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Job Summary (Primary purpose of this Role):
The role is to manage new business underwriting to assess all new business acquisition cases. He/she will be reporting to the head of new business division. Currently 15 underwriters and 2 risk control staff belong to the organization 70% of them are based in Tokyo and the other 30% in Osaka. He/she should demonstrate thought leadership on underwriting across the company.
Individual Accountabilities:
Develop annual operation plan for new business underwriting
Operate underwriting organization with 17 underwriting resources in 2 locations
Meet or beat KPI target such as TAT, auto underwriting ratio, straight-through processing ratio, etc.
Regularly report team performance at monthly operation review
Fully understand and follow Manulife’s underwriting standard
Keep optimizing underwriting rules and criteria, considering MLJ’s risk appetite and market opportunity
Provide distributions with comprehensive acceptance criteria
Apply regulations, LIAJ guideline, and our compliance policy to underwriting rules and process
Make decisions within approval limits for irregular cases
Best utilize reinsurance
Improve auto-underwriting ratio
Improve straight-through processing ratio
Conduct semi-annual underwriting quality assessment and annual level check test for underwriters
Conduct regular risk management and governance activities
Contribute to underwriting association on behalf of MLJ
Regularly assess and develop underwriting skill resources to improve productivity
Key Shared Accountabilities:
Act as a core member of Insurance Operations management team
Actively engage with transformation initiatives
Collaborate with distributions to maximize new business acquisition every month
Collaborate with Product department to develop new products
Collaborate with Pricing officer to keep A/E ratios within 100% of assumption.
Collaborate with claims department to obtain feedbacks for improving underwriting criteria and relating operations, and prevent fraudulent applications
Create constructive relationship with reinsurers and underwriters of industry to keep our underwriting updated and competitive
Job Requirement:
Bachelor’s degree of equivalent
More than 10 years of underwriting experience in life insurance industry
More than 10 years of business leadership experience
More than 2 project experience of process improvement
Proven track record of team productivity improvement
Sufficient knowledge of reinsurance
Good understanding of pricing area
English communication skill (written and oral)
Japanese communication skill (native level)
FUWJ or FALU
Competencies:
Thought leadership on underwriting
Fact based decision making
Logical thinking
Clear communication with senior management
Decision Authorities:
Medical/Financial guidelines
All UW decisions
Authority level of each underwriter
Retention limits
Selection of reinsurers
Product /declaration design
Automated underwriting system/design
Key Leadership Behaviors:
Motivational and inclusive leadership
Challenge status quo
Customer centric mindset
Risk sensitive mindset
Key Performance Goals/Measurement
Financial Targets:
Departmental expense
Headcount
Key Metrics:
Auto underwriting ratio
Straight-through processing ratio
Unit cost per transaction