Officer, New Business Underwriting (50000259)

Job Purpose

Responsible for performing the risk assessment process for new life insurance applications to ensure the issuance of contracts in accordance with regulations, accurately and promptly.

Key Accountabilities (1)

1. Underwriting insurance applications
- Receive and review life insurance applications submitted via distribution channels.
- Verify completeness and accuracy of submitted documents and disclosures.
- Analyze risk factors such as medical history, lifestyle, occupation, and financial standing.
- Apply underwriting guidelines and risk classification tables to determine eligibility.
- Make decisions on standard approval, substandard terms (e.g. extra premium, exclusions), postponement, or declination.
- Utilize underwriting systems, medical databases, and internal tools to support decision-making.
- Escalate complex cases to senior underwriters or reinsurers when necessary.
- Ensure turnaround time meets service level agreements (SLAs) and internal benchmarks.

Key Accountabilities (2)

2. Operational Coordination & Policy Issuance Support 
- Communicate underwriting decisions to the policy issuance team for contract preparation.
- Confirm special terms (e.g. exclusions, premium loadings) are accurately reflected in the issued policy.
- Liaise with agents and clients to clarify underwriting outcomes and request additional documents if needed.
- Support pre-issuance adjustments such as beneficiary changes, coverage amount revisions, or health updates.
- Participate in internal training sessions and share underwriting insights with sales teams.
- Collaborate with legal, product, and operations teams to resolve exceptional cases.
- Maintain accurate records of underwriting decisions and correspondence in the system.

Key Accountabilities (3)

3. Quality Control & Compliance Monitoring
- Conduct periodic reviews of processed cases to ensure accuracy and adherence to underwriting standards.
- Stay updated with changes in underwriting manuals, risk classification criteria, and regulatory requirements.
- Participate in internal audits and respond to findings with corrective actions.
- Recommend process improvements to enhance underwriting efficiency and reduce errors.
- Report system issues or inconsistencies that impact underwriting performance.
- Uphold confidentiality and ethical standards in handling sensitive client information.
- Contribute to monthly performance reports and quality metrics tracking.

Key Relationships - Direct Manager

Manager/Senior Manager, Underwritting

Key Relationships - Direct Reports

Key Relationships - Internal Stakeholders

Internal function, division in company

Key Relationships - External Stakeholders

Clients and Insurance Agents; hospitals, clinics; Reinsurance Partners,…

Success Profile - Qualification and Experiences

Bachelor’s degree in Finance, Insurance, Business Administration, or related fields.
Minimum 3 years of experience in life insurance underwriting or policy operations.
Familiarity with medical terminology, financial analysis, and insurance principles.
Preferred certifications: LOMA, ALU, FALU or equivalent.
Proficient in underwriting software, risk assessment tools, and basic Excel functions.