George Jennings and Kobus van Niekerk are both senior underwriters at Consort.
Collectively, George and Kobus have 100+ years of experience in their insurance careers. Their experience ranges from corporate and commercial insurance underwriting, through to claims, personal lines, and some other facets of the short-term insurance industry.
Today, they answer our questions and share their valuable insights on making underwriting a successful career.
1. What does it take to be a technical underwriter in the insurance industry?
George
Hard work and having a passion for the work you do. I was truly fortunate to be exposed to the full spectrum of short-term insurance operations e.g. claims, underwriting, personal lines, corporate, and global placements.
I can honestly say it is years and years of firsthand experience working diligently and constantly, making use of resources and gleaning information from colleagues.
Kobus
An underwriter is the individual whose duty it is to determine the acceptability of insurance risks. The individual needs a vast knowledge of insurance and should be an expert in the class of business which is underwritten. The underwriter will also determine what amounts of and on what terms the business will be accepted. Knowledge, literacy, numeracy, and innovation are the key attributes of a technical underwriter.
2. Why is ongoing learning in the insurance industry so important, and how do you stay abreast of change?
George
You cannot bury your head in the sand and expect to survive. You need to be on a constant knowledge drive and learning curve to keep abreast with the changing landscape and technology.
I do a lot of research online and via media platforms that I subscribe to. Staying “connected” and learning from others as well as using all resources at your disposal.
Kobus
Since the discovery of steam as power, which gave rise to the introduction of engineering insurance, the world has been undergoing a continuous technological revolution. It is therefore important that the insurance underwriter not only understands all about the latest technology, but also designs new insurance products for new or dormant exposures.
Continuous reading and studying the changes in present risks and the introduction of alternate solutions to existing problems, force the underwriter to adapt or die. It is important to be alert to change and add to your skills to underwrite successfully and profitable.
3. What led you to pursue a career in underwriting, and what do you regard as strengths and weaknesses as an underwriter?
George
I have always enjoyed underwriting and get a great deal of satisfaction from the work I do. I feel that knowledge and diverse experience have positioned me to have the strength and confidence in my work ethics and environment. A weakness is where I am not familiar with something that crosses my pathway, and where I am possibly unable to tackle it for reasons of the complexity of the matter.
Kobus
The strengths of an underwriter are knowledge of the subject matter as well as the insurance product(s) to satisfy such needs – furthermore, patience and innovation. The weakness is the opposite, a lack of knowledge of the subject matter.
I have always had the desire to investigate the unknown, to utilise my insurance knowledge, and to prove the principles of insurance.
Insurance is based on principles that over the centuries stood the test of time. Conducting business in good faith and with good ethics will always, for me, be a fundamental strength.
4. What has been your biggest professional achievement or accomplishment?
George
I was extremely fortunate to have attended the Munich Re Advanced Engineering Course in Munich, Germany in 1989. This was a very intense two-week course, recognised as the backbone to being a successful engineering underwriter.
Kobus
In 2020 I was invited to assist Professor Robert W Vivian, School of Economic and Business Sciences, University of the Witwatersrand, in compiling post graduate study material relating to various classes of short-term insurance.
5. An important part of any underwriter’s work is to identify risky policies. What factors do you always consider?
George
There are so many different “risky” policies that come across my desk. The main factor to consider is whether you are comfortable with the risk and how it is presented. All engineering risks are different, but you have to consider what your potential exposure can be.
Kobus
The prudent underwriter will consider the following aspects of which the list is by no means complete – is the risk insurable, and if so:
- the nature of the risk
- the exposures and risk
- the quantum
- the period of the risk
- the availability of reinsurance (if required).
6. How do you manage to stay organised when maintaining multiple claims?
George
It is so important to set up a proper diary system to monitor and keep abreast of the claims.
Kobus
Once in a while an incident, mainly a natural disaster, may cause multiple claims to an underwriter. The proximate cause may be the same for all the claims and it is only the quantum of the claims that differs – with a competent claims department such claims are settled in no longer time than usual.
On the Lighter Side…
7. What are you enthusiastic about?
George
I have a passion for free time, relaxation, exercise, as well as the outdoors. Work does tend to “drain your batteries” therefore it is so important to find ways and means of restoring you mental well-being through relaxation and breathing the fresh air.
Kobus
I am devoted to classical music.
8. What motivates you?
George
My home and the environment in which I live motivates me and my well-being. I enjoy exercising and taking care of my physical and mental health.
Kobus
I have always been driven by results.
9. Who has inspired you the most, and why?
George
Having been brought up in an outdoor environment, I have always been inspired by nature and my surroundings. There is just so much that the outdoors has to offer. Learning about the flora and fauna are fascinating.
Kobus
My father has inspired me for his dedication to his family, friends, and his employer.
10. What is your favourite destination?
George
Anywhere outdoors where I can enjoy natural surroundings.
Kobus
Take to me the opera.
11. What is the motto that you live by?
George
Never judge a book by its cover.
Kobus
Carpe Diem.
Conclusion
Over the years, George and Kobus have contributed a wealth of knowledge and skills to the construction and engineering insurance industry. They continue to examine the uncharted and diligently apply their knowledge to prove the principles of insurance in understanding extremely complicated risks.
If you would like to speak to an expert, please contact your Broker directly, who in turn may then need to approach Consort to assist with your requirements.
Consort Technical Underwriting Managers (Pty) Ltd is an Authorised Financial Services Provider (FSP 2273) and underwritten by Lombard Insurance Company Limited (FSP 1596) an Insurer licensed to conduct non-life insurance business.