Underwriter - Incubation

General:

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.

Key Responsibilities:

• 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.

• Leverage internal networks within the business to create optimal cross functional agile teams that are fit for purpose.
• Advise, assist and service clients on insurance and risk matters to ensure clients’ satisfaction.
• Maintenance of good business relationships with brokers.
• Maintain awareness of overall Beazley product range and take advantage of opportunities to introduce other Beazley products to clients.
• Share and gather knowledge within the Beazley Group to ensure dissemination of best practice and maximise business opportunities and profitability within the Group.

It is important that within all your interactions both internally and externally you adhere Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to:

• Comply with Beazley procedures, policies and regulations including the code of conduct
• Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
• Display business ethics that uphold the interests of all our customers.
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.

Personal Specification:

• Graduate level education preferred

• 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

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

• Results focused, self-motivated, flexible, enthusiastic, resilient
• Able to appropriately challenge legacy approaches
• Professional approach to interact successfully with managers / colleagues / external suppliers

• Commercial mindset
• Achievement drive
• Service focus
• Strategic thinking
• Analytical thinking
• Team working
• Developing people
• Team leadership
• Conceptual thinking
• Forward thinking