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- Tasks: Manage the end-to-end loss fund process and ensure compliance with regulations.
- Company: Join Markel, a global leader in insurance and reinsurance.
- Benefits: Competitive salary, annual bonus, 25 days holiday, and strong benefits package.
- Why this job: Make a meaningful impact while developing your career in a supportive environment.
- Qualifications: Experience in loss fund processes and strong communication skills required.
- Other info: Flexible working patterns available; we value diversity and inclusion.
The predicted salary is between 36000 - 60000 £ per year.
Looking for a role that will have a meaningful impact in Operations? We are looking for an individual to work within the Governance & Delegated team with responsibility for overseeing the end-to-end loss fund process. If you’re looking for a place where you can make a meaningful difference, you’ve found it. The work we do at Markel gives people the confidence to move forward and seize opportunities, and you’ll find your fit amongst our global community of optimists and problem-solvers.
The opportunity: The Wholesale division is comprised of six underwriting teams (Cyber, Energy, Equine & Livestock, Marine, Professional & Financial Risks, and Trade Credit, Political Risk & Surety), as well as an award-winning claims team, underwriting support, delegated underwriting, and strategic business development. We have staff around the world with a significant presence in Asia and the US, in addition to the London market. Our teams operate as ‘One Wholesale’, working together towards our goal to be one of the world’s great speciality insurers. We work collaboratively both within Wholesale and across the wider Markel organisation, and because we work as one we are able to create the best solutions possible for our clients, and provide exceptional development opportunities for our staff.
The Governance & Delegated Underwriting team provide a central service for the administrative support and oversight to underwriters and claims teams through the underwriting due-diligence process, bordereaux administration and technical processing, credit control, coverholder audits and management reporting to senior management. In addition, the team work with external contacts including brokers, coverholders and regulators.
A Loss Fund Analyst is required to work within the Governance & Delegated team with responsibility for managing and administering the entire delegated underwriting process. The successful candidate would be expected to achieve individual and team targets and fully contribute to the overall success of the department.
What you’ll be doing:
- Overseeing the end-to-end loss fund process (traditional cash loss funds, Vitesse accounts and FCP)
- Ensuring adherence to both Lloyd’s and any other regulatory requirements
- Manage the loss fund reconciliations with our delegated partners
- Deliver a robust control and process framework for loss fund management
- Key contact for loss fund management for our delegated partners and Vitesse
- Loss fund referral point for internal stakeholders
- Monitor the adherence to internal standards and ensure regulatory compliance
- Collaborate with the claims team to resolve issues raised by our delegated partners or discrepancies arising from loss fund reconciliations.
- Produce regular reporting to provide oversight and drive process improvement
- Support the further adoption of Faster Claims Payments (FCP)
- Provide training and support to internal stakeholders on best practices
Our must-haves:
- Must have understanding of and experience in loss fund processes and procedures
- Ability to prepare and interpret data meaningfully
- Proficient with MS Office with a good understanding of Excel
- Power BI is advantageous
- Will be educated to a minimum of GCSE or equivalent
- Will have experience of delegated operational performance
- Possess strong communication skills
- Possess an understanding of the Lloyd’s v5.2 bordereaux minimum standards
- Knowledge of Vitesse Loss Fund Management Platform is an advantage
- Familiarity with Faster Claims Payments (FCP) is an advantage
- Knowledge of Eclipse is an advantage
Who we are: Markel Group (NYSE – MKL) a Fortune 500 company with over 60 offices in 20+ countries, is a holding company for insurance, reinsurance, specialist advisory, and investment operations around the world.
What’s in it for you?
- A great starting salary plus annual bonus & strong benefits package
- 25 days paid holiday plus Bank Holidays, with the opportunity to buy/sell extra leave
- Fantastic company pension scheme, private medical and dental cover, life assurance, travel insurance cover, income protection, season ticket loan as well as other great benefits on offer
- There are countless opportunities to learn new skills and develop in your career and we can provide the support needed to do just that!
Are you ready to play your part? Choose ‘Apply Now’ to fill out our short application, so that we can find out more about you. Markel celebrates the value of a diverse workforce that brings experience and expertise from a wide variety of backgrounds and life circumstances. Whatever your background, if you feel you meet the requirements of this role then we want to hear from you. We are also happy to consider candidates who are looking for flexible working patterns. We are an equal opportunity employer and value diversity at our company.
Loss Fund Analyst in London employer: Markel
Contact Detail:
Markel Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Loss Fund Analyst in London
✨Tip Number 1
Network like a pro! Reach out to people in the industry, attend events, and connect on LinkedIn. You never know who might have the inside scoop on job openings or can put in a good word for you.
✨Tip Number 2
Prepare for interviews by researching the company and the role. Understand their values and how you can contribute to their mission. This will help you stand out and show that you're genuinely interested in making a difference.
✨Tip Number 3
Practice your interview skills with friends or family. Get comfortable talking about your experience and how it relates to the Loss Fund Analyst role. The more you practice, the more confident you'll feel when it’s time to shine!
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets seen. Plus, we love seeing candidates who take the initiative to engage directly with us.
We think you need these skills to ace Loss Fund Analyst in London
Some tips for your application 🫡
Tailor Your Application: Make sure to customise your CV and cover letter for the Loss Fund Analyst role. Highlight your experience with loss fund processes and any relevant skills that match the job description. We want to see how you can make a meaningful impact!
Showcase Your Skills: Don’t forget to mention your proficiency in MS Office, especially Excel, and any experience with Power BI or Vitesse. We love seeing candidates who can interpret data meaningfully and have a solid understanding of regulatory requirements.
Be Clear and Concise: When writing your application, keep it clear and to the point. Use bullet points where possible to make it easy for us to see your key achievements and experiences. We appreciate straightforward communication!
Apply Through Our Website: We encourage you to apply directly through our website. It’s the best way for us to receive your application and ensures you’re considered for the role. Plus, it’s super easy – just hit ‘Apply Now’!
How to prepare for a job interview at Markel
✨Know Your Loss Fund Processes
Make sure you brush up on your understanding of loss fund processes and procedures. Be ready to discuss how you've managed or overseen these processes in the past, as this will show that you have the relevant experience they’re looking for.
✨Excel is Your Best Friend
Since proficiency in MS Office, especially Excel, is a must-have, practice using Excel to prepare and interpret data. Familiarise yourself with functions and features that can help you analyse data effectively, as you might be asked to demonstrate your skills during the interview.
✨Showcase Your Communication Skills
Strong communication skills are essential for this role. Prepare examples of how you've effectively communicated with internal stakeholders or external partners in previous roles. This will help you illustrate your ability to collaborate and resolve issues.
✨Understand Regulatory Requirements
Familiarise yourself with Lloyd’s regulatory requirements and any other relevant compliance standards. Being able to discuss these confidently will demonstrate your knowledge and readiness to ensure adherence in the role.
