DA Underwriting Oversight Associate

About Great Lakes Insurance SE

As a specialty provider of primary insurance services in the UK, Great Lakes London Branch ("GLLB") is a substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in the UK, Ireland, Switzerland, Italy, and Australia. Great Lakes Insurance UK Limited ("GLLS"), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.

About the role

The role will be to act as an interface between Great Lakes’ Underwriting & Product Delivery Team and the business unit(s) of the Munich Re Group in an underwriting oversight function where the business units provide underwriting services for delegated authority business underwritten by Great Lakes. The Underwriting Oversight Associate will be part of the Underwriting and Product Delivery Team and will support the overseeing/monitoring of underwriting activities and controls that are performed by all stakeholders (internal and external) in a transparent, effective, and efficient manner. The role will be located in London.

Key Responsibilities

• Support oversight of outsourced underwriting activities and value chain controls (delegated underwriting/wording/policy administration and underwriting reviews)
• Act as the interface between the Underwriting and Product Delivery Team and business units for MGA business, including coordination of underwriting data requirements, wording, regulatory feedback, and strategic direction
• Support measurement of the efficiency of the underwriting oversight framework
• Support assessment of product performance, underwriting results, and distribution arrangements
• Assess the adequacy of underwriting processes to maintain underwriting operational risks within risk appetite and meet regulatory requirements
• Collaborate with Great Lakes stakeholders and outsourced parties to review and redesign underwriting oversight activities and reporting
• Assist in the preparation of underwriting performance and monitoring reports; support the Underwriting Oversight Manager with their responsibilities
• Support the Head of Underwriting and Product Delivery in delivering team and business strategy
• Contribute to underwriting reviews, data analysis, product delivery, and underwriting project work

Competencies

• Drives results - you consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience, and judgement.
• Business insight - you can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.
• Collaboration - you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.
• Client focus - you build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.
• Cultivates innovation - you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.
• Courage - you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear.
• Persuades - you use clear and compelling arguments to gain the support, enthusiasm, and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills & Experience

• Experience in front line underwriting, underwriting oversight, or underwriting audit is required
• Experience in measuring product performance and effectiveness would be beneficial.
• Working knowledge of Power BI, dashboards, and exposure analytics tools.
• Passion for achieving Great Lakes underwriting oversight goals with diverse stakeholders
• High level of motivation, commitment, responsibility, and willingness to learn.
• Strong communication skills and ability to build working relationships both internally and externally.

Desired Qualifications and Educational Background

Degree or equivalent professional qualifications or working towards.

Thought Leaders

You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others. You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well. You will treat your colleagues and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements

Ensure compliance with Insurance Distribution Directive. Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Benefits

You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers’ contributory pension of 10%. We are one of the few employers to offer fully paid 6 months family leave for times when you need it the most.

Diversity Equity & Inclusion

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for! All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.