Position Title: Senior Underwriter (Construction and Energy Underwriting)
Department: Underwriting & Product Development
Reporting Manager: Chief Commercial Officer
Job Overview:
The candidate will be responsible for all Engineering construction and Energy underwriting. Construction risk includes property construction, machinery erection, delays in start-up insurance, third-party exposure related with the project construction work and others related engineering construction exposures. Energy underwriting includes physical damage and business interruption coverage to clients operating across the entire energy chain, from exploration to polymers and power production. The role includes the product wording review, product performance, product renewed, changes request and up to date product features to ensure that the product offers remain competitive in the market. The candidate will be required to collaborate with various departments, including but not limited to Commercial Distribution, Commercial Claims, Operations, IT to drive the growth and profitability of the insurance business.
Key Responsibilities:
1. Underwriting:
- Analyze and evaluate risks for construction and engineering-related insurance products, ensuring sound underwriting decisions.
- Develop and execute underwriting strategies in alignment with team and company objectives.
- Collaborate with brokers, clients, and internal stakeholders to design bespoke insurance solutions for the construction industry.
- Monitor market trends, competitor activities, and emerging risks to maintain a competitive edge.
- Ensure compliance with internal underwriting guidelines, regulatory requirements and industry standards.
2. Product Development:
- Identify market opportunities for new products and insurance scheme.
- Support and lead the development and implementation of new products and/or packages, from concept to launch.
- Ensure all products comply with relevant regulations and industry standards.
- Conduct regular reviews of existing products, special clauses, to ensure they remain competitive and meet customer needs.
- Regularly review policy terms and conditions to ensure they are complying with regulatory standards and reflect current and emerging market trends.
3. Collaboration and Communication:
- Collaborate with Commercial Distribution, Commercial Claims, Operations, IT to drive the growth and profitability of the product and related insurance business.
- Communicate product and underwriting strategies to internal and external stakeholders.
- Provide insights and recommendations to senior management regarding risk performance and market opportunities.
- Work closely with external insurance brokers and grow the broker relationships.
4. Process Optimization:
- Design and implement efficient and effective underwriting processes to enhance competitiveness.
- Continuously review and improve underwriting workflows and procedures to increase productivity and reduce turnaround times.
- Utilize technology and automation tools to streamline underwriting processes and improve accuracy.
- Ensure underwriting processes are scalable and adaptable to changing market conditions.
Qualifications, Skills & Competencies:
- Bachelor's degree in insurance industry, risk engineering, with focus on technical lines or engineering risks.
- Professional certification in underwriting (e.g., CPCU, ARe, AU) is a plus.
- Minimum of 5 years of experience in Engineering Construction and/or Energy insurance underwriting and product development background.
- Understanding of the Thailand insurance industry, insurance market and regulation are preferable.
- Ability to speak both English and Thai is preferable.
- Excellent analytical, problem-solving, and decision-making skills.
- Strong communication and interpersonal skills.
- Ability to work collaboratively with cross-functional teams.
- Proficiency in underwriting software's and tools.
