Policy Wordings Specialist

Do you have a passion for detail and looking for a new challenge?

Location
Maidstone , United Kingdom

Within the MRSI UK business unit, you will be responsible for;

• creating, reviewing and updating policy wordings for existing and future lines of business, specifically for the brand of NMU;
• establishing and maintaining controls to ensure
  • a consistent approach to the drafting of wordings and clauses, and
  • compliance with Consumer Duty and other regulatory requirements.

Your job

• Lead the development of new policy wordings, IPIDs, clause libraries, schedule templates (manual and electronic) plus any other documentation or forms for existing classes or for new lines of business, including proof reading and critical review.
• Lead the periodic review, improvement, updating and maintenance annually (or as required, if sooner) all versions of all policy wordings for all classes, and associated IPIDs, clause libraries, schedule templates (manual and electronic) plus any other documentation or forms, including in response to legal or regulatory changes.

In collaboration with the Head of Marine and Specialty and the Underwriting Managers, manage and prioritise the associated timelines, milestones and deadlines.

• Develop and maintain (or oversee the work of others) procedure manuals for items (1) & (2), including recording the rationale for decisions or choices made.
• Oversee the maintenance of a record of all versions of items (1) – (3), including start and end dates for their validity, and liaising with internal and external IT colleagues in this regard.
• Manage a log of all changes identified as being required between creation and every subsequent review, and ensure that it is acted upon.
• Peer review and constructively challenge the specification of question sets produced by Lines of Business.
• Work with the Underwriting Managers in benchmarking wordings and TCF best practice.
• Peer review and constructively challenge marketing collateral produced by Lines of Business and/or Commercial.
• Act as a reference point for wording-related queries from team members and underwriters, adding value and enhancing their knowledge and understanding in the process.
• Drive forward good Conduct across the business, to deliver the best outcomes for customers / policyholders, in accordance with Consumer Duty and other applicable regulatory obligations.
• Understand all appropriate lines of escalation and the responsibilities of the Product Conduct Risk Strategy Group (PCRSG), Underwriting & Claims Sub Committee (UCSC), ExCo and Board for Conduct Risk.
• Undertake any other reasonable duties as and when required.

You are required to comply with the PRA and FCA conduct rules:

• Acting with honesty and integrity at all times
• Acting at all times with due care, skill and diligence
• Being open and honest with the FCA, the Prudential Regulation Authority (PRA) and all UK regulators at all times
• Always paying due regard to the interests of customers and always treat them honestly and fairly
• Observing proper standards of market conduct at all times

Your profile

Knowledge

• A thorough technical understanding of at least one of the classes written by MRSI UK, ideally NMU, or property and casualty business, and an appreciation of all those classes and the differences between them.
• A detailed understanding of policy wording construction and policy schedule design, and current best practice and trends in relation to both of these.
• A good understanding of relevant insurance law.
• A good understanding of how delegated underwriting authorities operate.
• An appreciation of the insurance regulatory landscape, including the peculiarities of the Lloyd’s market and Lloyd’s Europe.

Skills

• The ability to work independently (or with minimal supervision, where appropriate).
• Excellent communication skills, particularly written English.
• Policy document drafting, particularly the avoidance of ambiguity.
• Policy document critical review, with a keen eye for detail.
• The ability to explain technical concepts in a way that can be readily understood.
• Organisation, including time and resource management.
• Problem solving.
• Relationship building.

(accepting applications for both our Maidstone and London offices)

About us

MRSG UK Services Limited is the employing entity for staff supporting the business activities of Munich Re Syndicate Limited (MRSL), Munich Re Specialty Group Limited (MRSG), Groves, John & Westrup Ltd (GJW), NMU (Specialty) Ltd (NMU) and Roanoke International Brokers Limited (RIBL).

As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Hong Kong, Singapore, Labuan and Dubai. We are also represented in Lloyd’s China.

Our group of companies provide solutions covering Casualty, Marine & Cargo, Energy & Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht.

Known for our dedication to excellence and quality of service provision, we pride ourselves on offering you a great place to work.

Munich Re’s employees are the backbone of the Group’s business success. They are the people that drive the business forward and develop new solutions for our clients.

Ensuring that we recruit versatile staff is therefore crucial to our future success. Our objective is to make Munich Re the employer of choice for potential employees on the global job market..

To help us achieve this goal we offer a competitive salary and a generous and comprehensive benefits package which we regularly review in accordance with external market data, to ensure you are paid fairly and our benefits are tailored to suit your lifestyle. Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.