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A primary function of this position is to market and underwrite a specialized and sophisticated product to a unique market. Specifically, the functions are:
A. New Business
(i) Implement short and long-term strategic plans to develop the defined trade credit market in Korea. Determine the most effective combination of the strategic marketing variables (product, price, distribution and communication) to achieve the Profit Center’s (PC) objectives in targeted industries and specific categories of companies;
(ii) Market credit insurance through a focused distribution system of select producers. This includes producer training as well as motivation and guidance. It involves repeated sales efforts and personal relationships built up over time.
(iii) This position includes various marketing functions such as:
(a) Initiating and managing campaigns to defined target market including the monitoring and follow up of responses.
(b) Devising creative ideas to help sell the Trade Credit product
(c) Assisting producers to develop a target market prospect list.
B. Secured Business
Servicing bound business is a key function with the specific objective to:
(i) Develop long term relationships with the Insured.
(ii) Strengthen personal relationships with the Insured.
(iii) Provide quick turn around on any of the Insured’s policy requirements.
(iv) Ensure the smooth renewal of existing policies.
C. Underwriting
(i) The position requires the candidate to be a team player and meet with insureds and buyers and take the opportunity to review their operations and evaluate risk factors. A close relationship with the Regional Head of Trade Credit, other service team members, insureds and producers is necessary. As the business grows from the start-up phase, the candidate will hire and supervise junior support staff.
(ii) The candidate will underwrite Korea-based insureds. The candidate must assess whether each Insured’s credit and collection systems meet Company’s minimum criteria.
(iii) Other responsibilities include
(a) Understanding the approved policy forms, terms and conditions;
(b) Developing full insurance application information;
(c) Preparing an underwriting worksheet/rater to structure a quotation for approval by (initially) the Regional Vice President and obtain underwriting authority as soon as practicable.
D. Credit Analysis
The candidate must be able to review the financials of the insured prospects and, more importantly, their buyers, including the following activities:
(i) The candidate assesses financial information, balance sheet, income statement and cash flow statement, the buyer’s ability to pay, the reputation of the owner/management, how long business has been in operation, and trade and credit history. The candidate must develop outside sources (e.g. banks, factors and insureds) to obtain and exchange credit information on the relevant buyers.
(ii) The position requires awareness of foreign country conditions and risks
(iii) Other responsibilities include:
(a) Negotiating with prospect’s senior management to bind the program
(b) Ensure all the administrative functions are effectively performed to issue the policy
(c) Bill the premium and input the data into the relevant administrative system. |
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Four Year College Degree with concentration in Finance or Accounting (or equivalent)
Experienced in financial statement analysis
Good interpersonal skills
Good speaking and writing skills (in both Korean and English)
More than 8 years of experience |
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