Binding Authority Technician Job

This is an exciting opportunity to join the technical department of a well respected and expanding Lloyd’s Broking house. The client manages many binding authorities across numerous classes so it's an interesting role with plenty of support internally. This role requires someone to provide a quality binding authority service to brokers and clients, so a high level of attention to detail is required. This role would suit someone with a minimum of three years' experience in a similar role.

You will have responsibility for:

• The efficient processing of allocated Binding Authority Technical work.
• Processing and managing Binding Authority Accounts, including monthly premium bordereau as received from Brokers on “In house” binders and received from overseas cover-holders on the Third Party Binders.
• Processing and managing individual Declarations attaching to “In house” binders.
• Ensuring monthly premiums and paid bordereau are submitted and signed to Xchanging within the settlement terms of the individual Binder Agreements.
• Ensuring all communications, including Technical documentation are accurate and recorded in accordance with internal and FCA requirements.
• Ensuring that electronic files are maintained on the internal system, i.e. all insurance documentation and correspondence is recorded correctly and accurately onto internal systems including the allocation of monies as and when received.
• Ensuring that client’s needs are met by exercising due diligence in the handling of all Binding Authority Technical aspects.

Experience required:

• A minimum of four years London Market Binding Authority experience.
• A relevant level of technical knowledge and understanding appropriate to the position namely:

• Key insurance products including current market conditions;
• FCA rules relating to commercial customers;
• General Insurance and general legal principles;
• Company specific procedures applicable to classes of insurance heading above.

Classes: Most classes of insurance are catered for within the department.

Skills Required:

• Ability to prioritise own workload to ensure that personal and corporate deadlines are achieved.
• Ability and willingness to develop and sustain relationships both internally and with external clients.
• Good communication skills, both verbal and written, that meet identified business needs.

IT Skills Required:

• All MS Windows applications (Word, Excel, Outlook) essential.
• Lloyd’s Xchanging & the Insurer’s Market Repository (IMR) essential.
• Skills and knowledge of using the clients internal Broking System (Global XB) an advantage but not essential as full training will be provided.

Salary: Annual salary in the region of £35,000 depending on experience.