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- Tasks: Underwrite Financial Institutions accounts and provide expert advice within a dynamic team.
- Company: Beazley is an inclusive employer, part of the LGBTQ+ business community.
- Benefits: Enjoy a supportive work culture with opportunities for professional growth and networking.
- Why this job: Join a reputable company committed to integrity and teamwork while making a positive impact.
- Qualifications: Minimum graduate level education with strong analytical and communication skills required.
- Other info: Full-time position with a focus on client satisfaction and ethical practices.
The predicted salary is between 30000 - 50000 £ per year.
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Join to apply for the Underwriter – Financial Institutions role at myGwork – LGBTQ+ Business Community
This job is with Beazley, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.
General
Job Title: Underwriter – Financial Institutions
Division: Specialty Lines
Reports To: As per Beazley’s organisation chart
Key Relationships: Brokers, underwriters, claims staff, coverholders, external clients and suppliers
Job Summary
To underwrite a Financial Institutions account within the International Financial Lines team and provide counsel and advice on underwriting related issues. Provide technical expertise in this business area and maintain and improve market reputation of the Beazley brand.
Key Responsibilities
Underwriting
- Develop and underwrite a profitable portfolio of Financial Institutions business as part of the International Financial Lines team.
- Structure tailor-made solutions by considering the team underwriting parameters and underwriting policy and using underwriting knowledge and experience to win new business and retain existing.
- Monitor premiums, costs and claims ratios per contract and take corrective measures if necessary to ensure long term profitability at account level.
- Evaluate appropriate risk premium by considering the risk costs, reinsurance cessions, capital exposure as well as the underwriting and general administration costs to ensure profitability, using rating models as applicable.
- Monitor peer underwriters in their daily work to ensure profitability as well as efficient and cost effective administration of the Financial Lines account.
- Monitor and supervise assistants in their daily work to ensure compliance with underwriting philosophy and policy and consistency within the team and Specialty Lines.
- Comply with Beazley’s underwriting control standards for business written through Lloyd’s or Beazley’s internal MGAs.
- Develop a good working relationship with the claims managers on this class of business.
Client Management
- Advise, assist and service clients on insurance and risk matters to ensure clients’ satisfaction.
- Foster positive relationships with clients to get a mutual understanding of both their and Beazley’s needs.
- Maintenance of good business relationships with brokers.
- Maintain awareness of overall Beazley product range and take advantages of opportunities to introduce other Beazley products to clients.
General
- Leverage networking opportunities within the business to develop standardised underwriting policy and best practice within Beazley.
- Develop best practice and disseminate business and class knowledge within the Financial Lines and Specialty Lines teams.
- Work with peers within International Financial Lines and Specialty Lines to maximise business opportunities and profitability within the department. This will include but not be limited to sharing market information, marketing sources and cross selling opportunities.
- Share and gather knowledge within the Beazley Group to ensure dissemination of best practice and maximise business opportunities and profitability across the Group.
- Production of presentations and marketing literature as required.
- Production of business plans/research documents for the Financial Institutions account as required.
At Beazley we are committed to doing the right thing because it is the right thing to do. It is important that within all your interactions both internally and externally you adhere to this principle through adoption of Beazley’s core values and behaviours – PIED and Being Beazley.
- Adopt the Beazley culture of Professionalism, Integrity, Effectiveness and Dynamic that contributes to an internal environment of teamwork and promote a positive brand image and experience to our external customers.
- Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct Rules. Undertake training on Beazley policies and procedures as delivered by your line manager, the Talent Management development or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
- Display business ethics that uphold the interests of all our customers.
- Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
- Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Talent Management or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
- Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.
Personal Specification
Education and Qualifications
- Minimum graduate level education
Skills And Abilities
- Proficient underwriting skills
- Accurate and numerate
- Computer skills – good working knowledge of MS Office, advanced Excel skills
- Strong analytical skills with attention to detail
- Able to communicate effectively with others, both verbally and in writing
- Ability to manage time, meet deadlines and prioritise
- Motivational skills
Knowledge and Experience
- General commercial and financial knowledge
- Extensive experience in insurance industry
- Experience of Financial Institutions underwriting
- Thorough knowledge of underwriting policy, philosophy and practice
- Advanced knowledge of underwriting processes and systems
- Client service experience
Aptitude and Disposition
- Result focussed, self-motivated, flexible and enthusiastic
- Professional approach to interact successfully with managers/colleagues/external suppliers
- Team worker as well as able to work on own initiative
- Customer focused, with a strong ethic of service and fairness to the customer
Competencies
- Achievement drive
- Analytical thinking
- Strategic thinking
- Service focus
- Team working
- Forward thinking
- Conceptual thinking
Seniority level
-
Seniority level
Mid-Senior level
Employment type
-
Employment type
Full-time
Job function
-
Job function
Finance and Sales
-
Industries
Insurance
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Underwriter - Financial Institutions employer: myGwork - LGBTQ+ Business Community
Contact Detail:
myGwork - LGBTQ+ Business Community Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Underwriter - Financial Institutions
✨Tip Number 1
Familiarise yourself with Beazley's core values and behaviours, especially their commitment to Professionalism, Integrity, Effectiveness, and Dynamism. Demonstrating an understanding of these values during your interactions can set you apart as a candidate who aligns well with the company culture.
✨Tip Number 2
Network within the insurance industry, particularly focusing on Financial Institutions. Attend relevant events or webinars where you can meet professionals from Beazley or similar companies, as personal connections can often lead to job opportunities.
✨Tip Number 3
Stay updated on current trends and challenges in the Financial Institutions sector. Being able to discuss recent developments or case studies during interviews will showcase your expertise and genuine interest in the field.
✨Tip Number 4
Prepare to discuss your experience with underwriting policies and practices in detail. Be ready to provide examples of how you've successfully managed portfolios or improved profitability in previous roles, as this will demonstrate your capability for the Underwriter position.
We think you need these skills to ace Underwriter - Financial Institutions
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities and requirements of the Underwriter - Financial Institutions position. Tailor your application to highlight relevant experience and skills that align with the job description.
Craft a Strong CV: Your CV should clearly showcase your underwriting experience, particularly in financial institutions. Use bullet points to outline your achievements and responsibilities in previous roles, focusing on quantifiable results where possible.
Write a Compelling Cover Letter: In your cover letter, express your enthusiasm for the role and the company. Mention specific aspects of Beazley’s values and culture that resonate with you, and explain how your background makes you a great fit for their team.
Proofread Your Application: Before submitting, carefully proofread your CV and cover letter for any spelling or grammatical errors. A polished application reflects your attention to detail, which is crucial in underwriting.
How to prepare for a job interview at myGwork - LGBTQ+ Business Community
✨Know Your Underwriting Fundamentals
Make sure you brush up on your underwriting principles, especially those related to Financial Institutions. Be prepared to discuss how you evaluate risk and structure tailor-made solutions, as this will be crucial in demonstrating your expertise.
✨Showcase Your Analytical Skills
Since the role requires strong analytical skills, be ready to provide examples of how you've used data to make informed decisions in past roles. Highlight any experience with rating models or financial analysis that showcases your ability to assess risk effectively.
✨Demonstrate Client Management Experience
Prepare to discuss your experience in client management and how you've fostered positive relationships with clients and brokers. Share specific examples of how you've ensured client satisfaction and addressed their needs in previous positions.
✨Emphasise Teamwork and Collaboration
Beazley values teamwork, so be sure to highlight your ability to work collaboratively with peers and other departments. Discuss instances where you've shared knowledge or worked together to maximise business opportunities, as this aligns with their company culture.
