Underwriter - Incubation

at  Beazley Management Limited

General:
Job Title: Underwriter - Incubation
Division: CUO Office
Reports To: As per Beazley’s organisation chart
Key Relationships: Chief Underwriting Officer, Corporate Development team, Underwriting Committee, Product Development & Delivery teams, Broker Relations team, Marketing team, cross functional agile teams.
Job Summary: To underwrite a portfolio of viable products in new areas that are outside existing trading team appetites to ensure the Group has a steady flow of innovative new products and ideas coming to market. The expectation is that multiple products will be in development/underwriting/handover stages at any given time.
To support innovation with direct underwriting of the products and to maintain and improve the market reputation of the Beazley brand.

EDUCATION AND QUALIFICATIONS

• Graduate level education preferred

SKILLS AND ABILITIES

• General commercial, financial and insurance knowledge
• Possess ability to see beyond the concepts to what the actual problem that is trying to be solved, and thus what an insurance product could look like
• Fast learner with comfort in working across varied projects simultaneously
• Comfort with review and drafting of initial wordings and thinking through coverage issues for new products
• Numerate and analytical with an ability to suggest ways of pricing new products
• Computer skills – good working knowledge of MS Office and Excel
• Excellent communication skills, both verbally and in writing
• Ability to manage time, meet deadlines and prioritise
• Motivational skills, team worker as well as able to work on own initiative
• Networking skills, both externally and internally

KNOWLEDGE AND EXPERIENCE

• Experience of underwriting (minimum 3 years of experience)
• Client service experience

• Assist with the design, diligence, development and launch of brand new products to Beazley - that do not immediately fit within an existing trading team appetite/business plan:
• Discover and develop new products by assessing risk exposures, analysing market size/demand, designing wordings and rating structures.
• Engage with internal underwriting teams, wordings, actuarial and claims stakeholders.
• Underwrite a profitable portfolio of products through a pilot period in the various years of launch, with KPIs and to be agreed at the beginning of each pilot.
• Support underwriting teams in the handover or run off of incubated products.
• Support the production of business plans/decision papers as required
• Engage in key production activity with brokers:
• To promote the new products that are being underwritten by the team.
• Be a focal point for brokers to present new product opportunities.
• To support the underwriting and refinement of products that are currently in the production phase by the team.
• Engage with external organisations:
• To promote Beazley’s innovation capabilities.
• Be a focal point for external parties to present new product opportunities.
• To refine and improve products both in development and when launched.
• Take an active part in Beazley’s involvement with the Lloyd’s Product Launchpad and Lloyd’s Lab, and diligence the product ideas that come through this process where appropriate.
• Liaise with existing underwriting teams at Beazley to capture ideas they may have (self-generated, from brokers, or clients) for products that have a more natural fit within the incubation team.
• Work with peers within existing underwriting teams to maximise business opportunities and profitability within the department. This will include, but is not limited to, marketing opportunities and cross selling.
• Comply with Beazley’s underwriting control standards for business written through Lloyd’s or Beazley’s internal MGAs.