Assistant Vice President
Qatar Insurance Company
Total years of experience :27 years, 11 Months
JOB RESPONSIBILITIES
(1) Premium Target: Responsible for achieving the budgeted annual premium targets.
(2) Business Development:
a) Hunt for new clients through direct selling;
b) Generate new business from existing clients by exploring/designing/offering new and unconventional products with the help of international reinsurance support, if required;
c) Enter into new alliances with banks & transporters for expanding portfolio;
d) Continuously keep eye on relevant developments in the local market for new business generated especially from construction/projects side;
e) Effectively co-operate/compete with other insurers to maximize our interest;
f) Cautiously accept inward facultative business from overseas insurers;
g) Accept fronting proposals and safeguarding company’s interest;
h) Identifying key persons with the clients and generate leads within/outside the group companies;
i) Personal goodwill visit to all clients.
(3) Underwriting Profit: Ensure profitability of my Portfolio which directly affects my annual appraisal and Incentives.
(4) Underwriting: Promptly analyze and respond to Queries, Proposals & Tenders received from Clients and Brokers. Ensure all relevant u/w information is obtained to decide on rating and acceptability of risk and also ensure full adherence to Underwriting Manuals, Regulatory guidelines and Treaty Cover Notes.
(5) Document Signing: Signing all documentation such as Policies, Endorsement, Certificates, Letters, Fax, etc.
(6) Claims Control: Record, Compile Analyze and Compare claims data and if required, Re-organize the underwriting strategy from time to time.
(7) Operations: Ensure systematic and smooth functioning of my unit within the available resources. Troubleshoot day-to-day problems. Endeavour to meet the turnaround time-limits. Set Performance standards and monitor them. Knowledge sharing & training of new colleagues reporting to me. Assigning roles, functions amongst the cargo team members depending upon each individuals strengths/weakness.
(8) Support/Liaison with Claims Department: Provide continuous Informational/Technical support and exchange data with claims department. Providing Technical & Commercial opinions wherever required.
(9) Support/Liaison with Reinsurance Department: Provide required statistics, comments, desirable changes, projections on treaty figures. Assist RI department in preparing treaty renewal submissions.
(10) Reinsurance Transactions: Optimize all Fac-Out transactions; Ensure compliance of Premium Payment Warranty. Negotiate and fix commissions on profitable Fac-in businesses from within/outside Qatar.
(11) MIS: Employing available tools, submit Weekly, Monthly, Annual and Non-routine reports to higher management and other internal/external clients.
(12) Audit: Arranging for required support to the Internal Auditors in conducting technical audit. Providing necessary information/support to the External Auditors viz. Technical auditors, ISO auditors and financial rating auditors.
JOB RESPONSIBILITIES:
(1) PREMIUM TARGET: Responsible for achieving the budgeted annual premium targets.
(2) U/W PROFIT: Responsible for profitability of Marine Cargo Portfolio.
(3) UNDERWRITING: Promptly analyze and resolve U/W Submissions from the Regions and Key Accounts Channel. Ensure all relevant u/w information is obtained to decide on rating and acceptability of risk and also ensure full adherence to Underwriting Manual, SAMA guidelines and Treaty Cover Notes.
(4) SUPPORT TO SALES CHANNELS:
a) Prompt and accurate issuance of quotes, policies and endorsements, etc to the Regional Offices and Key Accounts as per the Service Level Agreements signed with them;
b) Communicate to them various changes in U/W guidelines, Internal and external environment;
c) Query disposal and knowledge sharing. d) Perform online audit of their work.
(5) SUPPORT TO RI DEPARTMENT: Provide required statistics, comments, desirable changes, projections on treaty figures. Provide our Underwriting overview to International treaty reinsurers thru our RI department.
(6) DISTRIBUTION: Prompt and accurate distribution of risks written by Tawuniya. Optimize the use of Tawuniya capacities and treaties. Identify and take care of Risk accumulations.
(7) REINSURANCE TRANSACTIONS: Monitor all Fac-Out transactions and communicate with the Fac reinsurers to obtain prompt facultative support; Check the compliance of Premium Payment Warranty and ensure timely transfers to Fac reinsurers.
(8) LIASION: Direct dealing with the insured/brokers thru verbal and written media.
(9) MIS: Employing "Oracle Discoverer" and other available tools, submission of Weekly, Monthly, Annual and Non-routine reports to higher management and other internal/external clients.
(10) AUDIT: Assisting the Underwriter in conducting technical audit in Regional offices.
(11) PORTFOLIO ANALYSIS: Quarterly and Annual analysis of Marine portfolio which primarily involves retrospection in order to improve future performance. Some of the major points covered are U/W Profit/Loss; Treaty results; Performance of top Clients; Claims Banding; Cause-wise Loss analysis.
JOB RESPONSIBILITIES:
(1) Client Servicing: Service and expand the SME clients on their Non-Life Insurance requirements. Negotiate with the Insurers and the prospects to design appropriate Group Covers and obtain best cover & pricing from the Insurers.
(2) Manpower planning, Recruit, Train and motivate Agents/Tele-callers/Business Development Executives: and monitor their targets for Retail Sales. It included ensuring profitability of the entire Life & Non Life Insurance sales process.
(3) Cross-Selling: To design, implement, monitor and review Cross-Selling strategy so that the client database could be used in the most effective manner;
(4) Compliance: As a Compliance-officer for ATS Services Private Ltd, a Corporate Insurance Agent, liaison with all Insurers to ensure all IRDA regulations are complied with. At the same time meet all the requirements of the insurance companies. To receive consumer grievances, prioritize them and handle them accordingly.
(5) Market study: Using various tools like questionnaires, word of mouth to analyze the latest market trends and tracking competitor activities and providing valuable inputs for fine-tuning the selling strategies.
(1) Underwriting: of non-life insurance products as per the norms of the company and as per TAC, IRDA guidelines and other applicable legislations/regulations;
(2) Client-Servicing: by assessing insurance needs of various clients and suggest suitable products, Preparation of quotes, analysing the proposals received, Post sales support;
(3) Query disposal: of both internal & external customers;
(4) MIS reporting: of the Branch Office to Higher Offices;
(5) Claims Processing: of Non-motor claims;
(6) In-House Surveyor: of Motor Department for small claims.
MBA Project: At MBA level, I researched, prepared and presented a project report on Non-life insurance companies entitled “Preparedness of existing Non-life Insurance Companies (Public Sector) vis-à-vis the entry of Private players & Multinationals in India” using In-depth interviews, Focussed Group Discussions and different questionnaires. The project report was well accepted by the faculty of YMCA as well as members of Insurance Industry.