Latent Defect Insurance Underwriter

Full Job Description

OVERVIEW
Our client is a leading MGA, seeking a dynamic and experienced Latent Defect Insurance Underwriter . Our client is an established player in the UK market, and has strong ambitions to carve out a significant proportion of the Irish market. This position would suit a confident, disciplined self-starter with strong administrative and communication skills. The successful candidate will play a pivotal role in evaluating and mitigating risks associated with insurance applications, ensuring comprehensive coverage for a diverse range of properties. This is an exciting opportunity to be part of a new and growing sector within an established company.
RESPONSIBILITIES
Risk Evaluation:
Assess applications for latent defect insurance coverage, meticulously evaluating risk factors such as construction methods, client profiles, and background information.
Utilise the Insurer’s established Underwriting Guide to calculate appropriate insurance premiums, applying terms and conditions to quotations and releasing final documentation.
Underwriting Scope:
Collaborate with Technical Underwriting to underwrite latent defects risks, spanning from individual residential properties to large, mixed-use properties with a reinstatement value of up to €20,000,000 per Development.
Operational Excellence:
Process new quotation enquiries, revisions and mid-term adjustments, and liaise effectively with our Broker and Direct Teams, and Technical Inspection Surveyors throughout the underwriting process.
Highlight special considerations, such as risk location or additional survey costs, ensuring a comprehensive approach to risk assessment.
Documentation and Compliance:
Ensure all required information is obtained and accurately recorded within an advanced in-house IT system. Adhere to relevant regulations and maintain a sound understanding of underwriting principles and the general insurance market.
Stakeholder Interaction:
Interact closely with all Departments within the business to gain a thorough understanding of proposed business and contribute to the high standard of service offered to customers.
Decision-Making and Analysis:
Analyze data effectively to inform decision-making, demonstrating strong numerical and verbal reasoning skills.
Refer risks above €20,000,000 to Senior Management and present them to the Insurer.
Project Completion:
Issue final insurance certification upon practical completion of projects, inclusive of the relevant policy wording.

A solid understanding of underwriting principles and the general insurance market.
Knowledge of relevant regulations and proven experience in underwriting, customer service, and risk analysis. Experience or knowledge in latent defect underwriting or the construction industry.
Strong numerical and verbal reasoning skills with excellent organizational and prioritisation abilities. Effective negotiation skills with the ability to work collaboratively in a fast-paced environment.
Familiarity with complaints procedures within the insurance industry. Positive and enthusiastic attitude with resilience to work under pressure.
REQUIREMENTS
Minimum of three years of experience in underwriting in some capacity. Preferably hands-on experience in latent defects cover or financial underwriting.
A knowledge of construction practices would be desirable.
Ability to work remotely and demonstrate discipline as a self-starter.
Note: The initial 4-6 weeks will be spent working in the company’s offices in Belfast, NI, or Tyne and Wear, UK.
This role offers an excellent opportunity to contribute to the growth of a new segment within an established company.