Starr Insurance Companies is a leading insurance and investment organization, providing commercial property and casualty insurance, including travel and accident coverage, to almost every imaginable business and industry in virtually every part of the world.
Cornelius Vander Starr established his first insurance company in Shanghai, China in 1919. Today, we are one of the world’s fastest growing insurance organizations, capable of writing in 128 countries on 6 continents.
Role Purpose:
To write profitable General Liability business in line with the underwriting plan, using professional judgment to achieve the target premium revenue, return on premium and business growth whilst operating in line with the underwriting manual and general compliance/regulatory and Company procedures, manage underwriting risk exposures through aggregate limits and reinsurance and the day-to-day operations of the General Liability team, including supervision and management of staff, coverholder performance and associated reporting.
Roles and Responsibilities
- Fully understand the risk and seek further clarity as required.
- Underwrite profitable business in accordance with business plans.
- Adhere to all Starr underwriting standards as outlined in the Underwriting Manual.
- Obtain sign-off for all business that is in excess of agreed authority levels or where any factor falls below rating guidelines.
- Adhere to rating tools and guidelines.
- Ensure that underwriting documentation, both paper and electronic, are accurate, complete, up-to-date and meet Lloyd’s standards.
- Ensure that the policy wordings and clauses are slip referenced and agreed.
- Ensure that all accounts are contract certain at time of binding.
- Develop broker and client relationships to optimise opportunities to lead business, arranging or attending regular meetings, presentations and events.
- Seek to grow market share by increasing awareness of technical expertise with outside parties.
- Explore client and company knowledge to identify and optimise cross-selling opportunities.
- Conduct Quality Assurance (QA) within 2 working days of binding or inception whichever is the earliest to check the accuracy of underwriting data entered into the system and ensure that the risk is contract certain.
- Conduct Peer Reviews to check the underwriting rationale, terms and conditions, pricing against Starr guidelines and the completeness of files.
- Reconcile and report all premiums due versus received in order to manage credit control.
- Continuously develop and enhance the rating tool(s) regularly to enhance the range of exposures they encompass.
- Monitor premiums versus budget to ensure alignment with the business plan.
- Ensure that portfolio performance satisfies Starr’s Underwriting Business Plan.
- Oversee that business retained within the portfolio continues to provides commercial advantage.
- Assist in the preparation of Realistic Disaster Scenarios (RDS) returns to determine effectiveness of reinsurance coverage against business.
- Review Internal Audits and Expert Review Reports to identify and implement improvements.
- Manage aggregations / accumulations of joint venture interests.
- Identify future areas of business opportunity.
- Support the CUO in producing a General Liability business strategy for approval by the Active Underwriter and the Board.
- Assist the CUO in producing a clear, coherent underwriting strategy.
- Implement the strategies within the agreed business plan.
- Determine appropriate levels of underwriting authority for each Underwriter.
- Provide raw data to the CUO to inform the reinsurance strategy.
- Conduct/attend appropriate marketing meetings/presentations with reinsurers.
- Monitor reinsurance coverage against the business plan, in association with the CUO.
- Together with the CUO, ensure adequate resource and capability to deliver the business plan and strategic objectives.
- Select and recruit appropriate people in conjunction with the CUO and Human Resources.
- Produce a comprehensive Onboarding Plan for all newly appointed/promoted/seconded team members.
- Identify team and individual training needs. Work with team members and Human Resources to agree and implement development plans.
- Adhere to Company procedures for managing and recording individual and team performance and development.
- Ensure that team members Roles Profiles are reviewed at least annually or when a change in role occurs.
- Provide technical coaching to team members to develop their competence and careers.
- Ensure that all staff operate within the standards outlined in the Group and Company policies.
- Ensure that all accounts are contract certain.
- Oversee that all suspicions of financial crime are reported to the Money Laundering Reporting Officer immediately.
- Ensure that that everyone complies with the Company’s standards for Treating Customers Fairly.
- Ensure that potential Conflicts of Interest are properly managed in order to avoid disrepute to the company’s integrity.
- Monitor the immediate reporting of complaints to Compliance.
Experience:
- Lloyd’s and London Market processing arrangements for premiums and claims;
- Lloyd’s Franchise Board standards;
- Financial Conduct Authority and the Prudential Regulation Authority framework;
- Advanced knowledge of specific class of business;
- Market wordings and clauses;
- Reinsurance practices;
- Up-to-date knowledge of claims activity and handling to inform future underwriting decisions;
- Sound appreciation of the global insurance and reinsurance market;
- Current book of business and risk appetite;
- Levels of authority and associated authorisation processes;
- Underwriting manual;
- Pricing/Rating tools;
- Slip and file construction; and
- Starr’s standards for clauses.
Skills:
- Analytical and problem solving skills;
- Negotiation, judgment and decision making skills;
- Advanced numeracy skills;
- Professional business writing and presentation skills;
- Strong communicator, both written and oral;
- Technical coaching;
- Team and individual management skills and practices;
- Business development; and
- Report writing.
Systems and I.T
- Eclipse;
- Salesforce; and
- MS Office – Excel, Access, Word and Outlook
Starr is an equal opportunity employer, which means we'll consider all suitably qualified applicants regardless of gender identity or expression, ethnic origin, nationality, religion or beliefs, age, sexual orientation, disability status or any other protected characteristic. We recruit and develop our people based on merit and we're committed to creating an inclusive environment for all employees. We offer first class training and development opportunities to all employees. Our aim is to grow our own talent and bring out the best in people.
