Our client, a leading MGA, is established in the UK market and has strong ambitions to carve out a significant proportion of the Irish market. That is why they are seeking a dynamic and experienced Latent Defect Insurance Underwriter. This position would suit a confident, disciplined self-starter with strong administrative and communication skills. The successful candidate will play a pivotal role in evaluating and mitigating risks associated with insurance applications, ensuring comprehensive coverage for a diverse range of properties. This is an exciting opportunity to be part of a new and growing sector within an established company!
RESPONSIBILITIES
Risk Evaluation:
* Assess applications for latent defect insurance coverage, meticulously evaluating risk factors such as construction methods, client profiles, and background information.
* Utilise the Insurer’s established Underwriting Guide to calculate appropriate insurance premiums, applying terms and conditions to quotations and releasing final documentation.
Underwriting Scope:
* Collaborate with Technical Underwriting to underwrite latent defects risks, spanning from individual residential properties to large, mixed-use properties with a reinstatement value of up to €20,000,000 per Development.
Operational Excellence:
* Process new quotation enquiries, revisions and mid-term adjustments, and liaise effectively with Brokers, Direct, and Technical Inspection Surveyors throughout the underwriting process.
* Highlight special considerations, such as risk location or additional survey costs, ensuring a comprehensive approach to risk assessment.
Documentation and Compliance:
* Ensure all required information is obtained and accurately recorded within an advanced in-house IT system.
* Adhere to relevant regulations and maintain a sound understanding of underwriting principles and the general insurance market.
Stakeholder Interaction:
* Interact closely with all departments within the business to gain a thorough understanding of proposed business and contribute to the high standard of service offered to customers.
Decision-Making and Analysis:
* Analyze data effectively to inform decision-making, demonstrating strong numerical and verbal reasoning skills.
* Refer risks above €20,000,000 to Senior Management and present them to the Insurer.
Project Completion:
* Issue final insurance certification upon practical completion of projects, inclusive of the relevant policy wording.
QUALIFICATIONS
* A solid understanding of underwriting principles and the general insurance market.
* Knowledge of relevant regulations and proven experience in underwriting, customer service, and risk analysis.
* Experience or knowledge in latent defect underwriting or the construction industry.
* Strong numerical and verbal reasoning skills with excellent organizational and prioritization abilities.
* Effective negotiation skills with the ability to work collaboratively in a fast-paced environment.
* Familiarity with complaints procedures within the insurance industry.
* Positive and enthusiastic attitude with resilience to work under pressure.
REQUIREMENTS
* Minimum of three years of experience in underwriting in some capacity. Preferably hands-on experience in latent defects cover or financial underwriting.
* Knowledge of construction practices would be desirable.
* Ability to work remotely and demonstrate discipline as a self-starter.
Note: The initial 4-6 weeks will be spent working in the company’s offices in Belfast, NI, or Tyne and Wear, UK.
This role offers an excellent opportunity to contribute to the growth of a new segment within an established company!
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