FI / D&O Claims Adjuster- Munich Re in London

Department Description

Are you a Claims professional with a solid technical understanding of Large Single risks searching for a new position where you can make a real impact? Great Lakes London is on the lookout for their next team member to join the Claims department!

Together, we engage with everything we have and are, to help humankind act braver and better.

About Great Lakes Insurance SE:

As specialty provider of primary insurance services in the UK, Great Lakes Insurance SE, UK Branch is a substantial part of our parent, Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE currently operates from its Head Quarter in Munich, and via branch offices in UK, Switzerland, Italy and Australia.

In the UK, Great Lakes is currently undergoing the authorisation process from the Prudential Regulatory Authority and Financial Conduct Authority for a Third Country Branch and a Subsidiary. These two entities will secure our future in the primary insurance service market in a post-Brexit world, by enabling us to continue writing our existing business.

YOUR JOB

About the role:

To manage an allocation of Financial Institution and D&O claims in adherence with the mission statement, guidelines and operating standards of the Group. You will work on a Hybrid working model and you will report into the Senior Claims Manager.

Responsibilities:

• Verify and settle claims which includes BBB, FIPI and D&O, on Direct Insurance and also Facultative and Treaty Reinsurance business.

• Investigate and negotiate claims.

• Influence the handling and settlement of claims and by insurance company clients on Reinsurance cases.

• Check case reserves and ensure provision is made for outstanding liabilities.

• Build relationships with brokers and the Claims Management and specialists at cedant companies.

• Conduct client visits, audits and due diligence where required.

• Identify and analyse legal, political and market developments. Report those developments and their potential impact on the business to relevant partners.

• Provide feedback to underwriters from a claim's perspective.

• Provide support and assistance to the Deputy Claims Manager FI/D&O and Senior Claims Management where required.

• Provide and ensure support to other members of the team and on other classes of business where required.

• Build reputation as technical experts and market leaders on FI/D&O claims related issues.

Tasks:

• Handle claims following set authorities, operating standings and procedures.

• Use the market and internal systems to process claims advice and settlements.

• On reinsurance business, support clients in the handling of high value or contentious claims.

• On insurance business, investigate and negotiate settlement of claims, collaborating with co-insurers and experts and providing direction.

• Conduct client meetings to discuss and influence the direction of large or contentious cases.

• Assess and calculate case reserves. Persuade clients to hold higher reserves or set IBNER.

• Attend conferences with Counsel, trials and mediations and communicate the companies views and opinions this may with the support of a more senior member of staff depending on the size and complexity of the loss.

• Be part of the audit and due diligence team and contribute to findings. Participate in preparatory or follow up discussions.

• Provide underwriters with feedback from a claims perspective to help with underwriting and pricing of business.

• Represent and promote the interests of the Company at market meetings and working parties where required.

• Support Wordings Specialist and Underwriters in analysis and revision of wordings where required.

YOUR PROFILE

Competencies:

Optimises work processes You know the most efficient processes for proactiveness and are constantly assessing how it can be done better.

Resourcefulness You find a way to work with the resources available to you to complete a task.

Communication You communicate effectively with your audience. You also share ideas, learn from others and keep partners informed about problems, opportunities, progress and solutions.

Collaborate You work together with others in your team, the department and wider business (where relevant) to meet shared goals.

Learn You learn by resolving new problems and trying out new solutions and quickly learning from both successes and failures.

Experience:

Essential

• Professional experience in the UK insurance/reinsurance market controlling Financial & Professional Lines claims.

• Experience of Directors and Officers claims an advantage.

• A high level of technical expertise

• Analyse and set reserves.

• Manage and organise a caseload of work.

• Can work as a member of a team and provide support to colleagues.

Desirable

• Knowledge of insurance and reinsurance

• Knowledge of the CLASS system

• Languages beneficial but not essential

Qualifications and Educational Requirements:

• Educated to degree standard or equivalent.

• ACII, Part ACII or equivalent.

Thought Leaders:

You will demonstrate inclusive behaviour and encourage your colleagues to help create an inclusive culture.

You will treat your colleagues, sales and partners fairly and with respect.

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Benefits

You will be rewarded with a competitive salary, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers contributory pension of 10%. We offer a hybrid working policy with a mix of working from home and our City of London office.

About Us

Here at Great Lakes London (a Munich Re company) we seek to offer our staff the opportunity to grow in an exciting, results-oriented and diverse working environment. We believe that your dedication to apply your outstanding knowledge crafts the future; the future of our clients, of Munich Re and of course your own.

Munich Re is an equal opportunity employer. We celebrate diversity and are committed to crafting an inclusive environment for all our employees.

Company text intern

Benefits

You will be rewarded with a competitive salary, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers contributory pension of 10%. We offer a hybrid working policy with a mix of working from home and our City of London office.

About Us

Here at Great Lakes London (a Munich Re company) we seek to offer our staff the opportunity to grow in an exciting, results-oriented and diverse working environment. We believe that your dedication to apply your outstanding knowledge crafts the future; the future of our clients, of Munich Re and of course your own.

Munich Re is an equal opportunity employer. We celebrate diversity and are committed to crafting an inclusive environment for all our employees.