At a Glance
- Tasks: Review and enhance product wordings for insurance, ensuring compliance with regulations.
- Company: Join Munich Re Specialty, a leading provider in Primary Specialty Insurance.
- Benefits: Enjoy a supportive work culture, opportunities for growth, and collaboration with industry leaders.
- Other info: Open to applicants with varying experience levels; your passion matters!
- Why this job: Be part of a dynamic team that values curiosity and boldness while making a real impact.
- Qualifications: Strong understanding of insurance policies and excellent communication skills are essential.
The predicted salary is between 42000 - 84000 £ per year.
Join to apply for the Product Wordings Specialist role at Munich Re Specialty - Global Markets, UK
Join to apply for the Product Wordings Specialist role at Munich Re Specialty - Global Markets, UK
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About Us
At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptablestrategy, superior products and industry leaders working in a supportive environment to achieve this.
About Us
At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptablestrategy, superior products and industry leaders working in a supportive environment to achieve this.
At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.
Please see our website for more information.
Insurance Product Wordings Specialist
We are currently looking for an Insurance Product Wordings Specialist to be based in London or Manchester on a full-time basis, reporting into the Head of Underwriting Oversight
Company
Munich Re Specialty - Global Markets
Location
London , United Kingdom
Responsibilities:
- Work with Underwriting Oversight and Conduct Risk to enhance and embed the process for reviewing product wordings (including any relevant customer communications) for Munich Re Syndicate Limited (co-)manufactured products, in line with Consumer Duty and other regulatory requirements.
- The process in item (1) supports the overall Product Governance Framework and must therefore be aligned / have regard to the processes and controls outlined therein, as appropriate.
- Work closely with stakeholders from across the business (Underwriting, Delegated Underwriting, Claims, Conduct Risk & Compliance, and Legal), to establish and run a new Wording Review Working Group to advise on, oversee and approve the wording review plan and ongoing wording reviews.
- For item (1), establish a risk-based and proportionate approach to planning and undertaking product wording reviews. Propose annual review plan and obtain approval from the Wording Review Working Group and the Product & Conduct Risk Steering Group (PCRSG).
- Complete wording reviews, per the agreed annual review plan or on an ad hoc basis depending on business need.
- Make constructive and considered recommendations for product wording updates and improvements, working closely with other functions (mentioned above) to gather relevant product and customer outcomes insights and MI.
- Manage and prioritise the associated review timelines, milestones and deadlines, and track all actions to completion.
- Utilise the Product Catalogue, and maintain any other appropriate controls, for documenting reviews and review outcomes, rationale for changes proposed, approvals, and all versions of product wordings.
- Act as a reference point for product wording related queries from across the business, particularly relating to consumer understanding issues, adding value and enhancing knowledge and understanding in the process.
- Collaborate with Underwriting Oversight and Conduct Risk to design and deliver targeted training to staff, to update them on the wording review process and raise awareness of ‘customer understanding’ issues and best practices.
Knowledge
- A thorough understanding of the Consumer Duty – Consumer Understanding outcome and how this may apply to Munich Re Syndicate Limited.
- A thorough understanding of at least one of the classes written by Munich Re Syndicate Limited, and an appreciation of other classes and the differences between them.
- An understanding of policy wording construction and policy schedule design, and current best practice and trends in relation to both of these.
- An appreciation of the insurance regulatory landscape, including the peculiarities of the Lloyd’s market and Lloyd’s Europe.
- 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.
About
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Seniority level
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Full-time
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Sales and Business DevelopmentIndustries
Insurance
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#J-18808-LjbffrProduct Wordings Specialist in London employer: Munich Re Specialty - Global Markets, UK
At Munich Re Specialty – Global Markets, we pride ourselves on fostering a dynamic and inclusive work culture that empowers our employees to be bold, curious, and engaged. Based in the vibrant cities of London and Manchester, we offer competitive benefits, continuous professional development opportunities, and a collaborative environment where your contributions directly impact our mission to lead in Primary Specialty Insurance. Join us to be part of a team that values innovation and supports your growth while making a meaningful difference in the insurance industry.
Contact Details:
Munich Re Specialty - Global Markets, UK Recruitment Team
StudySmarter Expert Advice🤫
We think this is how you could land Product Wordings Specialist in London
✨Tip Number 1
Familiarise yourself with the Consumer Duty regulations and how they impact product wordings in insurance. Understanding these regulations will not only help you in interviews but also demonstrate your commitment to compliance and customer understanding.
✨Tip Number 2
Network with professionals in the insurance industry, particularly those involved in underwriting and compliance. Engaging with them can provide insights into the role and may even lead to referrals, increasing your chances of landing an interview.
✨Tip Number 3
Prepare to discuss specific examples of how you've improved product wordings or enhanced customer understanding in previous roles. This will showcase your practical experience and problem-solving skills, which are crucial for the Product Wordings Specialist position.
✨Tip Number 4
Stay updated on current trends and best practices in policy wording construction. Being knowledgeable about the latest developments will not only impress interviewers but also show that you're proactive and passionate about the field.
We think you need these skills to ace Product Wordings Specialist in London
Some tips for your application 🫡
Understand the Role:Before applying, make sure you fully understand the responsibilities and requirements of the Product Wordings Specialist role. Familiarise yourself with the Consumer Duty and how it applies to insurance products.
Tailor Your CV:Customise your CV to highlight relevant experience in policy wording construction, regulatory knowledge, and communication skills. Use specific examples that demonstrate your ability to work independently and manage projects effectively.
Craft a Compelling Cover Letter:Write a cover letter that showcases your enthusiasm for the role and the company. Mention your understanding of the insurance landscape and how your skills align with the job requirements. Be sure to convey your ability to explain technical concepts clearly.
Proofread Your Application:Before submitting, carefully proofread your CV and cover letter for any spelling or grammatical errors. Ensure that your documents are clear, concise, and free from ambiguity, as attention to detail is crucial for this role.
How to prepare for a job interview at Munich Re Specialty - Global Markets, UK
✨Understand the Consumer Duty
Make sure you have a solid grasp of the Consumer Duty and how it applies to the role. Be prepared to discuss how you would ensure compliance in product wordings and customer communications.
✨Showcase Your Communication Skills
As a Product Wordings Specialist, excellent written communication is key. Bring examples of your previous work that demonstrate your ability to draft clear and concise policy documents, avoiding ambiguity.
✨Demonstrate Stakeholder Collaboration
Highlight your experience working with various stakeholders, such as Underwriting and Compliance teams. Be ready to discuss how you would establish and run a Wording Review Working Group effectively.
✨Prepare for Technical Questions
Expect questions about policy wording construction and the insurance regulatory landscape. Brush up on current best practices and trends to show your expertise and readiness for the role.
