Responsibilities
Head of Line of Business – Professional Indemnity (PI)
Location: Madrid or Barcelona
Department: Underwriting
Reports to: Chief Underwriting Officer (CUO)
Role Purpose
The Head of Professional Indemnity (PI) is responsible for leading and developing the PI Line of Business, delivering the financial plan, and ensuring strong underwriting governance. This senior leadership role provides dedicated focus to a key strategic portfolio. It includes shaping and executing the PI growth strategy, driving profitable underwriting, and building strong relationships with brokers and internal stakeholders. The role also oversees and develops the PI underwriting team while working collaboratively with colleagues across underwriting, claims, legal, finance, operations, actuarial, and senior leadership.
Team Leadership & Structure
The position leads a small PI team consisting of one senior underwriter and two junior underwriters who are partially allocated to the PI portfolio. Team size may evolve as the multi‑year growth plan progresses. The role has full responsibility for setting objectives, managing performance and development, overseeing reward processes, and supporting recruitment where necessary.
Portfolio Overview
The PI portfolio currently stands at approximately €12m GWP. All areas of the portfolio are performing well, although the "Smart" fast‑flow segment is growing more slowly than the "Custom" case‑underwritten business. A key priority for the incoming leader is to design and implement a comprehensive growth plan that supports both profitability and expansion of the portfolio.
Key Responsibilities
Underwriting Management
- Lead and oversee all new business activity for the PI line, ensuring appropriate distribution of submissions across the team based on brokers, regions, product types, and risk characteristics.
- Conduct and review underwriting analysis, pricing, rating, and wording development within the BEITS and BENET systems.
- Manage underwriting authority levels for team members and provide guidance on complex cases.
- Issue and monitor quotes, follow up on outstanding submissions, and maintain oversight of system‑generated quotations.
- Oversee policy issuance and amendments for cases not suitable for outsourcing to Portfolio Management.
- Maintain, adjust, and update tariff structures for the line of business, with a particular focus on underperforming classes.
- Lead the development of new products and enhancements to existing products, coordinating pricing, wording, and system updates.
Portfolio Management & Renewals
- Oversee the renewal cycle, with particular attention to non‑tacit renewals and ensuring timely and accurate renewal proposals.
- Manage the performance strategy of the PI portfolio, including rate increases, underperforming accounts, risk class reviews, risk appetite guidelines, and product governance requirements.
- Monitor overall portfolio profitability and ensure alignment with financial targets for both Smart and Custom business.
Broker & Market Engagement
- Act as a senior market representative for the PI line.
- Support broker meetings, presentations, training, and commercial initiatives.
- Build strong relationships with brokers at local and regional levels.
- Develop and maintain a knowledgeable and engaged producer network.
Collaboration & Governance
- Ensure full compliance with all underwriting authority limits, reinsurance treaty requirements, and internal technical guidelines.
- Work closely with the Claims team on large losses, emerging trends, policy wording reviews, and joint committee activity.
- Contribute to underwriting governance, participate in business committee meetings, and collaborate closely with other Heads of Line of Business.
Innovation & Strategic Contribution
- Support innovation initiatives, product launches, marketing activities, and cross‑functional business projects.
- Drive continuous improvement within the PI line to enhance efficiency, underwriting quality, and customer engagement.
Qualifications
Experience & Expertise
- Extensive underwriting experience, including a minimum of five years specifically within the Spanish PI market.
- At least ten years of overall underwriting experience with strong broker‑facing exposure.
- Demonstrated leadership capability, including managing underwriters and working collaboratively across business functions.
- Strong understanding of PI products, market landscape, risk appetite, pricing, and underwriting governance.
Skills & Competencies
- Excellent communication skills, both written and verbal.
- Strong analytical skills and ability to make evidence‑based decisions.
- Highly organised, able to manage deadlines and prioritise effectively.
- Proactive, collaborative, and capable of working under pressure.
- Strong relationship‑building capability, both internally and externally.
- Demonstrates coaching ability, team leadership, change management, and business acumen.
Education & Language Requirements
- Bachelor's degree preferred in Law, Economics, Business Administration, or a related discipline.
- Native‑level Spanish and business‑level English.
Other Requirements
- Proficiency in Microsoft Office and underwriting systems.
- Willingness to travel nationally several times per quarter, with occasional international travel.
Sponsorship Details
Sponsorship not Offered for this Role