Overview of the Job
The role of an Accident and Health (A&H) Underwriting Manager in Zambia involves overseeing the underwriting process for health and accident insurance policies. This position is critical in ensuring that insurance policies are issued with appropriate risk assessments and pricing strategies. An A&H Underwriting Manager is responsible for leading a team of underwriters, setting underwriting guidelines, and ensuring compliance with regulatory standards. This role is essential for maintaining the financial stability and profitability of insurance companies.
Job Description
An A&H Underwriting Manager is tasked with managing the entire underwriting department, which includes evaluating and approving insurance applications, developing underwriting policies, and ensuring that the team adheres to company standards and industry regulations. They play a significant role in risk management, pricing strategies, and policy development to ensure the company’s insurance products are both competitive and financially sound.
Job Roles & Responsibilities
- Team Management: Leading and mentoring a team of underwriters, providing guidance, training, and performance evaluations.
- Policy Development: Developing and implementing underwriting policies and procedures to ensure consistency and compliance with regulatory standards.
- Risk Assessment: Overseeing the risk assessment process for health and accident insurance applications. Ensuring that all applications are evaluated accurately and fairly.
- Pricing Strategy: Collaborating with actuaries and other stakeholders to develop competitive pricing strategies that balance risk and profitability.
- Claims Review: Reviewing complex claims to determine their validity and ensure they meet policy terms and conditions.
- Regulatory Compliance: Ensuring that all underwriting activities comply with local regulations and industry standards.
- Client Interaction: Working with brokers, agents, and clients to address concerns, explain policy terms, and resolve disputes.
- Reporting: Preparing detailed reports for senior management on underwriting performance, trends, and financial impact.
- Continuous Improvement: Identifying areas for process improvement and implementing changes to enhance efficiency and accuracy.
Skills Needed for the Job
- Leadership Skills: Strong leadership abilities to manage and motivate a team effectively.
- Analytical Skills: Excellent analytical skills to assess risks, evaluate applications, and develop pricing strategies.
- Attention to Detail: High attention to detail to ensure accuracy in underwriting decisions and compliance with regulations.
- Communication Skills: Strong verbal and written communication skills to interact with team members, clients, and other stakeholders.
- Decision-Making Skills: Ability to make informed decisions quickly, considering both risk factors and business objectives.
- Technical Skills: Proficiency in underwriting software and tools, as well as a solid understanding of actuarial principles.
- Interpersonal Skills: Ability to build and maintain strong relationships with clients, brokers, and team members.
- Problem-Solving Skills: Effective problem-solving abilities to address underwriting challenges and resolve issues.
Qualifications Needed for the Job
- Educational Background: A bachelor’s degree in Insurance, Business Administration, Finance, or a related field is typically required. An advanced degree (Master’s or MBA) can be advantageous.
- Certifications: Professional certifications such as Chartered Property Casualty Underwriter (CPCU), Associate in Underwriting (AU), or similar designations are highly valued.
- Experience: Significant experience in underwriting, with a track record of increasing responsibility. Previous managerial experience is preferred.
- Professional Memberships: Membership in professional organizations such as the Insurance Institute of Zambia (IIZ) can provide networking opportunities and professional development.
Where to Find Jobs in Zambia
- Insurance Companies: Major insurance firms such as Madison General Insurance, Zambia State Insurance Corporation (ZSIC), and African Life Assurance.
- Brokerage Firms: Insurance brokerage firms that provide underwriting services.
- Reinsurance Companies: Companies that provide reinsurance services to primary insurers.
- Government Agencies: Regulatory bodies such as the Pensions and Insurance Authority (PIA) and the Ministry of Finance.
- Financial Institutions: Banks and financial institutions that offer insurance products.
Conclusion
The role of an A&H Underwriting Manager is pivotal in ensuring the sound management of health and accident insurance policies. This position requires a blend of leadership, analytical skills, and in-depth knowledge of underwriting principles. For those looking to pursue this career in Zambia, focusing on gaining the necessary educational background, professional certifications, and relevant experience is key to success. With the right skills and qualifications, an A&H Underwriting Manager can significantly contribute to the stability and profitability of an insurance company, ensuring that it provides valuable protection to its clients.