Underwriting Officer

Job Purpose

The Underwriting Officer is responsible for evaluating insurance risks, reviewing client applications, and determining appropriate coverage terms and pricing in line with company underwriting guidelines and insurer agreements. The role ensures balanced risk selection, portfolio quality, and profitability while supporting smooth policy issuance and renewal processes.

Key Responsibilities

Risk Assessment & Evaluation

• Review insurance applications, proposals, and supporting documents.
• Assess risk exposure and ensure compliance with underwriting guidelines.
• Analyze client background information to determine insurability.

Policy Pricing & Structuring

• Support or determine appropriate premiums, coverage limits, and policy terms.
• Liaise with insurers to negotiate competitive terms for clients.
• Ensure accuracy in quotation preparation and policy structuring.

Policy Administration

• Prepare, issue, and renew insurance policies.
• Process endorsements, amendments, and reinstatements.
• Ensure all documentation is complete, accurate, and compliant.

Portfolio & Risk Management

• Monitor portfolio performance and loss trends.
• Support efforts to maintain a healthy risk-to-reward balance.
• Escalate high-risk or complex cases for senior review.

Stakeholder Coordination

• Communicate with insurers, clients, and internal teams.
• Provide technical underwriting guidance to sales and customer service teams.
• Support resolution of underwriting-related client queries.

Compliance & Reporting

• Ensure adherence to regulatory requirements and company policies.
• Maintain accurate underwriting records and documentation.
• Support preparation of underwriting reports and performance summaries.

Key Performance Indicators (KPIs)

• Accuracy of underwriting decisions and documentation.
• Policy turnaround time (issuance and renewal).
• Portfolio loss ratio/profitability contribution.
• Compliance with underwriting guidelines (zero critical breaches).
• Client and insurer satisfaction with underwriting responsiveness.

Qualifications & Experience

• Bachelor’s degree in Business Administration, Finance, Accounting, or related field / Bachelor of Science Degree in Mechanical Engineering.
• 3 years of experience in Insurance or Insurance brokerage as an Underwriting Officer.
• Strong analytical and numerical skills.
• Good understanding of insurance principles and risk assessment.
• Proficiency in MS Excel and documentation systems / Insurance ERP systems.

Skills & Competencies

• Strong attention to detail and accuracy.
• Analytical and decision-making ability.
• Communication and negotiation skills.
• Risk awareness and commercial judgment.
• Ability to work under pressure and meet deadlines.
• Team collaboration and stakeholder management.

Skills Required:

• Accounting / Finance
• Mechanics / Mechanical / Engineering
• Sales / Marketing / Business / Management