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For Companies At a Glance
- Tasks: Join us as an Underwriter, managing complex insurance risks and collaborating with brokers.
- Company: IQUW is a leading specialty insurer at Lloyd’s, known for innovative insurance solutions.
- Benefits: Enjoy a hybrid work model with flexibility, plus opportunities for professional growth.
- Why this job: Be part of a dynamic team that values collaboration and drives impactful insurance solutions.
- Qualifications: Ideal candidates are financially savvy with strong commercial acumen and knowledge of motor products.
- Other info: This role offers a chance to develop expertise in a fast-paced, supportive environment.
The predicted salary is between 36000 - 60000 £ per year.
Overview
About us
IQUW is a speciality (re)insurer at Lloyd’s (Syndicate 1856) underwriting a diverse range of Property, Commercial and Speciality (re)insurance products from Cargo and Marine to Political Violence, Terror and War. We combine data, intelligent automation and human expertise to make smart decisions, fast. ERS is the UK's largest specialist motor insurer with an A+ rating. We recognise that for some, motor insurance is more than just a must-have; it’s a way of taking care of what stands at the heart of their passion or livelihood. For those people, standard insurance isn’t enough. That’s why we work exclusively with motor insurance brokers to help get under the skin of the most difficult insurance risks, helping build products to meet their customer’s needs. IQUW has a hybrid working model that offers flexibility while maintaining opportunities for collaboration and connection with colleagues in person. Our hybrid working model will consist of 3 days per week in the office and 2 days working remotely. Teams can coordinate specific in-office days to support collaboration and flexibility.
The role
Our Underwriters are responsible for the execution of our underwriting strategy and underwriting appetite, materially contributing to the achievement of our short- and medium-term financial plans. They are responsible for a range of complex underwriting activities and fulfil a visible role involving broker contact and seek opportunities to broaden our market penetration. ERS is a leading underwriter of a wide range of insurance products, however unique the vehicle and use, our Commercial team have got the cover to match.
Key responsibilities
- Providing input to the development of our underwriting appetite based on your market knowledge and product expertise
- Contributing to the management of portfolio performance through the execution of our selection and pricing strategies and providing recommendations as to actions which will drive continuous improvements
- Underwriting a range of risks in accordance with our stated underwriting appetite
- A point of technical referral from brokers to internal functions, using your risk and product knowledge
- Providing feedback to Product Managers and members of the Pricing team regarding the effectiveness of our risk pricing models to help us constantly drive enhanced accuracy in our pricing model
- Ensuring that we operate in a way which is consistent with all legal and regulatory provisions
Qualifications, skills and experience
You will have great commercial acumen and be financially astute, able to take responsibility for your area and be recognised as subject matter experts for your product range. You will have an understanding of underwriting strategy and risk appetites and the ability to operate within these to ensure the achievement of a set of financial targets.
Core behavioural competencies
- A great commercial acumen, and are financially astute, able to take ownership for your area
- An understanding of underwriting strategy and risk appetites, along with the ability to operate within these to achieve financial targets
- Technical knowledge of motor products including features of the product, factors that drive performance and market dynamics
- Underwriting, risk selection and pricing skills which will ensure that we optimize our financial performance
- An understanding of pricing practices and methodologies with the ability to help us constantly enhance our pricing capability
- Excellent interpersonal skills, able to manual trade and build value adding relationships with a variety of stakeholders both internal and external
- Knowledge of the legal, regulatory and compliance provisions that apply to the UK motor insurance market
Underwriter - Commercial Motor employer: IQUW Property Insurance
Contact Detail:
IQUW Property Insurance Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Underwriter - Commercial Motor
✨Tip Number 1
Familiarise yourself with the latest trends in the commercial motor insurance market. Understanding current market dynamics and challenges will help you engage in meaningful conversations during interviews and demonstrate your knowledge of the industry.
✨Tip Number 2
Network with professionals in the underwriting field, especially those who work with motor insurance. Attend industry events or join relevant online forums to build connections that could provide insights and potentially lead to referrals for the position.
✨Tip Number 3
Prepare to discuss specific underwriting strategies and risk appetites during your interview. Be ready to share examples of how you've applied these concepts in past roles or how you would approach them in this new position.
✨Tip Number 4
Showcase your interpersonal skills by preparing to discuss how you’ve built relationships with brokers or stakeholders in previous roles. Highlighting your ability to communicate effectively will be crucial, as this role involves significant broker contact.
We think you need these skills to ace Underwriter - Commercial Motor
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities and qualifications required for the Underwriter position. Familiarise yourself with the key responsibilities such as underwriting a range of risks and providing technical referrals.
Tailor Your CV: Customise your CV to highlight relevant experience and skills that align with the job description. Emphasise your commercial acumen, understanding of underwriting strategy, and any technical knowledge of motor products.
Craft a Compelling Cover Letter: Write a cover letter that showcases your passion for the role and the insurance industry. Mention specific experiences that demonstrate your ability to meet the financial targets and your understanding of risk appetites.
Highlight Interpersonal Skills: In your application, emphasise your excellent interpersonal skills and your ability to build relationships with stakeholders. This is crucial for a role that involves broker contact and collaboration with internal teams.
How to prepare for a job interview at IQUW Property Insurance
✨Showcase Your Commercial Acumen
Make sure to highlight your understanding of commercial motor insurance and how it relates to the company's underwriting strategy. Be prepared to discuss specific examples from your past experiences that demonstrate your financial astuteness and ability to meet financial targets.
✨Demonstrate Technical Knowledge
Familiarise yourself with the technical aspects of motor products, including their features and market dynamics. During the interview, be ready to explain how these factors influence underwriting decisions and pricing strategies.
✨Prepare for Scenario-Based Questions
Expect questions that assess your risk selection and pricing skills. Prepare to discuss hypothetical scenarios where you would need to make underwriting decisions, showcasing your analytical thinking and problem-solving abilities.
✨Build Rapport with Interviewers
Since excellent interpersonal skills are crucial for this role, practice building rapport during the interview. Engage with your interviewers by asking insightful questions about the company culture and their experiences, which will help you establish a connection.
