IDI Underwriter (Reinsurance)
SCORBeijingUpdate time: August 6,2019
Job Description
APAC
Beijing China (CN)
|
IDI Underwriter (Reinsurance)
Permanent
Underwriting
Following the will of the Chinese government to develop inherent defects insurance (IDI) for residential buildings, public building and infrastructure, we started working on this market nine years ago. Before imposing a nationwide compulsory IDI, the government intention was to implement the obligation of IDI in the main cities in order to do a kind of tests. The Shanghai municipality and Shenzhen city started this process and issued a local regulation for residential and public buildings.
Further to the IDI implementation in Shanghai, we were approached by the branches of the some insurers in other cities, like Guangdong, Jiangsu Province, to cooperate with them and local authorities to make IDI compulsory. To reach a high level of quality in underwriting / claims handling, we have to transfer our know how, our expertise to local insurers which IDI knowledge is limited, being a new insurance product in China. We already helped them in writing the policy wording to be used in Shanghai and Shenzhen. We gave orientations on rating. But we have to continue educating people in insurance companies about risk analysis and rating through facultative placements that we intend to propose as reinsurance along the next year
The IDI introduction in Shanghai municipality has initiated a series of demands from insurers: training of their staff, meetings with their clients (developers), meetings with other local authorities interested in following Shanghai example. We are in the process of building the new Chinese IDI market. For this expected IDI development, we need an underwriter more to face the underwriting operational phase required by the insurers when presenting IDI risks.
Key Duties and Responsibilities:
Objectives:
- Develop a profitable IDI portfolio in China based on a compulsory IDI where it exists or on a voluntary IDI after marketing it
- Maintain SCOR GPC in a leading position by transferring our know-how and providing services to ceding companies
- Working closely with IDI team
Main Tasks:
- Mainly Write IDI facultative business after construction project analysis based on the review of architectural shape, building methods, materials and technologies used
- Write IDI treaty business after reinsurance condition analysis
- Promote IDI in China toward local authorities and insurers
- Participate in presentations/workshops/seminars for external purposes
- Handle IDI claims in cooperation with our Claims Department
- Coordinate with the various IDI specialists within SCOR GPC’s organization to bring to the Chinese market the relevant experience and expertise
Required Experience & Competencies:
- Graduated civil engineer of Master’s Degree at least
- More than 5 year working experience in construction industry in China
- Has the ability to work independently and proactively with the cedant both in marketing and underwriting
- Strong abilities in technical analysis of construction
- Good communication and presentation skills
- Good written and spoken Chinese and English
- Strong team spirit
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