Job Description
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Summary
To ensure the profitable acquisition and retention of Group Life, Group Income Protection and Group Critical Illness Schemes by being the key point of reference for Scheme Underwriting internally & externally.
What You'll Do
• Establish the price for corporate benefit schemes by exercising considerable personal judgement on the risks associated with matters such as location, industry, occupations, catastrophe risk and claims experience.
• Developing and enhancing relationships with key strategic partners, including Multinational pooling networks.
• Developing the Scheme Underwriting knowledge of the department through coaching and training at all levels, maintaining these through licensing.
• Be a focal point for support and advice on products and procedures to both internal and external customers to ensure that policy terms, legislative requirements and departmental practice are adhered to.
• Recommending amendments to scheme underwriting practice based upon regular analysis of portfolio performance, including market feedback and IP claims
• Contributing to the development and review of Protection products and their pricing structures
• Developing and implementing propositions that delight our customers and meet or exceed profitability objectives
• Maintain close contact with the market in order to remain fully conversant with all aspects of market practice relating to Protection business, therefore helping to maintain our competitive position.
• Constantly update knowledge of changes to legislation effecting Protection policies to ensure that legal requirements are met.
Who You Are
• In depth knowledge of Protection products, pricing, terms and conditions. Clear understanding of how Canada Life's products interact with other benefits.
• In depth knowledge of the wider Protection market, including trends and activities of our competitors.
• Highly experienced risk assessor with high levels of pricing authority.
• Innovative and flexible approach that can support customers with complex needs.
• Ability to build and maintain relationships with internal and external customers to support key business metrics.
• Skilled at negotiating with external advisers in order to balance business acquisition and retention with profitability targets.
• Trusted to represent Canada Life externally. Ability to present to advisers and customers.
• Creative approach to challenges and problem solving. Ability to lead and support strategic project work.
• Capable of collating, analysing and presenting MI to support business decisions.
• Able to identify areas for product development. Utilises technical and market knowledge to propose potential solutions.
• Delivers technical knowledge in an accessible manner that can support the development of the SU department and wider business.
• Breadth of knowledge permits collaborative working with other business areas.
Benefits of working at Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that's regularly reviewed. As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.
How we work at Canada Life
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.
We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That's why we offer a range of training, flexible working and opportunities to grow and develop.
Diversity and inclusion
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we're making in DEI, and we continue for it to be a significant focus.
"At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all." Nick Harding, Chief People Officer, Canada Life UK
We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.
StudySmarter Expert Advice🤫
We think this is how you could land Underwriter - Canada Life Limited in London
✨Dive Into Industry Networking Events
Get your foot in the door by attending insurance industry events and conferences. Not only will you learn about the latest trends, but you'll also meet potential employers and industry peers. Check out local chapters of professional bodies like the Chartered Insurance Institute for valuable meetups.
✨Use LinkedIn to Your Advantage
Don’t underestimate the power of LinkedIn in the insurance world. Engage with industry content, join relevant groups, and connect with professionals at companies you admire (like Canada Life Limited). A thoughtful message explaining your interest can really make a difference!
✨Look Out for Graduate Schemes
Many firms in insurance have structured graduate programmes. Keep an eye on application windows and utilise your university's career services for insider tips. These schemes are designed to develop talent and often lead to permanent roles after your initial training.
✨Leverage Your Current Connections
Got friends or family in the industry? Now’s the time to reach out! Personal referrals can give you a head start, so let them know you're on the lookout for full-time opportunities at places like Canada Life Limited. Don’t shy away from asking for a coffee chat; you never know what doors it might open!
Some tips for your application 🫡
Highlight Your Analytical Skills:In insurance, we love a candidate who can crunch numbers and analyse data effectively. When crafting your CV, make sure to showcase any relevant coursework or experiences that highlight your analytical abilities, especially if you’ve tackled risk assessment or financial modelling.
Showcase Industry Knowledge:Don’t be shy about your knowledge of the insurance sector! We want to see that you've done your homework on current trends, regulations, and challenges in the industry. Mention any relevant projects or studies you’ve completed that demonstrate your understanding of the field in your cover letter.
Craft a Compelling Cover Letter:Your cover letter should tell us why you’re passionate about insurance. Share any personal experiences or what drew you into this profession. We’re looking for enthusiasm and a clear motivation for why you want to be part of our team at Canada Life Limited.
Tailor Your CV for the Role:Don't just send a generic CV! Focus on tailoring it specifically for the insurance role at Canada Life Limited. Highlight relevant skills such as risk management, customer service experience, or any certifications you've earned in the industry to make your application stand out.
How to prepare for a job interview at Canada Life Limited
✨Know Your Numbers: Insurance Fundamentals
Brush up on your understanding of key insurance concepts, like underwriting principles and risk assessment. Expect the interviewer at Canada Life Limited to throw some technical questions your way, so be ready to demonstrate your grasp of these essentials.
✨Showcase Your Analytical Side
In the insurance world, it's all about data. Prepare to discuss any analytical tools or methodologies you've used in past experiences. If you have a portfolio of projects where you've tackled complex data, bring that along to impress the team!
✨Prepare for Behavioural Questions
As a full-timer at Canada Life Limited, they'll want to know how you handle real-life scenarios, not just theory. Think about challenges you've faced in teamwork or customer service, and how those experiences can relate to a career in insurance.
✨Know the Company Culture Inside Out
Understanding Canada Life Limited's values and workplace culture is essential. Don’t just memorise their mission statement; think about how your personal values align with theirs. This will show your genuine interest in being part of their team long-term.
