Commercial/General Lines Insurance Account Executive/Insurance Broker

Job description / Role

Overall role
Responsible for supporting, placing and servicing to meet client needs, maintain client loyalty and renewal, and encourage business growth.

Key Accountabilities

Account Strategy
• Develop overall account strategies and direct activities for new and existing clients
• Account Servicing and Development
• Identify and manage client requirements in accordance with the terms of appointment.

Renewal Management
• Plan and coordinate renewal strategies.
• Placing Strategy and Supervision
• Determine the optimum strategy and structure for placing a risk. Place, Monitor, supervise and guide placements on a day-to-day basis.
• Account Profitability
• Achieve optimum profitability on individual client accounts
• Account Reporting
• Monitor and report development, trends and issues in the client relationship.
• Client Education
• Educate clients and manage client expectations through market, insurance and sector briefings.
• File Management
• Set-up, coordinate and manage client and placement records

Competence Indicators
• All placing, contract and closing documentation satisfies the client requirements and complies with Internal Procedures/Best Practice Manual (“BPM”) and Market Reform.
• Understanding of key concepts of insurance and reinsurance
• Placement submissions are in accordance with Contract Certainty Code of Practice
• Manages client requirements in accordance with the terms of appointment, to maintain a strong client relationship, support renewal and encourage additional business
• Ensures that clients have and agree to broker terms of trade.
• Ensures agreed payment terms, Premium Payment Warranties etc. are met through credit control and reconciling unallocated cash.
• Responds timely and accurately to client and underwriter queries.
• Clients receive a quality of service that adds value.
• No justified client complaints over provision of service.
• Contributes to retention targets through planned and coordinated account renewal.
• Identifies and develops opportunities for account development to meet the client’s requirements.
• Ensures that correspondence, documents, statistics etc. are retained on file in accordance with BPM and internal procedures.
• Prepares monthly Divisional Management Information (MI) to accurately report, brokerage and fees, renewal lists/progress, late signings etc.
• Identifies and reports suspicious financial circumstances or transactions directly to the Financial Crime Reporting Officer.
• Programme includes restructuring if need be. Rationalisation of policy wording if need be.
• Placing structure is appropriate to the insured’s operations; exposure and risk transfer goals
• All placing, contract and closing documentation satisfies the client requirements and complies with Internal Procedures/Best Practice Manual and Market Reform
• Has to be able to work well in a team environment in co-ordination with other team members.
• Placement submissions are in accordance with Contract Certainty Code of Practice
• Market presentations secure best possible terms for the client, with full material disclosure
• Manages client requirements in accordance with the terms of appointment, to maintain a strong client relationship, support renewal and encourage additional business
• Optimises account profitability through client negotiation, efficient use of resources and account development.
• Ensures agreed payment terms, Premium Payment Warranties (PPW) etc. are met through credit control
• Responds timely and accurately to client and underwriter queries.
• Clients receive a quality of service that adds value.
• No justified client complaints over provision of service
• Investigates and resolves complaints and service failures
• Achieves retention targets through planned and coordinated account renewal
• Identifies and develops opportunities for account development to meet the client’s requirements
• Prepares monthly Divisional Management Information (MI) to accurately report, brokerage and fees, renewal lists/progress, late signings etc
• Financial and document checks and approval comply with Authorised Signatory List.
• Maintains confidentiality in systems and procedures

Internal Relationships
• Broking, Technical/Wordings functions, Claims and Accounts

External Relationships
• Underwriters, Client Risk/Insurance Managers in client companies, trade bodies and associations

Requirements

Desirable Experience
• UAE, London or international market experience in broking (preferable) but can be in underwriting, Account servicing to large international corporations; technical insurance

Generic Knowledge and Skills
• Market and industry structure and operation, including regulation and market reform
• Lloyd’s Introductory Test, or equivalent experience
• Technical insurance to CertCII, or equivalent experience or better
• Sector specific risks and insurance products/solutions
• Slip drafting
• Negotiation
• Well-developed verbal and written communication
• Client servicing and account development
• IT literacy in Word, Outlook and Excel (Advanced)
• Relationship management
• Planning and organising
• Time management and prioritisation

About the Company

A leading insurance broker company in UAE.