Retail Underwriting Specialist
il y a 4 semaines
At AXA, we are dedicated to providing over 108 million customers with the essential products and services they require to thrive at every stage of their lives. Our offerings range from insurance and personal protection to savings and wealth management. We are equally committed to our employees, fostering a culture that inspires pride and a sense of belonging across 50 countries. We strive to create opportunities that challenge, inspire, and reward our team members, cultivating an open, supportive, and empowering environment.
Your Work Environment:
As part of the AXA Group headquarters, you will engage with our corporate activities that guide and support subsidiaries globally. Our headquarters is a hub for approximately 1000 employees, characterized by a vibrant international culture with 45 nationalities, making it a dynamic and enriching workplace.
Joining the Group Underwriting Office Department (GUO):
The newly established Global Chief Underwriting Office is responsible for driving profitability and growth through strategic product underwriting, portfolio design, and technical underwriting excellence in collaboration with AXA entities, covering both Commercial and Retail sectors. Key functions include:
- Steering portfolio design
- Developing underwriting product strategies and profitability metrics
- Providing technical underwriting guidance
- Implementing pricing models, platforms, and analytics
- Deploying risk appetite
- Designing and purchasing ceded reinsurance strategies
Your Job and Daily Responsibilities:
JOB PURPOSE
The primary objective of the P&C Retail Underwriting Specialist role is to enhance technical proficiency in retail underwriting across global entities, facilitating their growth and profitability. This position entails fostering strong alignment among central functions to streamline review processes and requests. Key activities include:
- Overseeing entities and engaging with monthly KPIs to guide, challenge, and assist in identifying potential budget deviations while supporting profit or premium recovery initiatives.
- Participating in performance management and cycle management, focusing on deployment within entities.
- Assisting entities in implementing detailed reports for portfolio performance reviews, utilizing existing performance tools.
- Monitoring and directing portfolio profitability based on entity requirements.
- Enhancing discount management and sales strategies at the entity level, incorporating customer and intermediary dimensions.
- Minimizing underwriting leakage and conducting distribution coverage analysis at the entity level.
- Establishing a cutting-edge underwriting approach and model with a commercial perspective embedded in the pricing strategy, facilitating rapid feedback loops from the market.
- Leveraging internal and external data, including innovative technologies, for underwriting purposes.
Main Figures:
- Engagement with 20+ countries/entities and 3 regional hubs (EM, AMIH, and AMO).
- Oversight of €49bn in revenues (49% of total AXA Group revenue):
- €17bn from P&C Retail & Partnerships.
- €32bn from P&C Commercial & Partnerships.
- Management of 70+ requests for underwriting non-authorized business annually, representing GWP ~€2bn.
The P&C Retail sector is a fundamental pillar of the Group, contributing significantly to Underlying Earnings (>33% of total) and serving a customer base of over 20 million. Each market presents unique dynamics, regulations, and challenges, yet the core requirements and propositions for retail business remain consistent, primarily encompassing motor, home, and travel insurance.
Currently, motor insurance is the cornerstone product of the industry. In the medium term, potential commoditization and technological advancements (e.g., electric vehicles, autonomous cars) may lead to a significant contraction of the private motor market, potentially impacting profitability.
Furthermore, the customer experience remains overly complex, and P&C insurers face challenges in establishing long-term, meaningful relationships with customers due to low interaction frequency, lack of differentiation, increasing commoditization, and price pressures. Consequently, a substantial portion of the P&C Retail business is at a strategic crossroads, exacerbated by evolving supply and demand trends that necessitate the integration of existing value chains to address specific customer needs, giving rise to new ecosystems.
Additionally, various external challenges are influencing the profitability of this business segment, including claims inflation, climate change developments, and shifts in customer behavior.
KEY ACCOUNTABILITIES
As a P&C Retail Underwriting Specialist, your primary responsibility is to ensure technical excellence in retail underwriting across global entities, aiding their growth and profitability. This includes actively engaging with monthly KPIs to guide, challenge, and support entities in identifying potential budget deviations. Your key activities will encompass:
- Establishing a robust governance and control framework for underwriting.
- Participating in In-Depth Reviews (IDR) & Technical Reviews (TR) within your area of responsibility.
- Providing detailed reports for portfolio performance reviews, utilizing existing performance tools.
- Launching governance and control initiatives based on monitoring outcomes.
- Monitoring and directing portfolio profitability from a governance and control standpoint.
- Enhancing governance and control processes and sales strategies at the entity level.
- Minimizing governance and control risks.
- Utilizing internal and external data, including innovative technologies, and analyzing data from various entities to inform specific actions.
- Collaborating closely with cross-functional teams to develop a comprehensive understanding of governance and control management.
MAIN COMPETENCIES AND EXPERIENCES
To be successful in this role, you should possess a solid understanding of governance and control topics, including knowledge of governance and control regulations, risk management, and compliance. Experience in customer and distributor management from a governance and control perspective is essential.
The ideal candidate will have a minimum of 5 years of experience in governance and control, with a general understanding of retail insurance products and client segments. Experience in reinsurance, project management, and navigating complex environments is advantageous. Required soft skills include structured argumentation to convey ideas effectively, high-level presentation skills for senior management, adaptability in a multifaceted P&C landscape, a customer-centric approach, and strong negotiation abilities.
DECISION BODIES AND COMMITTEES
- Group Lob committees:
- Provide expertise on Group referrals.
- Support the Underwriting community in fostering profitable growth and technical excellence.
- P&C Retail committee:
- Support the establishment of AXA transformation strategies.
- Assist entities in their transformation journeys.
By joining AXA, you become part of a company that is:
- Responsible towards individuals, including employees and clients, as well as the planet.
- Guided by strong values.
- Committed to internal mobility and employee development.
- Offering numerous benefits.
- Flexible, allowing for hybrid work arrangements.
Candidate information will be treated with strict confidentiality and used solely for recruitment purposes.
Your Work Environment
At AXA, our mission is to act together every day for human progress by protecting what matters. This mission inspires us and motivates us to come to work each day.
As a global leader in insurance, AXA is dedicated to protecting assets, individuals, and investments. Our team is comprised of committed employees and contributors who work tirelessly for our clients, operating in 51 countries and serving over 90 million customers worldwide. As a responsible corporate citizen, AXA actively engages in societal and environmental causes, promoting an inclusive policy that recognizes and values individual differences. If these ambitions resonate with you, we invite you to join us in making a difference.
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