Reports to: Head: STI Underwriting Unit
Division: Underwriting
Number of Subordinates: None
PURPOSE OF THIS ROLE
The purpose of this role is to assist with the underwriting of short-term insurance applications. An incumbent of this role will also be coached and mentored by the Underwriter and/or Senior Underwriter and/or Head of Short-term Underwriting Unit as may be required.
KEY ACCOUNTABILITIES, MEASURES & INTERFACES
- Analyse and Interpret financial statements for the assessment of transactions;
- Capture the financial data into the financial models and analyze the outcome thereof;Engage with external credit report writers to obtain credit reports;
- Conduct desktop and field due diligence, where applicable, that includes reviewing contracts, financial documents, amongst others;
- Assist the deal team with the process of coordinating the due diligence visits, required information relating to the transaction, negotiate the structure of the transactions, assessing of commercial terms in the financial documents, application and other related documents to reach financial close;
- Assist in evaluating information to determine level of risks in relation to the cover being assessed to support the transactions that meet the ECIC mandate and credit requirements;
- Assist in preparation and collating information to be included in the submissions to Project EXCO approval committee;
- Assist in developing and maintaining relationships within the Corporation, exporters, lenders, short-term trade insurers and reinsurers, other ECA’s and other institutions involved in the export business;
- Assist in identifying new business opportunities for ECIC in collaboration with the business development team;
- Assist in conducting the assessment of technical, commercial feasibility, financial and credit worthiness of the transactions with some level of understanding of environmental and social aspects, (including underwriting criteria, governance issues such as anti-bribery, sanctionable entities, etc., in line with the policies of the corporation);
- Assist in assessing the degree and types of commercial and non-commercial risks likely to be involved in an investment and determine whether these risks should be covered and under what terms and conditions;
- Assist with the presentation of the transactions to Project EXCO for approval when required;
- Assist in keeping a record of approved transactions as well as the transactions progress post cover;
- Assist in carrying out the corporate strategic plan, and the business goals of the STI Underwriting unit.
- Work in collaboration with other business units, such as Risk, Business Development Unit, Portfolio Unit, PEAR Unit, Actuarial Unit, Legal Services Unit, etc., and to assist in coordinating the team in the assessment of transactions and ensure their input is incorporated when compiling the transaction submission;
- Assist with the negotiation of transactions, structuring and review of commercial terms in the finance documents, security documents and other related documents;
- Assist in managing risks and/or compliance issues within the unit in accordance with ECIC compliance and risk management strategy;
- Assist in managing the Short-term Business Unit Portfolio ensuring profitability and sustainable growth;
- Keep abreast of evolving short-term trade insurance and other relevant regulations;
- Ensure underwriting decisions comply with the Corporation’s guidelines, risk appetite, and regulatory requirements;
- Provide technical support to brokers and internal teams on risk placements;
- Any other reasonable duties and responsibilities in line with your capabilities and at the request of the Head of the STI Unit.
Key Measures
- Increased good quality underwriting activities for the corporation and achieve relevant targets.
- Increased repetitive business and value and number of transactions approved
- Management of client relationships and key stakeholders.
Key Interfaces
- Underwriter - STI
- Senior Underwriter – STI
- Head of the STI Unit
QUALIFICATIONS & EXPERIENCE
- A Bachelor’s degree with specialisation in Accounting, Financial Accounting, Finance, Credit Risk Management, Law, Business Administration or relevant fields;
- Minimum 2 years’ experience in short-term trade insurance and/or reinsurance, commercial and /or political risk underwriting or risk management.
- Basic knowledge of international business, contractual, corporate and financial practices and accounting.
SKILLS & ABILITIES
The incumbent should have demonstrated the following competencies:
- Ability to identify opportunities and assess transaction feasibility in line with the ECIC’s objectives.
- Adequate analytical skills.
- Ability to comprehensively analyze and interpret financial statements.
- Adequate financial and political risk analysis skills.
- Ability to conduct financial model analysis and reviews under supervision.
- Excellent communication skills (i.e.in both verbal and written English) at all levels i.e., Executives, Staff and other key Stakeholders.
- Ability to coordinate and manage multiple functions.
- Ability to communicate underwriting concepts to non-specialists
- Ability to forge relationships with other areas of the business at all levels and with all relevant stakeholders.
- Adequate aptitude for problem resolution and decision making.
- Able to demonstrate a high degree of integrity.
- Problem solving skills, able to swiftly identify issues, present creative and practical solutions as well as accommodate different interests.
- Strict attention to detail and deadline orientated.
- Willingness to travel.
BEHAVIOURAL COMPETENCIES
- The incumbent is required to have the following Behavioural competencies:
- Values: Display the following values: Integrity, accountability, excellence, innovation, and teamwork
- Problem Solving: Demonstrates basic problem-solving skills and appropriately applies proven solutions.
- Business Acumen: Develops and uses a strategy to target own time (and time of others) on a portfolio of customers to maximize revenue and profitability.
- Delivery: Translates business objectives into practical, prioritised, and organised action plans; ensures plans are safely and successfully implemented.
- Conflict Resolution: Identifies and pushes for solutions in which all parties can benefit.
- Team Participation: Consistently offers relevant input to team discussions as issues are being clarified and solutions are being developed.
- Flexibility: Available to work more than ordinary business hours