To work as a delegated underwriting specialist within the Delegated Underwriting Management Unit to ensure that the companies coverholders and binding authorities are managed in line with syndicate procedures, regulatory requirements and best practice.
To support the work of the Delegated Underwriting Management Unit and Delegated Management Committee in implementing and administering best practice across the business, participating in projects/improvement initiatives to achieve this aim.
Approval and monitoring of coverholders (and service companies) and their binding authorities in line with the businesses procedures, regulatory requirements and best practices
Liaison with internal and external stakeholders in relation to coverholder and binding authority approvals and monitoring, (including obtaining regulatory approvals as required)
Identification, resolution and/or escalation of issues through the DMC or other appropriate governance structures
Provision of operational and administrative guidance, training and support to internal and external stakeholders involved in the management of coverholders and binding authorities.
Provision of accurate, relevant and timely MI to DUMU, relevant governance committees and other business stakeholders as required
Provision of oversight and quality control testing of activities performed by external service providers
Preparation of procedure documentation as required
Operation of controls in line with the businesses risk management framework
Monitoring and evaluating changes in the regulatory environment suggesting improvements/amendments to processes and implementing solutions as required
Evaluating, suggesting and implementing other changes as required to improve effectiveness and efficiency of DUMU processes and controls, including specifying, testing and improving systems where applicable
Participating in market forums to ensure the businesses position is represented
Decision Making Responsibilities:
Approving coverholders and managing issues arising from their ongoing monitoring including the outcome of audits performed.
Handling complex coverholder applications including liaising with Lloyd’s on new applications and extensions to existing arrangements.
Interacting across all teams/functions involved in the delegated underwriting management process (onshore and offshore) to ensure controls, service levels and quality standards are met.
Reviewing the businesses processes to ensure compliance with regulatory obligations and best practice, recommending and implementing changes as necessary
Education, Qualifications, Knowledge, Skills and Experience:
Degree level education preferred, strong A levels or equivalent essential
ACII qualifications desirable
Knowledge of the Lloyd’s/London insurance market including the regulatory environment essential
Experience of monitoring/management of delegated authorities or equivalent outsourcing arrangements, including: vetting and approval, risk assessing, ongoing monitoring including audit and handling of related regulatory queries. This could be as a member of a delegated underwriting management team or other compliance/risk management or audit function.
Excellent communication skills both written and oral; ability to communicate at all levels within the organisation;
Assertive and able to challenge others whilst maintaining positive working relationships with both internal and external stakeholders
Good at problem solving – ability to articulate issues clearly and to research, identify and present credible solutions
Good attention to detail coupled with the ability to see the big picture and understand principles being applied
Ability to make sensible judgements balancing pragmatic considerations with the need to follow Brit’s procedures and manage risk to the business
Ability to influence and drive through changes to existing processes/procedures or implement new as required
Excellent organisational and time management skills, ability to prioritise sensibly and meet deadlines
Intermediate level skills in main Microsoft applications: Word, Excel, Powerpoint
Ability to interpret data including to identify trends and anomalies in summarised data.