At a Glance
- Tasks: Support underwriting strategy and develop innovative motor insurance products.
- Company: Join ERS, the UK's largest specialist motor insurer with an A+ rating.
- Benefits: Enjoy competitive salary, 25 days holiday, and professional development support.
- Other info: Dynamic team environment with opportunities for career advancement.
- Why this job: Make a real impact in the motor insurance industry while growing your skills.
- Qualifications: Technical knowledge of underwriting and strong analytical skills required.
The predicted salary is between 36000 - 60000 £ per year.
Grade: 4
Reporting to: Senior Underwriter / Product Manager
Location: London
Overview
Underwriter – Motor Innovation 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.
The role
ERS is a leading underwriter of a wide range of specialist motor insurance products. Within ERS’s strategy of being the UK's leading specialist motor insurer, our focus is on delivering sustainable, high margin growth through the provision of quality propositions to a wide range of broker partners. The Underwriter’s primary responsibility is to support the Senior Underwriter in executing our underwriting strategy and supporting the development of our underwriting appetite, working closely with the Pricing and Product Technology teams. You will also act as a referral point for team members with a lower level of authority helping to develop their technical knowledge and understanding.
Key Responsibilities
- Contributing to the management of portfolio performance through the analysis of results, supporting the execution of our selection and pricing strategies and providing recommendations that will drive continuous performance improvement, contributing to meeting or exceeding our financial plans.
- Working alongside the Product Performance Analysts within the team, providing them with direction and support to improve their knowledge and utilising their skills to support the delivery of our strategic goals.
- Providing input to the development of our underwriting appetite for our product(s) based on your market knowledge and product expertise to take advantage of market opportunities.
- Working with the operational leadership team & technical training team to help identify training needs and support employee development through feedback, coaching and training to improve team competency and performance.
- Always aiming to get things right first time, achieving the agreed levels of quality.
- Act as our first line of defence.
- Understand and adhere to the zero-tolerance fraud strategy by identifying and referring potentially fraudulent activity to the Policy Validation Unit within the required timeframe.
- Having significant awareness of and ensuring adherence to all regulatory requirements, guidelines and working practices – both internally and externally.
- Understand and adhere to the complaint handling process, attempting to resolve complaints informally whenever possible and referring any unresolved complaints to the escalation point or Customer Relations within the specified timeframe.
- Support and actively demonstrate through behaviours, interactions and appearance, the high-performance culture IQUW aspires to develop.
The above duties and responsibilities are not an exhaustive list and you may be required to undertake any other reasonable duties compatible with your experience and competencies. This description may be varied from time to time to reflect changing business requirements.
Essential Qualifications, Skills And Experience
This role carries financial responsibility as well as being recognised as a subject matter expert in your product(s). We therefore require our role-holders to demonstrate technical expertise and to use commercial judgment in the fulfilment of their role. We expect our people to demonstrate the following skills, attributes, and knowledge:
- An understanding of underwriting strategy and risk appetites and ability to operate within these.
- Possessing extensive technical knowledge of the product(s), including the features of the product, factors that drive product performance, market dynamics which influence how the product is delivered and the requirements of customers using the product(s).
- Underwriting, risk selection and pricing skills which will ensure that we optimise the financial performance of a range of product propositions in a complex and competitive market.
- Possess an understanding of pricing practices and methodologies with the ability and experience to help us constantly enhance our pricing capability, providing insight and feedback on our pricing models.
- Having knowledge of the legal, regulatory and compliance provisions that apply to the UK motor insurance market.
Desirable behavioural attributes
- Strong interpersonal and relationship building skills
- Clear evidence of the ability to motivate and inspire peers
- Highly articulate and numerate
- A team player
- Innovative
- Driving & Delivering Results
- Planning & Organising
Benefits
- Competitive Benchmarked Salary
- 25 days holiday
- Discretionary bonus scheme
- Employee assistance programme
- Annual holiday buy (up to 3 extra days)
- Salary sacrifice benefits
- Annual benefits reviews
- The option for professional qualifications and study support
Underwriter - Motor Innovation employer: ERS
ERS is an exceptional employer, offering a dynamic work environment in London where innovation and expertise in motor insurance are at the forefront. With a strong focus on employee development through training and professional qualifications, we foster a high-performance culture that values collaboration and continuous improvement. Our competitive benefits package, including a discretionary bonus scheme and generous holiday allowances, ensures that our team members feel valued and supported in their careers.
StudySmarter Expert Advice🤫
We think this is how you could land Underwriter - Motor Innovation
✨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 ERS). 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 ERS. Don’t shy away from asking for a coffee chat; you never know what doors it might open!
We think you need these skills to ace Underwriter - Motor Innovation
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 ERS.
Tailor Your CV for the Role:Don't just send a generic CV! Focus on tailoring it specifically for the insurance role at ERS. 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 ERS
✨Know Your Numbers: Insurance Fundamentals
Brush up on your understanding of key insurance concepts, like underwriting principles and risk assessment. Expect the interviewer at ERS 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 ERS, 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 ERS'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.
