Chief Underwriting Officer

As a member of the SLT you will contribute to wider organisational strategy and effective operational decision making. Critical to success in this role, you will champion and promote the generation and use of robust analytics and data insights to better understand the risks we carry and to inform business decisions, performance assessments and identify strategic opportunities.

The CUO is responsible for, working with the HR and L&D function to ensure an appropriate talent development strategy for HSBUKI’s trading underwriting community through the Underwriting Foundation and other initiatives to motivate and inspire technical and capability development.

As CUO you will work closely with the Business Development and Strategy teams by contributing to and supporting the development and implementation of product innovation and growth ideas and strategies to aid HSBUKI in realising its future profitable growth ambitions and market potential. You will also support our Business Development team to support the development of client relationships and new business opportunities.

Comprising 13 FTE, the USS function has responsibility for overseeing HSBUKI’s insurance product design, pricing, performance and risk appetite, together with reinsurance and accumulation management and capital allocation models. The USS function oversees the design of HSBUKI’s delegated authority and reinsurance treaty distribution models. In addition the function is responsible for the implementation of HSBUKI’s Underwriting control and governance frameworks and ensuring adherence to them, in line with HSB Group and local regulatory requirements. You will be directly responsible for this team, so understanding the portfolio of business and seeking ways to ensure stability and maximise it’s potential will be a key feature of the role.

HSBUKI has recently acquired a specialist MGA, which writes latent defect structural warranties. This means the CUO has an exciting opportunity to critically evaluate the respective underwriting functions of HSBUKI and the new MGA in order to find opportunities that;

further strengthen capabilities
scale processes
bring in new skills and ways of thinking.

Together, these will realise synergies and ensure HSBUKI underwriting capability is well positioned to enable good business decisions and fair customer outcomes as HSBUKI continues to grow.

WE OFFER

This role is part of the wider HSB and Munich Re Group underwriting community, with a dotted reporting line to Group CUO, meaning that for the right candidate this role can also present excellent career progression opportunities within HSB and the wider Munich Re Group.

Work closely with HSB Group CUO to determine the Company’s underwriting strategy and report on performance
Implement and oversee effective product and portfolio management techniques in order to determine approach to selection, retention and pricing.
Develop and execute UK and Ireland underwriting strategies in partnership with Business Development function
Pro-actively monitor the underwriting result by product lines and segment/distribution channel, identifying strategies in conjunction with each product or segment underwriting leader to build on favourable performance and address unfavourable results
Implement appropriate underwriting oversight over the newly acquired MGA, MDInsurance Services, and find opportunities to create and realise synergies from the acquisition, through strengthening capabilities and improving product offerings.
Ensure that there is pro-active communication between Underwriting and Claims functions so that HSB products clearly reflect the coverage intended and product design is adapted in response to trends in claims activity as appropriate.
Identify changes to the company’s activities which may impact its exposure to risk and its solvency requirements under regulatory models
Oversee the management and monitoring of binding authority levels across HSBUKI’s underwriting community
Ensure that audit and monitoring procedures are in place to enable adequate review of underwriting compliance with in force standards and guidelines across each business segment underwriting team and delegated underwriting facility.
Research insurance topics of relevance for the purpose of amending existing guidelines and establishing new practices.
Pro-actively monitor market developments and emerging risks to identify gaps or under serviced insurance coverage
Define and develop new insurance products or enhancements to the existing product portfolio in conjunction with Business Development and Strategy teams
Oversee a culture of continuous review and improvement over procedures and controls in the underwriting department to ensure effective delivery and scalability of the underwriting function as the business grows and develops.
Represent the company at a senior level with Brokers and Strategic Partners, and build long-term relationships with key decision makers
Identify the financial risks from climate change and implement appropriate processes and controls to manage and report on these risks
Lead and co-ordinate HSB UKI’s activities to identify, manage and report on ESG risks and opportunities

WE EXPECT

Regulatory and other reporting responsibilities: UK

SIMF22: Chief Underwriting Officer
Key function holder (KFH): Underwriting and Reinsurance
Other Responsibilities per Management Responsibilities Map:
Design and manufacturing of products intended for wholesale and retail
customers
Identifying and handling the financial risks from climate change
Standing attendee at quarterly Board and Risk Committee meetings
Chair of Underwriting and Claims Group
Chair of HSB EIL Reinsurance Oversight Committee
Chair of ESG Committee
Member of HSB EIL Executive Committee
Member of HSB EIL Compliance and Risk Group
Attendee: Audit Committee, Risk Committee

Republic of Ireland

Member – Branch Management Committee of Third Country Branch

Key Competencies, Skills and Experience

Proven underwriting and leadership experience in previous roles
Effective stakeholder management in a matrix reporting line environment; ability to quickly build relationships and establish credibility
Ability to lead the development and interpretation of numerical trends and analysis, identify key issues based on this information to enable well-informed business decisions.
Ability to communicate across all levels and articulate complex topics in a simple and easy to understand manner
Good knowledge and understanding of the business, economic and market environment in which non-life property carriers operate
Awareness and understanding of the main risks facing non-life property carriers and ability to lead a team to identify, assess, monitor, control and mitigate risks
Associated experience of understanding and managing the net underwriting exposures of a non-life property carrier
Awareness and understanding of the regulatory framework, and the regulatory requirements in which non-life property carries operate and the expectations relevant to the CUO role

Qualifications and Educational Requirements:

Fully qualified professional insurance designation.
Degree level or equivalent experience

Personal Attributes:

The highest level of integrity and ethics, both professional and personal
Strong data analytical skill and knowledge
Sets high standards, empowers and encourages accountability
A committed, constructive and effective team player with proven ability to inspire, trust and motivate team members and colleagues towards achieving ambitious goals
Able to take a hands on approach where appropriate to engaging with teams/stakeholders
Critical thinker and ability to appropriately challenge and influence
Committed to upholding HSB’s values; forward-thinking, inventive, customer
centric, agile, analytical, technology driven.