Underwriter (Sovereign Risks)

Job Description

Devex Talent Solutions is assisting the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) in their search for an Underwriter (Sovereign Risks). This is an on-site role and will be based Almaty, Kazakhstan.

About ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established on 1st August 1994 (24 Safar 1415H), as an international institution with full juridical personality.

The idea for the establishment of an entity to provide investment and export credit insurance for Islamic States originated from the Agreement for the Promotion, Protection and Guarantee of Investment among Member States of the Organization of the Islamic Cooperation (OIC Investment Agreement).

Article 15 of the OIC Investment Agreement authorised the Islamic Development Bank, to establish an Islamic Institution for the Guarantee of Investments operating under Shari’ah principles, to provide insurance products for investments and export credits.

Following the OIC Investment Agreement, the Board of Governors of IsDB Group, at its 16th Annual Meeting held in Tripoli, Libya, in Sha’ban 1412H (February 1992), approved the Articles of Agreement of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), declaring its establishment.

The mandate of the Corporation is to promote trade transactions in its member countries and to facilitate the flow of foreign direct investment into these member countries in order to contribute to the socio-economic development of its member countries. The Corporation fulfils these objectives by providing Shari’ah-compliant credit and political risk mitigation and credit enhancement insurance and reinsurance solutions.

The driving ambition behind the OIC Investment Agreement as a whole and the creation of ICIEC was to strengthen the economic relations among the Member States of the OIC on the basis of Islamic Shari’ah.

Job Purpose

The role holder is responsible for providing all the necessary support and assistance to the Associate Manager, Operations (Sovereign Risks) in all underwriting operations pertaining to short-term, medium term and FII risks. He or she will analyze and screen applications/proposals, performing all requisite risk analysis (including financial analysis and project due diligence), managing credit limit applications, documentation of all approved policies and timely preparation of all requisite reports. This role is also responsible for presenting all information and data collated about the project/transaction and potential customers to the Technical Underwriting Committee, NPLs, and Claims Committees to assist in making informed decisions. The role holder will provide inputs to the policy administration database to ensure effective management of policies and safeguarding the Corporation’s financial health. The role holder will also be responsible for the entire underwriting process, from application registration to policy issuance and policy administration and renewals throughout the policy period.

Key Responsibilities

Feasibility Assessment

• Assesses submitted application/proposal forms and coordinates with applicants and Business Development Department (BDD) colleagues, to collate information required to evaluate and assess the sovereign risk / State-Owned Enterprise (SOE) Risk, the projects/transaction risks and the related parties in relation to the requested insurance coverage.
• Coordinates with other relevant departments/divisions/functions in the Corporation, including Legal, Risk Management and Reinsurance to ensure eligibility of the transaction, conformity with ICIEC’s risk appetite and guidelines, and availability of capacity and reinsurance support, respectively.
• Conducts meetings with investors, project companies and all related parties to conduct thorough due diligence and prepares assessment reports to finalize the underwriting submission document.

Underwriting

• Provides all the necessary assistance to the Associate Manager, Operations (Sovereign Risks) in all underwriting operations pertaining to sovereign risks underwriting and in directing the insurance portfolio.
• Conducts due diligence missions to the host country, meeting with the relevant government bodies (Ministry of Finance, Central Bank, other relevant ministries and government authorities to the project/transaction), parties involved in the project/transaction including the obligor.
• Conducts in-depth financial analysis of the projects/transactions and all involved sovereign, sub-sovereign or private parties, in relation to the covered risks including political and economic instability risks, currency volatility, payment default, market risks, operational risks etc.
• Utilizes different sources of information to identify any legal issues associated with the project/transaction’ structure and documentation, involving the Legal Department.
• Presents insurance proposals to the Pre-Technical Underwriting Committee (Pre-TUC) for clearance and to the Technical Underwriting Committee (TUC) for approval, providing all the facts of the case, as well as a detailed risk assessment to assist the Underwriting Committee to take an informed decision.
• Provides inputs on recommended premiums, reinsurance support required and coverage for risks after complete analysis and consideration of applicant documentation, business factors and competition issues.
• Coordinates with the Legal Department for the issuance of the insurance policy in line with the TUC approval.
• Manages the issued policies including their premium payment, the collection of any outstanding receivables, policy
  renewals, policy changes, and project/transaction monitoring.
• Recommends appropriate measures for collection issues in close coordination with the concerned Business Development and Finance teams to resolve client discrepancies and facilitate collections.
• Ensure that NPLs are well managed and coordinate closely with the Claims Division to ensure loss minimization.

Documentation of Approved Deals

• Manages all aspects related to policy applications such as preparation of non-binding indicative term sheets (NBIs), policy submissions, policy offers, follow up on policy acceptance, declarations and premium invoicing etc.
• Manages all credit limit applications by timely preparation and completion of the file, credit submission, issuance and cancellations of approval.
• Documents the approved policy and ensures it includes all details pertaining to policy terms, premium, credit limit, coverage etc. to ensure availability of information for reference as and when required and manages all aspects of the transaction including submissions to relevant committees using the IT system.
• Communicates the approved policy to the Business Development team and Underwriting Support for ensuring effective servicing of all Sovereign Risks Insurance policyholders.

Reporting

• Prepares all requisite reports (weekly, monthly, annual etc.) relevant to the Division, as needed, for review by the Associate Manager, Operations (Sovereign Risks) and other members of the Senior Management.

Other Responsibilities

• The role holder will also perform duties pertinent to the Department/Division/Function as assigned by the Supervisor and other members of the Senior Management.

Job Requirements

• Field of Study: Finance/ Economics/ Business Administration/Political Science/Intentional Relations
• Academic Qualifications and Relevant Experience: The position requires a minimum of a Bachelor’s degree with 5 years of relevant experience. Alternatively, a Master’s degree with 2 years of relevant experience can be considered.
• Nature of Experience: Prior experience in Underwriting or Financial Analysis, preferably in Export Credit Insurance or Banking Industry
• Professional Certifications (as applicable): CFA, CPA, ACCA, PFRM and similar certifications are preferred.
• Business Language Skills: Proficiency in both written and spoken English and Russian Languages is required. Proficiency in Arabic and/or French is an added advantage.
• Generic Key Performance Indicators:
• Response time in reverting to customers
• Quality of underwriting
• Claims Ratio
• NPLs Outstanding
• Acceptance Ratio
• Premium generated from existing policyholders
• Core Competencies: Focus on Customers, Drive Results, Collaborate as One Team, Strive for Continuous Improvement, Serve and Respect All
• Leadership Competencies: Shape the Future, Engage Talent, Enable Change
• Technical Competencies: Knowledge of Underwriting, Knowledge of Project Due Diligence Principles, Knowledge of Economic Factors, Knowledge of Political Risk Analysis, Knowledge of Country Risk, Knowledge of Financial Analysis Techniques, Risk Assessment and Evaluation, Critical Thinking Skills and Analytical Ability, Judgment and Decision Making, Stakeholder Relationship Management, Sectoral Research Skills, Documentation Skills, Knowledge of Insurance Information Management System (IIMS), ICIEC Business Knowledge, ICIEC Product Knowledge, Awareness of Member Countries, Knowledge Sharing, Communication and Presentation Skills, Technological Adaptability

Travel Requirement: The role will require travel as the business spans cross-border financing, covering and dealing with transactions in trade whether export or import.