and operational plans for underwriting and monitors the performance to ensure achievement of targets as per the established plan.
- Undertakes missions as and when required and liaises with the IDB/financial institutions/government/semi-government authorities etc. to collate the information required to evaluate the risks involved.
- Establishes a framework guiding all underwriting operations pertaining to Commercial Risk – Underwriting to ensure alignment with the corporate strategy.
- Ensures that the underwriting operations and defining credit limits are undertaken in accordance with the established risk management framework, and regulatory guidelines of the Corporation to minimize the risk of claims.
- Provides technical guidance on matters related to defining cover attitude, risk tolerance, development of policy – terms of policy, premium, credit limit, tenor of coverage etc.
- Leads the Notification of Probable Loss (NPL) Group meeting on weekly basis
- Establishes guidelines for managing NPLs cases by ensuring analysis of reasons for non-payment, part payment or delay in payment.
- Ensures the Notification of Probable Losses (NPLs) are monitored closely and regularly provides awareness on the NPLs to the management;
- Liaises closely with Department of Legal on the NPLs Policy Recommendation Assesses the underwriting, risk analysis and recommendations provided by the Underwriters on potential project proposal so that the Management takes an informed decision on the acceptance/rejection of the transaction.
- Works in close coordination with the Underwriters to monitor closely the underwritten transactions as well as new business to ensure risk exposure is kept at an acceptable risk level.
- Liaises with the Director of Underwriting for all complex and high value transactions explaining the rationale for given recommendations and seeks approval for subsequent courses of action.
- Presents recommendations to the Technical Underwriting Committee based on the due diligence of the transactions and the inputs derived from financial and market risk analyses so that the Committee takes an informed decision on the acceptance/rejection of the transaction.
- Determines and recommends appropriate premiums and coverage for risks after complete analysis and consideration of applicant documentation, business factors and market imperatives.
- Recommends and seeks approval from the Director, Underwriting on any additional conditions of cover or policy terms to be introduced.
Policy Management and CIF Management:
- Assists the Director, Underwriting in defining guidelines for registration of applications and processing policy offers, policy issuance, endorsements and any back office function in general regarding all ICIEC lines of business
- Observes best practices and KYC checks on the prospects in coordination with Underwriting Support Function and with the Department of Legal. Verifies information in the system to utilize the same at the time of premium collections, claims, recovery, etc.
- Provides proper management of the policy administration function to be an enabler for business generation;to be the owners of the policy documentation under the related lines of business;the policy documentation is filed in relevant folders of the system and originals are parked with the Department of Legal.
- Ensures smooth process for receiving declarations, invoicing, and collections from PHs and providing responses to the PHs on any queries.
- Undertakes regular reconciliations of PHs accounts with the Department of Finance & IT
- Improves the interaction between the policy administration team with Department of Business Development and other internal stakeholders in IT, claims and recoveries, Legal, finance, etc.
- Provides guidelines for procurement of quality credit information and efficient management of an electronic database of buyers/banks/exporters that ensures the availability of adequate information for supporting decision-making process.
- Establishes guidelines for effective gathering and maintenance of reports on business and industry sectors.
- Establishes guidelines and systems to collect reports on the activities of other ECAs and the industry to support research and other relevant peer analysis of ICIEC’s operations.
- Formulates guidelines to build a system for exchange of information with other export credit agencies (ECAs) in ICIEC’s Member Countries.
- Provides guidelines and inputs for setting up automated credit information for ease of information access thus aiding in decision making.
- Proposes and implements guidelines for selling credit information services to IDB Group entities and ICIEC’s customers for the purpose of income generation.
- Proposes and implements guidelines for invoicing ICIEC’s customers for the information ordered by ICIEC for processing their credit limit applications.
- Manages the day-to-day work of the Credit Information function to ensure achieving its mandates with the highest possible performance standards.
- Supervises the employees involved in the Credit Information function and develop their skills through on-the-job training and identification of suitable courses.
- Conducts trainings for end users on the use of the credit information portal on a periodic basis and coordinates with Lead IT to provide inputs on development of IMS system from a credit information management perspective.
- Participates and represents ICIEC in different industry forums, committees and activities relating to credit information area i.e. the Aman Union and other professional associations
- Receives applications/requests from ICIEC’s Customers/Underwriters/other Departments in ICIEC for soliciting information about a particular buyer/importer/financial institution/sectors.
- Ensures that before ordering any credit information report on a new or existing buyer/financial institution is checked first in ICIEC’s credit information database and if available it is updated and sufficient for assessing the buyer/financial institution under review.
- Ensures that all requests for providing any additional information requested by the Underwriters or other stakeholders are addressed in a timely manner.
- Assesses the quality of information/data received from one source provider by validating it with other sources of information.
- Ensures the turnaround time for providing information to the Underwriters/other stakeholder is minimum to facilitate quick decision making especially for short term products.
- Ensures all new information about buyers/importers/financial institutions etc. is updated on a periodic basis to strengthen ICIEC’s information database.
- Identifies new sources for credit information by exploring credit information agencies, third party online and offline databases etc. to source information on buyer/ financial institution whose information is not available on the ICIEC credit information system.
- Evaluates the services provided by potential Credit Information providers and negotiates with them the best possible pricing for securing ICIEC’s requirements of credit information reports and opinions.
- Monitors the performance of vendors based on turnaround time, quality of information, accuracy of information and pricing in order to recommend to Management on taking a decision for renewal or cancellation of contracts with respective vendors.
- Ensures maximum utilization of free information sources and recommend on ICIEC’s participation in the agreements signed by IDB Group with information providers in order to reduce cost.
- Conducts questionnaires and requests the views of Underwriters and end users on the quality of information received by ICIEC from its vendors and analyze the feedback received
