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Class Underwriter Role Statement and Competencies
Key Result Area and Main Activities |
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Competencies Required
Please click on the links below to see an expanded view of the competencies
Specialist Expertise
Below Standard
- Appears to be unaware of personal strengths and weaknesses
- Unconcerned with adding to existing knowledge
- Pretends to have expertise when they do not
- Unaware of the key business issues or personalities in the underwriting sector
Standard
- Keeps up-to-date on technical aspects of the job primarily through on-the-job experience and training
- Understands the commercial underpinnings of underwriting
- Recognises the limits of own knowledge and expertise
Strong
- Demonstrates broad general knowledge beyond own area or the insurance industry
- Seeks out appropriate specialist advice when necessary
- Reflects on successes and failures. Learns from experiences and mistakes
Very Strong
- Provides specialist/technical leadership to colleagues to support business initiatives or solve technical problems
- Gives coaching, guidance and feedback to more junior underwriters to develop their abilities
- Is recognised to be one of the key players in the Lloyd's Market
Focus
Below Standard
- Frequently fails to meet deadlines
- Does only what is required
- Shows no concern with measuring personal performance
- Takes on "too much"
Standard
- Manages personal time and deals effectively with conflicting demands and priorities
- Focuses own efforts and energy on achieving identified priorities and goals
- Adapts approach in response to a changing situation or to overcome obstacles.
Strong
- Demonstrates a clear sense of purpose in their work
- Continually seeks to improve results - never satisfied with performance
- Sets priorities for self and business based on achieving maximum value.
Very Strong
- Effectively balances short-term demands with long-term initiatives
- Focuses effort on activities that have the greatest bottom-line impact
- Sets priorities for self and the business based on achieving maximum value.
Initiative
Below Standard
- Is accepting of the status quo
- Dismissive of new ideas - "not invented here" syndrome
- Avoids risks
- Responds to immediate needs to the exclusion of longer term initiatives
Standard
- Takes action before being forced to by events
- Digs beneath the obvious to get at facts. Asks questions to clarify ambiguities or to get needed details
- Personally investigates to really understand - questions those closest to the issues
Strong
- Acts decisively in dealing with opportunities or crises
- Enthusiastically takes on others' good ideas - "steals with pride"
- Takes calculated risks and manages the risks involved
- Adapts established products and approaches to meet changing circumstances
Very Strong
- Acts to create opportunities or avoid problems in the future
- Is constantly open to new ideas and possibilities
- Systematically looks for gaps, weaknesses or long-range opportunities the market and pursues them
- Develops truly original new ideas and approaches
Strategic Thinking Ability
Below Standard
- Becomes preoccupied with current day-to-day operations to the exclusion of the "big picture" or longer term issues
- Fails to see the impact of (not obviously relevant) external events on the organisation
Standard
- Sets priorities with an appropriate sense of what is most important
- Establishes priorities on the basis of short and long-term considerations, committing to action or to holding-back as appropriate
- Finds ways to condense large amounts of information into a useful form
Strong
- Systematically considers potential profit, ROI or added value, in evaluating plans
- Thinks far into the future and links it to today
- Develops complex strategies to achieve organisational goals
- Identifies patterns or trends and finds new and pragmatic solutions
Very Strong
- Anticipates long-term future opportunities and requirements and plans ahead to meet them
- Integrates many ideas and observations about complex issues into clear concepts that create useful insights for the business - "finds new paths"
Complex Judgement
Below Standard
- Fails to spot the connections in information
- Preoccupied with specific tasks to the exclusion of the 'big picture'
Standard
- Sees situations objectively - e.g. recognises the merits of opposing viewpoints
- Makes the complex simple
- Decisive: clearly and quickly assesses the relevant data and acts on it (decision may be to do nothing)
- Quickly assimilates and sees the implications in a large amount of information
Strong
- Rapidly identifies key issues in a complex situation
- Able to see the "big picture" whilst simultaneously paying attention to relevant details
- Can accurately remember specific information. (e.g. names, dates, numbers)
- Sees patterns or connections in seemingly unconnected facts or events
Very Strong
- Creates concepts, theories or models to explain a complex situation or problem and reconcile discrepant data
- Thinks outside the normal parameters, challenging traditional thinking
- Can make clear decisions based on incomplete or conflicting information.
