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For Companies At a Glance
- Tasks: Lead and manage the third-party claims journey, ensuring fair outcomes and compliance.
- Company: Join IQUW, a leading specialty (re)insurer at Lloyd’s with a focus on innovation.
- Benefits: Competitive salary, career development opportunities, and a dynamic work environment.
- Why this job: Make a real impact in motor insurance while driving digital transformation and innovation.
- Qualifications: Extensive experience in motor claims management and strong analytical skills required.
- Other info: Collaborative culture with opportunities for personal growth and leadership development.
The predicted salary is between 48000 - 72000 £ per year.
Overview
Grade: 2
Reporting to: Head of Claims, ERS
Location: London
About us
IQUW is a speciality (re)insurer at Lloyd’s (Syndicate 1856) underwriting a diverse range of Property, Commercial and Speciality (re)insurance products from Cargo and Marine to Political Violence, Terror and War. We combine data, intelligent automation and human expertise to make smart decisions, fast. ERS is the UK's largest specialist motor insurer with an A+ rating. We recognise that for some, motor insurance is more than just a must-have; it’s a way of taking care of what stands at the heart of their passion or livelihood. For those people, standard insurance isn’t enough. That’s why we work exclusively with motor insurance brokers to help get under the skin of the most difficult insurance risks, helping build products to meet their customer’s needs.
The role
The Head of Third Party Claims is responsible for leading, developing, and managing the end-to-end third-party claims journey. This includes strategic oversight of operational performance, technical excellence, and service delivery across all third-party claims functions, from Agriculture to Prestige vehicles.
Key responsibilities include:
- Ensuring fair customer outcomes and compliance with internal policies, legal standards, and regulatory requirements.
- Driving cost control throughout the claims lifecycle across all elements of Third Party claims spend.
- Identifying and developing commercial opportunities through market, legal, and technical insight.
- Owning and influencing key elements of the third-party claims supply chain costs.
- Driving claims digitalisation and automation initiatives.
This role sits within a market-leading central technical function focused on customer outcomes, indemnity control and case reserving adequacy. It requires the ability to develop and implement strategy based on detailed financial analysis, with a focus on performance improvement and proactive management of risks, threats, and opportunities related to claims leakage.
Key responsibilities
- Develop and deliver the strategic vision for third party motor claims to align with the overall claims strategy.
- Drive innovation using data analytics, technology and process optimisation.
- Oversee and support the effective management of complex and high-value claims and processes with technical, regulatory or financial implications.
- Build influential relationships with external partners including repair networks, solicitors, the General Terms of Agreement (GTA) committee, Credit Hire Organisation’s (CHO’s) and third party insurers.
- Monitor management information, analyse and manage performance.
- Manage claims budgets, expense ratios and indemnity spend to ensure financial targets are met.
- Engage, lead and coach the third-party claims management team to achieve operational excellence and seek opportunity for continuous improvement.
- Ensure effective management of case reserving in accordance with the company’s published reserving policy.
- Collaborate with internal business partners to improve insight of performance using management information and identify and deploy remedial and opportunistic actions.
- Use analysis to draft reports, support the preparation of executive and board packs and provide insight to financial performance of the portfolio to Underwriting, Actuarial and Finance.
- Provide proactive diagnosis of trends and areas for improvement with a focus on clarity, accuracy and strategic relevance.
- Counter the impact of fraud on claims by developing and adopting appropriate strategies in conjunction with the Fraud Team.
Essential qualifications, skills, and experience
- Extensive experience in motor claims management, with a thorough understanding of claims processes and current market trends.
- Proven ability to deliver on key goals and drive measurable performance improvements within tight timeframes.
- In-depth technical expertise in motor liability, credit hire, personal injury, and relevant legal and regulatory frameworks.
- Experience of working with actuarial development triangles.
- Skilled in producing professional, well-structured, and accurate reports suitable for formal committee review, within set deadlines.
- Track record of delivering a strategic review of credit hire controls and initiatives to improve the customer experience and enhance controls on indemnity spend.
Desirable qualifications, skills, and experience
- Demonstrable experience in leading claims automation initiatives or driving digital transformation within a claims environment.
Desirable behavioural attributes
- High level of numeracy and analytical skills, with the ability to interpret data and identify underlying trends that support sound judgement within decision-making.
- Innovative approach to problem solving.
- Maintains a strategic perspective.
- Strong commercial awareness with a clear understanding of portfolio performance across both Claims and Underwriting functions.
- Flexible leadership style, with a passion for coaching and developing team members to support personal growth.
- Ability to build effective internal and external relationships.
- Excellent communication, negotiation, and stakeholder engagement capabilities.
- Results-driven, with a focus on identifying opportunities for improvement and delivering enhanced outcomes.
Head of Third Party Damage in London employer: IQUW Group
Contact Detail:
IQUW Group Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Head of Third Party Damage in London
✨Tip Number 1
Network like a pro! Get out there and connect with people in the industry. Attend events, join online forums, and don’t be shy to reach out on LinkedIn. You never know who might have the inside scoop on job openings!
✨Tip Number 2
Prepare for interviews by researching the company and its culture. Understand their values and how they align with your own. This will help you stand out and show that you’re genuinely interested in being part of their team.
✨Tip Number 3
Practice makes perfect! Do mock interviews with friends or family to get comfortable with common questions. The more you practice, the more confident you’ll feel when it’s time to shine in front of the real interviewers.
✨Tip Number 4
Don’t forget to follow up after your interviews! A simple thank-you email can go a long way in leaving a positive impression. It shows your enthusiasm and keeps you fresh in their minds as they make their decision.
We think you need these skills to ace Head of Third Party Damage in London
Some tips for your application 🫡
Tailor Your CV: Make sure your CV is tailored to the Head of Third Party Damage role. Highlight your experience in motor claims management and any relevant achievements that align with the job description. We want to see how you can bring value to our team!
Craft a Compelling Cover Letter: Your cover letter is your chance to shine! Use it to explain why you're passionate about this role and how your skills match our needs. Don’t forget to mention your innovative approach to problem-solving and your experience with claims automation.
Showcase Your Analytical Skills: Since this role involves a lot of data analysis, make sure to highlight your analytical skills in your application. Share examples of how you've used data to drive performance improvements or identify trends in previous roles. We love numbers!
Apply Through Our Website: We encourage you to apply through our website for a smoother process. It’s the best way for us to receive your application and ensures you don’t miss out on any important updates. We can’t wait to hear from you!
How to prepare for a job interview at IQUW Group
✨Know Your Claims Inside Out
Make sure you have a solid understanding of motor claims management and the current market trends. Brush up on key processes, especially around third-party claims, as this will show your expertise and readiness for the role.
✨Showcase Your Strategic Vision
Prepare to discuss how you would develop and deliver a strategic vision for third-party motor claims. Think about innovative ideas using data analytics and technology that could enhance operational performance and customer outcomes.
✨Build Relationships in Your Answers
Since building influential relationships is crucial, be ready to share examples of how you've successfully collaborated with external partners in the past. Highlight your communication and negotiation skills to demonstrate your ability to engage effectively.
✨Demonstrate Your Analytical Skills
Be prepared to discuss how you analyse performance data and manage budgets. Bring examples of how you've used data to drive improvements or identify trends, as this will showcase your analytical prowess and strategic thinking.
