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For Companies At a Glance
- Tasks: Manage product governance and ensure compliance with regulatory standards.
- Company: Join Munich Re, a leading Primary Specialty Insurance provider with a supportive culture.
- Benefits: Enjoy 25 days annual leave, private medical insurance, and hybrid working options.
- Why this job: Be part of a dynamic team focused on customer outcomes and innovation in insurance.
- Qualifications: Strong understanding of FCA Product Governance and effective communication skills required.
- Other info: Diversity and inclusion are at our core; all backgrounds are encouraged to apply.
The predicted salary is between 43200 - 72000 £ per year.
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 adaptable strategy, 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.
We are currently looking for an Insurance Product Governance Manager to be based in London or Manchester on a full-time basis, reporting into the Head of Underwriting Oversight.
Responsibilities:
- Support and oversee product owners (underwriters) to ensure that all MRSG products falling within the scope of the product governance framework are regularly reviewed, approved and have undergone at least annual Fair Value Assessments (FVA) as appropriate.
- Demonstrate excellent stakeholder management - facilitate open discussions on customer outcomes and ensure stakeholders engage effectively in product review processes.
- Support stakeholders to foster a customer centric mindset, focusing on demonstrating and improving the customer outcomes delivered by our products and services.
- Own and continuously develop the overall Product Governance processes to ensure they continue to meet regulatory requirements and drive consistent standards throughout our regulated entities.
- Utilise the PRC and Product Catalogue, as well as insights gained through discussions with underwriters, to ensure underwriters follow product review processes (inc. FVAs) for relevant products. Be the first point of contact for any queries and the first approval checkpoint for completed product forms.
- Oversee the escalation of product reviews through the appropriate approval channels, including referring product reviews, findings and recommendations to the relevant Product Oversight Committee(s).
- Collaborate with Conduct team to design and deliver a multi-faceted training programme to enhance stakeholder engagement with product governance and conduct risk and build a positive perception of these areas across the business.
- Regularly review and develop product governance processes to meet evolving business needs/ regulatory requirements.
Knowledge and Skills:
- Strong regulatory and commercial awareness. In particular, strong understanding and experience of FCA Product Governance and Consumer Duty requirements.
- Lloyd's market knowledge and experience is preferable.
- Effective communication skills at all levels.
- Proactive, personable approach with the ability to build relationships to drive good practices and implement change.
- Strong organisational and planning skills.
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!
Diversity, Equity & Inclusion:
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.
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.
Benefits:
- 25 days Annual Leave + Bank Holidays
- 10% Non-contributory Pension
- Eligibility for an Annual Bonus
- Private Medical + Dental Insurance
- Critical illness insurance + Life Assurance + Permanent Health Insurance
- Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
- Electric Vehicle Salary Sacrifice Scheme
- Study & continuing Professional Development Support
- Hybrid Working + IT Home Set-up Support
Product Governance Manager employer: Munich Re
Contact Detail:
Munich Re Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Product Governance Manager
✨Tip Number 1
Familiarise yourself with the FCA Product Governance and Consumer Duty requirements. Understanding these regulations will not only help you in interviews but also demonstrate your commitment to compliance and customer-centric practices.
✨Tip Number 2
Network with professionals in the insurance industry, particularly those with experience in product governance. Engaging in conversations can provide insights into best practices and may even lead to referrals or recommendations.
✨Tip Number 3
Showcase your stakeholder management skills by preparing examples of how you've successfully engaged with various teams in previous roles. This will highlight your ability to foster collaboration and drive positive outcomes.
✨Tip Number 4
Stay updated on trends and changes within the Lloyd's market. Being knowledgeable about current events and developments will position you as a well-informed candidate who can contribute to the company's strategic goals.
We think you need these skills to ace Product Governance Manager
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities and requirements of the Product Governance Manager position. Tailor your application to highlight relevant experience in product governance and stakeholder management.
Highlight Relevant Experience: In your CV and cover letter, emphasise your experience with FCA Product Governance and Consumer Duty requirements. Provide specific examples of how you've successfully managed product reviews or improved customer outcomes in previous roles.
Showcase Communication Skills: Effective communication is key for this role. Use your application to demonstrate your ability to communicate at all levels. Consider including examples of how you've facilitated discussions or built relationships with stakeholders in past positions.
Express Your Enthusiasm for Diversity and Inclusion: Munich Re values diversity, equity, and inclusion. In your application, express your commitment to these principles and how you can contribute to a positive and inclusive work environment.
How to prepare for a job interview at Munich Re
✨Understand Product Governance
Make sure you have a solid grasp of product governance frameworks, especially the FCA requirements. Be prepared to discuss how you would ensure compliance and improve customer outcomes through effective product reviews.
✨Showcase Stakeholder Management Skills
Demonstrate your ability to manage relationships with various stakeholders. Prepare examples of how you've facilitated discussions and engaged teams in previous roles to drive positive outcomes.
✨Highlight Regulatory Awareness
Be ready to talk about your knowledge of regulatory requirements, particularly in the insurance sector. Discuss any relevant experience you have with Lloyd's market or similar environments.
✨Emphasise Communication Skills
Effective communication is key for this role. Prepare to share instances where your communication skills helped resolve issues or improved processes, showcasing your proactive and personable approach.
