Underwriting Rules Consultant
Munich Re
Mumbai, India
5d ago

Big data, artificial intelligence and advanced analytics are transforming the insurance industry across the value chain.

Munich Re is at the forefront of this trend, having made a significant investment in start-of-the-art analytics infrastructure and software, central and regional analytics centres of competence and several successful analytics initiatives with its clients worldwide.

Munich Re has experienced exponential growth in demand for automated underwriting and analytics projects from its clients in life and health.

It’s an exciting opportunity for a motivated professional who is interested in leveraging their technical underwriting know-how to join our team located in India to drive our clients’ automated underwriting initiatives.

The role centres around design and review of automated underwriting rules with domain expertise provided as required during the rules implementation phase to support the client digital underwriting transformation.

Your job

This position will be based in India working with the Chief Transformation Officer, Digital Solutions, Life & Health 2, located in Singapore.

Responsibilities

  • Support automated underwriting rules implementation projects with the objective to help the client launch an underwriting ruleset that delivers automation of processes and embeds the client’s requirements and underwriting philosophy.
  • Specific tasks include : Participation in the project kick off activities through end to end underwriting process reviews, fact find and support to stakeholdersActive engagement in understanding, defining and documenting the clients underwriting philosophy and standardsSupport our tech partner (Munich Re Automated Solutions, MRAS) in developing and setting up new system features to deliver on client requirementsAs underwriting domain expert deal with automated underwriting queries and guide clients on how to implement process improvements and product featuresReview of existing application forms and setting them up in the automated underwriting engine focussing on ways to enhance the customer journeyDevelop and implement risk adequate medical and underwriting logic (rules) based on Munich Re’s underwriting philosophy according to all risk types (example Life, CI, TPD, Medical)Tailor existing medical and underwriting logic based on the client’s underwriting standard, regulatory framework and compliance requirementsProvide underwriting consultancy to not only automate existing processes but also look at opportunities to improve current processesActive participation in meetings and follow up on assigned actions to meet projects deliverables.

    Includes supporting project lead / sponsor through clear project documentation and regular updates to all parties.

  • Work towards being an expert user of the MRAS underwriting software with the ability to train new users and support in solving technical underwriting issues pertaining to the underwriting engine
  • Clearly communicate and call out concerns on underwriting related requirements, inappropriate or inefficient processes to stakeholders such as internal team members, clients or tech partners.
  • Provide underwriting solutions to clients by partnering with them to identify unique, creative ways to solve their problems and improve their business results.
  • Review of underwriting analytics data to identify areas where improvement can be brought to the ruleset to boost performance and improve the customer journey
  • Your profile

  • Minimum of 5 years’ experience in life insurance; underwriting medically substandard, as well as financially complex life, critical illness and health (medical cover) risks.
  • Claims assessment experience would be preferred.

  • Sound understanding and working knowledge of the underwriting in the life insurance market including the regulatory environments, types of coverage and products, critical illness definitions and market norms for maximum coverage, medical requirements etc.
  • Experience in automated underwriting solution implementation, rules development and data analysis is preferred.
  • Proven experience with promoting and implementing process change in underwriting and new business departments.
  • Proven experience in project management, especially in coordination and management of concurrent projects
  • Solid understanding of insurance operations (sales, underwriting, claims, underwriting guidelines) with strong experience in both life & health.
  • Exposure to and ability to quickly understand and optimize underwriting process flows
  • Exposure to health underwriting and / or claims assessment desired
  • Strong communication skills (both written and verbal)
  • Strong technical and analytical skills, logical and concise in approach with attention to details
  • Ability to integrate into a highly qualified team working across functions; self-motivated with strong problem solving skills and action oriented
  • Flexibility and agility are essential requirements to support and grow the business
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