Job Description

As a Medical and Life Insurance Underwriter, you will play a crucial role in assessing and evaluating insurance applications related to medical and life coverage. You will analyze various factors to determine the level of risk associated with insuring individuals or groups for medical and life expenses. Your expertise will contribute to maintaining a profitable and sustainable medical and life insurance portfolio while ensuring compliance with regulatory requirements.
Roles & Responsibilities
=To evaluate medical and life insurance applications and determine the level of risk involved, considering factors such as customer history, pre-existing conditions, age, and lifestyle habits.
=Develop and implement underwriting strategies and guidelines for medical and life insurance products, ensuring alignment with company objectives, risk appetite, and regulatory requirements.
=Lead and manage a team of underwriters, providing guidance, training, and performance feedback to ensure high levels of productivity, accuracy, and professionalism.
=Determine the terms and conditions of insurance policies based on underwriting assessments and company guidelines. Issue policies to approved applicants and ensure accurate documentation of coverage details.
=Calculate insurance premiums based on risk assessment findings, market trends, and actuarial data. Ensure that premium rates are competitive while maintaining profitability for the insurance company.
=Review policy renewals and endorsements to assess changes in risk factors and adjust coverage terms or premiums as necessary. Communicate renewal options to policyholders and guide policy modifications.
=Communicate with policyholders, insurance companies, and healthcare providers to address inquiries, guide coverage options, and resolve underwriting-related issues in a timely and professional manner.
=Ensure compliance with regulatory requirements, industry standards, and company policies in all underwriting activities. Stay updated on changes in healthcare regulations and underwriting best practices.
=Identify emerging trends and patterns in insurance claims and underwriting data. Collaborate with risk management teams to develop strategies for mitigating risks and optimizing the performance of the medical and life insurance portfolio.
=Conduct quality reviews of underwriting decisions and documentation to ensure accuracy, consistency, and adherence to underwriting guidelines and standards.
=Monitor market trends, competitor activities, and industry developments related to medical and life insurance underwriting. Analyze data and insights to identify opportunities for portfolio optimization and growth.
=Ensure timeliness of quotations, invoicing, timely dispatch, and tracking of documents to the Branches and the respective customers.
=Track key performance indicators (KPIs) for underwriting operations, such as approval rates, turnaround times, and loss ratios. Develop strategies to improve efficiency, accuracy, and profitability.
=Prepare regular and ad-hoc reports, dashboards, and presentations to communicate performance trends, findings, and recommendations to management and stakeholders for the medical and life segments.

QUALIFICATION AND EXPERIENCE REQUIRED
=Professional certificates (Bachelor ‘s degree or its equivalent in insurance, bank, risk management, law, actuarial science, finance, Business Administration
=At least 5 years of work experience in the Insurance Industry