You have just been appointed underwriting manager of a Ghanaian based insurer. The company$$s relationship with brokers is deteriorating. This is a serious situation for the company as indirect business, which represents a significant proportion of business, is falling at an alarming rate. A major concern is that the company$$s SME combined insurance policy has not been updated for many years. Furthermore, brokers are complaining of inefficiencies in underwriting procedures.

Part of your brief is to identify and correct weaknesses with Managing General Agents $($MGA$$s$).$ The objective is to enhance efficiency whilst increasing market share.

Question

$1$ Examine all considerations your brief should consider to delegate underwriting authority to brokers and update policy cover.

$2$ Outline how operational controls will ensure underwriting guidelines are complied with.

$3$ Highlight the importance of frequent monitoring of results and setting of measurable key performance indicators.