Client Orientation
Below Standard
- Blames clients for problems or failures
- Concentrates on own or company's abilities rather than client needs
- Gives immediate "off the cuff" response to clients questions without probing for underlying needs or problems
Standard
- Seeks information about the real needs of the clients, beyond those expressed initially
- Establishes clarity with clients regarding mutual expectations
- Sees client relationship building as key to future work
Strong
- Works to meet client needs beyond own specialist area - e.g. introduces colleagues who can help
- Makes concrete attempts to create long-term benefits for the client
- Is honest about mistakes and builds "togetherness" in solving them
- Organises involvement of key players
Very Strong
- Demonstrates a desire to offer a better service than anyone else - pays attention to the courtesies and important details
- Appreciates clients; wants each client to feel special
- Builds an independent understanding of client needs and possibilities for meeting them.
Collaboration & Influence
Below Standard
- Unsympathetic. Offends others, makes them "close up"
- Habitually misreads others behaviour or intentions
- A "loner" - selfish or uncooperative
- Says or does things without considering their effect on others
Standard
- Personable; able to develop rapport easily with others
- Adapts influencing style to appeal to the interests of other people
- Develops a network of relationships with people who are or may be useful in achieving goals
- Demonstrates understanding of the other person's point of view
Strong
- Demonstrates sensitivity to cultural differences
- Establishes personal credibility and reputation in the company and the market
- Seeks to negotiate 'win/win' deals. Offers flexible alternatives that address the other party's interests
- Recognises and takes account of other people's strengths and weaknesses
Very Strong
- Builds robust, long-term relationships with colleagues and clients that endure through difficult times
- Understands individual's personal motivations: "what makes them tick"
- Modifies own behaviour or language to make an appropriate impression or meet others' expectations
- Builds behind the scene support for ideas
Independence
Below Standard
- Avoids taking responsibility for own judgement
- Loses control in personally stressful situations
- Acts solely out of a need for the approval of others
- Does not learn from mistakes - repeatedly makes similar mistakes
Standard
- Approaches new challenges with a positive "can-do" attitude
- Expresses confidence about own interpretation or viewpoint
- Maintains own position in the face of opposition (rather than contrary evidence)
- Admits own mistakes and takes action to correct them
Strong
- Keeps promises. Does not over-promise to colleagues or clients
- Learns from own or team's mistakes and experiences
- Retains composure and objectivity when under pressure
- Modifies a strongly held opinion in response to contrary evidence
Very Strong
- Takes "risky" positions. e.g. challenges or questions the actions of superiors or clients
- Refrains from impulsive behaviour: bases decisions on considered judgement, not on emotional reaction
- Adopts a calm and "measured" approach in difficult situations
View expanded competencies
required as a list
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Business Plan
- Anticipate future drivers of change
- Review and analyse underwriting performance
- Evaluate organisation's needs in light of the market and strategy
- Gather information from colleagues and external providers
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Resources Available
- Plan and budget resource needs
- Recruit, train, inspire, manage and develop staff
- Continually adopt new IT developments and maximise use of IT
- Develop partnerships with external service providers
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Business Development
- Build robust, long-term, mutually beneficial relationships with clients and others that endure throughout the business cycle
- Fully understand clients' needs, their organisation, their key players and their decision-making processes
- Identify and pursue new business leads in line with the business plan
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Risk Assessment & Acceptance
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Gather and evaluate sufficient information to understand the clients' important problems, issues and concerns
- Act on own professional judgement to match underwriting knowledge and rating procedures to client needs and issues
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Profitable Underwriting Contracts
- Develop plans and tactics for balancing the book, deploying capital effectively and enlarging business area
- Price individual risks for sustainable profit, recognising market trends
- Balance risk, compliance and commercial considerations
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Product and Service Innovation
- Analyse and understand the key themes and trends affecting the market to identify opportunities
- Review products and approaches in light of anticipated future requirements
- Seek new, better and different ideas
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Compliance with Regulatory Requirements
- Ensure that personal compliance requirements, including knowledge of regulations are complete and up-to-date
- Conduct all business process in a way which meet regulatory requirements
- Meet FSA requirements, including those for TCF (Treating Customers Fairly)
- Apply Lloyd's Franchise Performance Standards (e.g. Lloyd's Claims Minimum Standards)
- Report to Board of Directors, as appropriate
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