Cyber Underwriter / Actuarial Resource (Coverholder)
The role of Underwriter/ Actuarial resource of the new coverholder/ MGA entity within the Blackpanda Group is that of the lead underwriting and actuarial resource within the team, reporting to the CEO of Blackpanda. This position will oversee and optimize the special risk insurance coverholder / MGA underwriting/actuarial capabilities, providing essential advice and guidance with respect to the setup of the discipline. The successful candidate will be responsible for realizing the MGA/coverholder acquisition strategy, and subsequently articulating the underwriting/actuarial proposition, managing the relationship with relevant/partnering carriers and aligning the strategic direction for the book of cyber business, identifying future opportunities, partners and business opportunities. The candidate should have a clear understanding of the company’s core values and culture and will be integral in evolving these with the rest of the leadership team within Blackpanda.
The Underwriter/ Actuarial resource will collaborate with various internal stakeholders and will be responsible for developing, implementing, and managing the risk underwriting aspects of the business plan.
- Drives underwriting strategy for the Asia Pacific region, including new business initiatives for the coverholder/MGA with a focus on cyber insurance products.
- Prepare and submit a business plan, manage effectively within this forecast, and report accurately on progress made and challenges encountered .
- Review new risk submissions and renewals within assigned authority limits, both direct and assumed business.
- Maintain close rapport and relationships with dedicated brokers, to obtain necessary underwriting information, promote satisfactory service relationship and to encourage the submission of targeted business.
- Secure additional information where necessary and analyses all pertinent data to determine acceptability of risks according to established underwriting standards.
- Evaluate, accept, reject or modify risks within established underwriting guidelines. Assist in preparing submissions for referral.
- Going forward, review endorsements on existing policies to identify any change in original coverage or amounts.
- Coordinate with stakeholders to ensure valid and timely response on quotations and production of policies, endorsements, certificates, renewal notices, and other administrative requirements.
- Outline claims statistics, data, loss ratios for submission to stakeholders.
- Will report directly to the CEO of Blackpanda, but also will be advised by a highly experienced former coverholder founder.
Key Performance Indicators
- Design and implement underwriting/actuarial strategy and business plan for cyber insurance, initially for the Asia-Pacific region.
Preferred Experience and Education
- A top tier university degree, with at least 7-8 years of experience and a track record in an insurance related company (insurer, reinsurer, broker or similar). Exposure to cyber insurance is essential.
- Early-stage venture/start-up experience is a major plus, especially if with an insurance brokerage or coverholder or insurtech company.
- Knowledge of the insurance industry is a key requirement, along with deep relationships at senior/executive levels within the industry and its protagonists, including (but not limited to) offshore markets such as Lloyd’s of London.
- Experience of the insurance industry in Asia is an asset.
- Track record knowledge of actuarial and risk pricing systems.
- Experience of cyber insurance and/or reinsurance is a requirement, and financial lines insurance an asset.
- Prior coverholder status or experience is an asset.
- Knowledge and experience of special risk insurance is an asset.
- Actuarial qualification and other industry relevant qualifications (CPCU, RPLU, ACII) are desirable.
- Demonstrable competency in either underwriting or actuarial space.
- Track record of effectively operating within a service-oriented, value-based organization with a complex array of initiatives.
- Strong written and verbal communication skills; a persuasive and passionate communicator with excellent public speaking skills.
- Ability to engage a wide range of stakeholders and cultures within a competitive and rapidly changing work environment.
- Analytic and decisive decision maker with the ability to prioritize and communicate and collaborate with key stakeholders to meet objectives necessary to achieve organizational goals.
- Feels comfortable operating as a sole contributor or leading a team.
Blackpanda's insurance group is founded by career Lloyd’s of London underwriters, brokers, and agents — a combined experience of over 100 years and over US$100B+ USD of coverage placed.
The Blackpanda Group includes an insurance brokerage specializing in cybersecurity; each policy sold includes bespoke Blackpanda cyber security incident response services, all covered by the policy itself. Forward thinking companies concerned about their physical or cyber security will seek to purchase financial security or an insurance product that lowers the cost of the response services, a product which can also provide both indemnity coverage and up to 100% of Blackpanda and any other response partner’s response fees and travel expenses 24/7/365; without such insurance, these fees may be costly.