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- Tasks: Lead the development of insurance policy wordings, ensuring clarity and compliance.
- Company: IQUW is an innovative insurance company focused on delivering top-notch products.
- Benefits: Enjoy a competitive salary, 25 days holiday, and opportunities for professional growth.
- Why this job: Join a dynamic team shaping the future of insurance with impactful products.
- Qualifications: Experience in insurance or legal fields, strong communication skills, and attention to detail required.
- Other info: This role offers a chance to collaborate across departments and influence product design.
The predicted salary is between 42000 - 84000 £ per year.
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The role
The individual will be responsible for the development and improvement of existing and proposed new policy wordings with a focus on compliance, clarity and best customer outcomes. In addition they will be integral to the development of innovative new product and initiatives working closely in collaboration with underwriting and claims. The role will be focused on D&O, FI, Cyber (re)insurance and other third party liability classes of business.
Overview
The role
The individual will be responsible for the development and improvement of existing and proposed new policy wordings with a focus on compliance, clarity and best customer outcomes. In addition they will be integral to the development of innovative new product and initiatives working closely in collaboration with underwriting and claims. The role will be focused on D&O, FI, Cyber (re)insurance and other third party liability classes of business.
Key Responsibilities
- Review our new and existing wordings, including analysis and explanation of individual clauses through to complete product wordings.
- Drafting and managing policy wordings. Create, review, and update policy wordings and clauses for first party insurance products to ensure they are consistent, competitive, robust, and accurate.
- Proactively manage and undertake policy wording development and control, working closely with key stakeholders to build new insurance products or refine or expand existing products, ensuring our wordings are robust while being easily understood by our customers and reflect the appropriate coverage intent during product design.
- Collaborate with colleagues across the underwriting, legal, compliance and governance etc. in order to deliver on internal and regulatory oversight requirements.
- Support and where required lead coverage discussions with brokers and clients.
- Liaise with outside counsel on trends and coverage enhancement trends in the market.
- Act as a technical reference point for underwriting business units and provide clarity and advice on technical underwriting and claims issues.
- Managing our centralised repository of wordings to ensure this is current both in terms of wordings and necessary regulatory and legal developments.
The above duties and responsibilities are not an exhaustive list and you may be required to undertake any other reasonable duties compatible with your experience and competencies. This description may be varied from time to time to reflect changing business requirements.
Essential Qualifications, Skills And Experience
- Proven experience in an insurance role would be very advantageous. Legal background is an added value.
- Excellent communication skills, with the ability to challenge others, whilst maintaining positive working relationships with both internal and external stakeholders; the candidate should have strong interpersonal skills.
- In depth knowledge of D&O, FI and Cyber (re)insurance wordings and/or other third party liability classes of business.
- Good organisational skills with ability to work under time pressure in a changing environment.
- Computer literate including Microsoft Outlook, Word, Excel, PowerPoint and other commonly used software.
- Pro-active and willing to take on new challenges.
- Excellent attention to detail and a meticulous eye for identifying inconsistencies or inaccuracies
Benefits
- Competitive Benchmarked Salary
- 25 days holiday
- Discretionary bonus scheme
- Employee assistance programme
- Annual holiday buy (up to 3 extra days)
- Salary sacrifice benefits
- Annual benefits reviews
- The option for professional qualifications and study support
Additional Information
A full job description can be seen here
Seniority level
-
Seniority level
Mid-Senior level
Employment type
-
Employment type
Full-time
Job function
-
Job function
Other
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Industries
Insurance
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Third Party Wordings Lead employer: IQUW
Contact Detail:
IQUW Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Third Party Wordings Lead
✨Tip Number 1
Familiarise yourself with the latest trends in D&O, FI, and Cyber (re)insurance. Understanding current market developments will not only help you in interviews but also demonstrate your proactive approach to staying informed.
✨Tip Number 2
Network with professionals in the insurance industry, especially those involved in policy wordings. Engaging in conversations can provide insights into the role and may even lead to referrals, increasing your chances of landing the job.
✨Tip Number 3
Prepare to discuss specific examples of how you've improved policy wordings or contributed to product development in previous roles. This will showcase your relevant experience and problem-solving skills during the interview process.
✨Tip Number 4
Demonstrate your communication skills by being clear and concise in all interactions with the company. Whether it's during networking or interviews, showing that you can articulate complex ideas simply will set you apart from other candidates.
We think you need these skills to ace Third Party Wordings Lead
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities of the Third Party Wordings Lead role. Familiarise yourself with D&O, FI, and Cyber (re)insurance wordings, as well as the importance of compliance and clarity in policy development.
Tailor Your CV: Highlight your relevant experience in insurance, particularly any roles that involved policy wording or compliance. Make sure to showcase your communication skills and ability to work collaboratively with stakeholders, as these are key for this position.
Craft a Compelling Cover Letter: In your cover letter, explain why you're passionate about the role and how your background aligns with the company's goals. Mention specific examples of your experience with policy wordings and your proactive approach to challenges.
Proofread Your Application: Before submitting, carefully proofread your CV and cover letter for any errors or inconsistencies. Attention to detail is crucial in this role, so ensure your application reflects that quality.
How to prepare for a job interview at IQUW
✨Know Your Wordings
Familiarise yourself with various policy wordings, especially in D&O, FI, and Cyber (re)insurance. Be prepared to discuss specific clauses and how they impact customer outcomes, as this will demonstrate your expertise and attention to detail.
✨Showcase Your Collaboration Skills
Highlight your experience working with different teams, such as underwriting and claims. Provide examples of how you've successfully collaborated on projects, as this role requires strong interpersonal skills and the ability to maintain positive relationships.
✨Prepare for Technical Questions
Expect questions that test your knowledge of insurance regulations and compliance. Brush up on current trends and legal developments in the industry, as being well-informed will show your commitment to staying updated and your ability to lead coverage discussions.
✨Demonstrate Proactivity
Share instances where you've taken the initiative to improve processes or develop new products. This role values a proactive approach, so showcasing your willingness to tackle challenges will set you apart from other candidates.
