Underwriting and Fraud Manager

at  Admiral

CLOSING DATE

03/11/2024
Why Veygo?
Veygo was founded 6 years ago – part of the pioneering incubation venture ‘Admiral Pioneer’ - created to seed and launch exciting scale ups to disrupt existing marketplaces.
Veygo has so far seen an impressive 50% YoY growth. We currently provide our customers with temporary and learner car insurance - products designed to make life easier for those wanting to share or borrow cars, insure their own car for a short amount of time, or for people learning to drive.

What makes Veygo different?

• We’re building flexible policies for learner drivers and people looking to share cars – whether owned or borrowed.
• Veygo provides comprehensive cover to those customers, meaning that the car owner’s existing insurance policy and no claims bonus is safe if the person borrowing the car has an accident.

• All Veygo’s insurance is available by the hour, day, week or month and customers can get a quote in minutes.All backed by Admiral, voted Best UK Car Insurance Provider six years in a row by The Personal Finance Awards.

• Whilst our mission today is to put people in control of their own journey our ambition is to create a youth lifestyle brand that take us beyond car insurance. Disruption is in our DNA and we’re always relentlessly looking for collaborative self-starters and innovators with the desire to challenge how we do things today; to push the boundaries and drive us through our onward growth journey. Veygo’s culture is vibrant, open, creative, and disruptive.

REQUIREMENTS:

• Proven work experience in Insurance Pricing, Fraud or Underwriting analytics.
• Experience with Data Visualisation tools e.g. Excel, Looker, Power BI or Tableau.
• Understanding of Fraud prevention solutions and regulatory requirements for Fraud compliance, Anti-Money Laundering and Financial Sanctions.
• Experience in risk management.
• Project management skills e.g. planning, scheduling, communication, documentation, etc.

THE ROLE

This is an exciting opportunity within the Pricing, Fraud and Underwriting team as the manager for evaluating risk within the Underwriting and Fraud domain. Through utilization of advanced fraud detection tools, maintaining strong relationships with third party data vendors and creating bespoke underwriting rules, this role is responsible for mitigating very high claims risk in protection of Veygo’s Loss Ratio.
The candidate will have a solid understanding of claims risk management, insurance fraud detection and a proven track record in project delivery. Our aim is to develop market-leading risk management through technology and innovation, with a focus on minimizing overall impact to our legitimate customer whilst accurately removing bad actors from Veygo’s portfolio.

ROLE RESPONSIBILITIES

• Oversee the management and enhancement of the fraud engine platform to identify and flag high-risk customers.
• Develop new and innovative technologies to further bolster Veygo’s protection against all forms of financial crime. The role will require the candidate to create partnerships with third-party vendors, so as to integrate best-in-class fraud prevention tools into the Veygo infrastructure.
• Review and produce underwriting analysis in evaluation of our risk management rulesets. The candidate will be working closely with the pricing team to make data-led decisions on our Pricing & Underwriting structure.
• Monitor the overall block rates associated with Fraud & Underwriting. This includes change-management in areas of growth or restriction dependent on performance analysis. This will be delivered whilst operating within industry standards, FCA compliance guidelines and regulations.
• Utilize data analytics to track and report on fraud trends, underwriting risks and fraud rule effectiveness. Make available MI to the wider business with an aim to communicate the various fraud & underwriting risks currently seen on our book. The role will require the management of new or existing data to be managed effectively through our ETL pipeline through collaboration with the data team.
• Lead and line manage a team of analysts as they perform risk optimisation and impactful changes. Work cross-functionally with other departments, such as engineering, customer care and product to deliver highly beneficial changes for our customers and the business.