Underwriting Analyst

Overview

Underwriting Analyst

Location: London

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 Group 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

The role of an Underwriting Analyst at IQUW is one which proves challenging yet truly rewarding.

The role offers the opportunity to become a key member of a high-paced underwriting team within IQUW Group’s Property & Casualty operation. The primary focus of the Underwriting Analyst is to provide pre-underwriting technical analytics and modelling support to the underwriters, as well as helping to manage aspects of contract administration post bind.

The preparation of risks in readiness for underwriting is needed, including correctly organising submission flow, preparing rating sheets and pre-reading underwriting information.

Whilst being part of the underwriting team, the Underwriting Analyst will work alongside the Exposure Management and Pricing teams to ensure a collaborative approach to risk management and pricing and that models are applied appropriately to individual risks.

Overall book analysis, preparation of statistics and various other analytical tasks and skills will also be required.

Key responsibilities

• Contribute to the execution of underwriting strategy for an allocated class of business.
• Manage the flow of data from the brokers into the underwriting systems and into the cat modelling function. Manage, data check and prioritise cat model accuracy and ingestion into IQUW Tools.
• Structure and analyse complex reinsurance transactions.
• Helping to build the pricing risk model for new and renewal transactions.
• Support underwriting of new and renewal accounts by providing a technical opinion for underwriters through assessment of underwriting information.
• Check and challenge team output to ensure it meets expectations.

• Work collaboratively with the Underwriting Management Team to ensure appropriate governance and consistency of risk management principles.
• Manage team exception reporting via automated and manual process to ensure data accuracy.
• Liaise with outsourced resources to ensure policy entries are accurate.
• Be the team’s key resource for data accuracy.
• Work across the reinsurance function (Specialty and Property) to ensure adherence to reporting and regulatory deadlines.
• Continue to aid in the development of internal systems (Underwriting Workbenches, MI/BI reporting, Exposure Management Dashboards)
• Collating regular management information reports

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

• A degree in a numerate subject
• Understanding of principles of insurance and ability to apply this in an underwriting environment.
• Knowledge of the external landscape and IQUW’s key competitors within your specific area of business.
• Understanding of IQUW’s appetite for different types of business and the ability to identify desirable and undesirable business.
• An interest in the mechanics of pricing business and an understanding of all variables that impact price.

• Full understanding of the coverage provisions, exclusions and conditions of product wordings in your area.
• Knowledge of the minimum information required for underwriting purposes.
• Knowledge of the legal, regulatory and compliance provisions that govern your business.
• Knowledge or interest in learning one or more coding languages: C++, SQL server, R, Python, VBA.

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 and able to generate creative solutions
• Highly organised with a clear ability to prioritise and deliver on allocated tasks