2024 Reinsurance Underwriting Assistant Programme - Zurich

Title:

2024 Reinsurance Underwriting Assistant Programme - Zurich

Company:

Job Category:

Interns, Underwriting

Job Description:

2024 Reinsurance Underwriting Assistant Programme

Location: Zurich

Schedule: Remote-Hybrid (3 days in-office, 2 days remote)

Length of Programme: 18 months

Are you interested in a career in underwriting? Perhaps you wish to become an Underwriter or you have an interest in the law and claims in the longer-term future? Join Everest as part of your PWA programme where you’ll get real insight into the world of reinsurance. This is a fantastic opportunity for smart, intuitive, inquisitive minds to join a leading global financial organisation that is genuinely passionate about the development of our entry level employees and future leaders. We pride ourselves on nurturing talent and kick-starting lifelong careers in a professional, exciting, and long-standing industry. 

For 50 years, Everest has been a global leader in reinsurance with a broad, international footprint and deep, long-term, profitable client relationships. We have a reputation for underwriting excellence, and we focus on delivering responsive client service and customized solutions. We are ranked in the Top Ten Reinsurers worldwide. This is a huge financial services and risk management industry and Everest Re is a key player here in London, which is the epicentre of the global insurance and reinsurance marketplace.

Our opportunity provides hands-on learning with an opportunity to work alongside some of the best reinsurance professionals in the market within underwriting, actuarial, data analysis and claims.

So, what is reinsurance? 

Essentially, it’s the insurance of insurance. Our clients are insurance companies who need additional protection for the risks they assume. But this additional protection is not for the standard car, home, and pet coverage you might think of when you hear the word ‘insurance’. Here at Everest, we reinsure special, high- value or high-risk businesses and industries across different classes of insurance such as Aviation, Property, Engineering, Public and Employers’ Liability, Professional Indemnity, Medical Malpractice, Accident & Health, Contingency and Cyber…….

The ”risks” our clients might reinsure could range from Messi’s left foot, a rocket launch, the Ed Sheeran Tour, a petrochemical refinery, or a thousand residential properties on the coast of Florida.

When the worst happens, a policyholder is reliant on their Insurer to help them recover and move forward. But what happens when a hurricane hits the USA, a major music festival is cancelled because of Covid, or a CEO’s ill-timed tweet plunges a company’s share price? Thematic events like this can result in huge losses for Insurers and that is where reinsurance comes in. Reinsurers like Everest Re not only pay claims at the time of loss; more importantly, we provide business continuity.

What is the role of a Reinsurance Underwriter?

The job of the reinsurance underwriter is to assess and select risks. The underwriter’s role is both technical and commercial as the underwriter must determine how much risk to assume and at what cost, what are best terms and conditions of coverage, as well as negotiate and sell the deal to our broker clients. When reinsurers underwrite individual risks, it’s called “facultative” reinsurance.

The actuaries are crucial in helping us achieve a profitable portfolio through analyse of numerical data and trends and determining appropriate risk-adjusted prices. Actuaries also work to determine how much we should “reserve” for current and future losses.

Our claims executives evaluate claims to determine if coverage applies and what the final indemnity should be to adequately compensate for the loss, which is the ultimate purpose of insurance and reinsurance.

The successful candidate will be able to work on a broad range of tasks and directly assist the Underwriting team with the following.

Responsibilities include but not limited to:

• Underwriting support and analysis work for the underwriting teams:
  • Trip preparation and trip follow up
  • Client management and market reviews
  • Reporting tasks
  • Internal communication with other departments (Accounting, Claims, IT, etc).
  • Desk research on specific topics
• Prepare and assist the underwriter on account renewals
  • Data preparation
  • Check of contractual documents
  • Analysis of treaties and portfolios
• Administration and compliance
  • Data entry and maintenance in the data and accounting systems.
• Assistance on specific projects management tasks.
• Assisting underwriters during the underwriting process, with also a chance to get a handle on the technical tools used to evaluate risk.

• Entry of risk information and the maintenance of underwriting files
• Monitoring and maintaining accurate and up to date risk data on the underwriting systems.
• Producing management reports, supporting new business development, and marketing
• Produce ad hoc reports and analysis
• Get a chance to participating in client visits developing investigatory skills, and building relationships.

Beyond your day-to-day activities we will encourage you to network within the Insurance community and to support others through our Diversity Equity and Inclusion initiatives, Mentoring Programs and Charity Outreach Programs.

What are we looking for?

The position is open to PWA students that are hoping to build a career with a globally recognised brand name reinsurer, located in the world’s leading marketplace for Re/Insurance. We are looking for individuals who are curious and eager to learn! You will be a strong communicator, have excellent numerical and analytical skills, and enjoy building relationships and collaborating with others.

Minimum requirements

• Right to work in Zurich.
• Eligible candidates must be able to work out of the Zurich office, 3 days a week.
• Excellent IT skills including Excel.
• Languages: Fluent in English. Strong skills in French and/or German. Other European languages is an advantage.
• A keen interest to learn, develop and contribute.
• Must be admitted to the PWA-Wirtschaftsprogramm or Benedict Schule Zurich for consideration.

Note: Eligible applicants should apply via Everest's career site with a resume in English.

Type:

Fixed Term (Fixed Term)

Time Type:

Full time

Primary Location:

Zurich

Additional Locations: