Associate Underwriter

Position description

The Associate Underwriter is responsible for handling the day-to-day operations of the Underwriting Support Function (USF) including obtaining proper information adequate and satisfactory for the assessment of the compliance risk, commercial risk, political risk and sector risk of corporates, banks and projects. Associate Underwriter (AU) is also responsible for the management of all types of insurance products under different business lines (ST, MT, FIIP, Inward reinsurance, and Fronting Business) which extend over the whole insurance operations cycle.

The role holder is responsible for supporting the Underwriters with underwriting activities, reviewing, summarizing financial information and credit reports, drafting changes to, reinstatement of, and cancellation of specific terms and conditions in the policies, and maintaining standardized product documentation including record keeping and act as custodian of documentation.

KEY ACCOUNTABILITIES

Credit Information Operations

• Assists the Head, USF in managing the day-to-day work of the Credit Information to ensure achieving its mandates.
• To support the management of the credit information sources, managing the relation with the sources, and helping to optimize the credit information cost.
• To gather credit information on buyers and banks and to complete the files for risk assessment.
• To participate in developing, maintaining and managing databases of basic information of the counterparty entities.
• To register and process the credit limit applications under all types of insurance products in a timely manner.
• To create, maintain and manage folders for buyers, banks, and policies to save relevant documents.
• To update the information about buyers/importers/financial institutions etc. on a periodic basis.
• Assists in Identifying new sources for credit information by exploring credit information agencies, third party online and offline databases etc. to source information on buyers/ financial institutions whose information is not available on the ICIEC credit information system.

Policy Management

• Records the incoming policy applications and other documents.
• Assists the Underwriters in managing all the administrative processes pertaining to policies such as registration of policyholders, scanning and filing documents in the IT system, issuing policy amendments, endorsements, loss payees, credit limit approvals, draft memos and letters, etc.
• Completes accurate entry of Application details, issues individual credit limits and policy to the policyholder.
• Verifies declarations received from policyholders and generates invoices.
• Reconciles the statement of account with the PH and Accounts & Finance.

KEY ACCOUNTABILITIES

Underwriting Operations

• Assists the Underwriter in managing the policies’ administrative processes including issuing policy amendments, endorsements, loss payees, credit limit approvals, etc.
• Prepares summary of the credit information report, sector reports, and Financial Statement summary to be used by the underwriter.
• Prepares draft Underwriting submissions to be submitted to the underwriting committee.
• Coordinates with the concerned teams to receive KYC and compliance clearance.
• Attends due diligence meetings and provides summary of the information gathered.
• To prepare policy performance report during the policy renewals and propose any changes to be made in the Policy terms and conditions.
• Follows up on NPLs in coordination with Claims and Recovery to manage all aspects of outstanding claims and reflect the accurate NPL and claim amounts in the IT system.

Other Responsibilities

• Participation in the automation of the insurance operation processes.
• Participation in the development of maintaining the documentation related to the insurance operations.
• The role holder will also perform duties pertinent to the Department/Division/Function as assigned by the supervisor.

Qualifications

ACADEMIC AND PROFESSIONAL QUALIFICATIONS

Field of Study: Finance, Business Administration, Banking or Management Information Systems (MIS)

Academic Qualifications and Relevant Years of Experience: 2 Years for bachelor’s degree

Nature of Experience: Prior experience in Finance, Business Administration, Banking or Management Information Systems (MIS) preferably in the IsDB Group or Export Credit Insurance.

Professional Certifications (as applicable):

• Credit Insurance
• Credit Risk Management
• Credit Law
• Business Analysis

Business Language Skills: Good command of written and spoken English is essential, additional languages such as Arabic and/or French will be an added advantage.

Application instructions

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