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- Tasks: Underwrite cyber insurance for large clients, assess risks, and negotiate contracts.
- Company: Join Munich Re, a global leader in innovative insurance solutions with a strong financial foundation.
- Benefits: Enjoy a collaborative culture, opportunities for travel, and a commitment to diversity and inclusion.
- Why this job: Be part of a dynamic team tackling complex challenges and making a real impact in the cyber insurance space.
- Qualifications: Experience in underwriting or broking cyber insurance is preferred; strong communication and negotiation skills are essential.
- Other info: We value diverse backgrounds and encourage all candidates to apply, even if they don't meet every requirement.
The predicted salary is between 48000 - 72000 £ per year.
Together, we engage with everything we have and are, to help humankind act braver and better.
About Facultative & Corporate
Munich Re’s large, international network of experts places us in a strong position to develop solutions for highly complex risks. The sectors we serve and the solutions we offer are diverse, but they all share one thing in common: the substantial financial foundation of Munich Re.
We write both traditional and non-traditional insurances through lines of business; namely, Cyber, Property, Energy, Casualty, Engineering, and what we term Special Enterprise Risks. We overlay these underwriting activities with support from our Client Management and Claims & Operations units.
Our clients are complex, diverse, and domiciled across the world. Therefore, we also need to be global, and we do this by positioning staff in strategic markets and locations as well as travelling to meet clients. Close contacts are very important.
About the role
Underwriting Cyber Insurance business for large and/or complex industrial accounts, in accordance with Munich Re guidelines and the Cyber Solutions London Market strategy.
This includes assisting with risk assessment and analysis, coverage evaluation, pricing and contract negotiations and account administration.
Key Responsibilities
- Acquiring and underwriting cyber and technology insurance risks for large industrial and corporate clients, including all tasks associated with risk and coverage analysis such as pricing and contract negotiations, in line with Munich Re guideline
- Further developing a portfolio of profitable cyber-related business and seizing new business opportunities by actively managing broker and client relationships
- Attending client and market-wide cyber meetings, and discussing and evaluating clients’ individual cyber exposure
- Promoting F&C and Munich Re’s cyber capabilities in client and broker meetings, conferences and market events and establishing Munich Re as a reliable, responsible and knowledgeable partner
- Collaborating with other F&C Cyber teams in Munich and the US to execute the single global F&C Cyber Solution strategy
- Working within a close-knit network of cyber experts in Munich Re and participating in challenging global projects with other Cyber teams and central interfaces
Drives results (we think big) – 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 (we think big) – you can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.
Collaboration (we lead the ‘we’) – 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 (we grow with our clients) – 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 (we grow with our clients) – you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.
Courage (we care and dare) – 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 (we are clear and authentic) – 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:
- Ability to build and maintain relationships with clients, brokers and internal stakeholders
- Excellent written and oral communication skills, including presentation skills
- Excellent negotiation and relationship skills
- Collaborative and team minded work attitude, ability to work in team and independently
- Ability to make decisions based on logic, risk and commercial aspects, solution based work approach
- High level of commitment and ability to work under pressure
- Accuracy and Diligence
- High degree of self-motivation and willingness to learn
Qualifications and Educational Requirements:
- Alternatively experience in the London market or other insurance markets underwriting or broking cyber, liability or property insurance for large industry risks
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:
In addition to the responsibilities set out above, the Underwriter role/function will also become responsible for:
- Understanding the responsibilities and adhering to the requirements of undertaking a regulated role under the Senior Manager and Certification Regime
- Ensure compliance with Insurance Distribution Directive
- Satisfying all regulatory reporting requirements in collaboration with the reporting function
- Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship
- Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules
At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. 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.
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Cyber Underwriter employer: Munich Re
Contact Detail:
Munich Re Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Cyber Underwriter
✨Tip Number 1
Network actively within the insurance and cyber security sectors. Attend industry events, webinars, and conferences to meet professionals in the field. Building relationships with brokers and clients can give you an edge when applying for the Cyber Underwriter position.
✨Tip Number 2
Stay updated on the latest trends and developments in cyber insurance. Familiarise yourself with current risks and solutions that large industrial clients face. This knowledge will not only help you during interviews but also demonstrate your commitment to the role.
✨Tip Number 3
Practice your negotiation skills. Since the role involves pricing and contract negotiations, being able to articulate your thoughts clearly and persuasively will be crucial. Consider role-playing scenarios with friends or colleagues to build confidence.
✨Tip Number 4
Showcase your collaborative mindset. The job requires working closely with various teams and stakeholders. Prepare examples of past experiences where you successfully collaborated on projects or resolved conflicts, as this will highlight your ability to work well in a team environment.
We think you need these skills to ace Cyber Underwriter
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in underwriting, particularly in cyber and technology insurance. Use specific examples that demonstrate your ability to assess risks and manage client relationships.
Craft a Compelling Cover Letter: In your cover letter, express your enthusiasm for the role and the company. Discuss how your skills align with the key responsibilities outlined in the job description, such as risk assessment and client management.
Showcase Your Communication Skills: Since excellent written and oral communication skills are crucial for this role, ensure your application is free of errors and clearly structured. Consider including examples of past presentations or negotiations you've successfully conducted.
Highlight Your Collaborative Experience: Emphasise any experience you have working in teams or collaborating with diverse stakeholders. This will demonstrate your ability to work within a close-knit network, as mentioned in the job description.
How to prepare for a job interview at Munich Re
✨Understand Cyber Insurance Fundamentals
Before the interview, make sure you have a solid grasp of cyber insurance principles. Familiarise yourself with key terms, current trends, and the specific challenges faced by large industrial clients in this sector. This knowledge will help you engage confidently with interviewers.
✨Showcase Your Relationship-Building Skills
Since the role involves managing broker and client relationships, be prepared to discuss your past experiences in building and maintaining professional connections. Highlight specific examples where your relationship management led to successful outcomes.
✨Demonstrate Analytical Thinking
The role requires risk assessment and analysis skills. Be ready to discuss how you approach problem-solving and decision-making, especially in high-pressure situations. Use examples from your previous work to illustrate your analytical capabilities.
✨Emphasise Collaboration and Teamwork
Collaboration is key in this role, so be prepared to talk about your experience working in teams. Share instances where you brought diverse opinions together to achieve a common goal, showcasing your ability to foster an inclusive environment.
