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About Great Lakes Insurance SE:
As specialty provider of primary insurance services in the UK, Great Lakes London Branch (“GLLB”) is a substantial part of 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 operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia.
Great Lakes Insurance UK Limited (“GLLS”), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.
About the role:The role will be to act as an interface between Great Lakes‘ Underwriting and Product team as well as the business unit(s) of the Munich Re Group in an underwriting oversight function where the business units provide underwriting services for delegated authority business underwritten by Great Lakes. The DA Underwriting Oversight Manager will be part of the Underwriting and Product team and will be responsible for overseeing/monitoring all underwriting activities and controls that are performed by all stakeholders (internal and externals) in a transparent, effective and efficient manner. The role will be located in London.
Key Responsibilities:
- Support the oversight of UW outsourced activities and controls over the value chain (underwriting/pricing/policy design)
- Work with the team to act as the interface between the Underwriting and Products team and the business units in relation to MGA business including support and co-ordination of underwriting data requirements, wording and regulatory feedback and broader strategic direction
- Support in the measurement of the efficiency and effectiveness of the underwriting oversight framework
- Support the assessment of adequacy of underwriting processes and controls in order to keep underwriting operational risks within risk appetite level and, at the same time, meet regulatory requirements
- Organize quarterly meetings with the respective business units to discuss current performance and set up periodical performance review of the business unit(s) (including the follow-up and closing of actions)
- Collaborate in meetings with Great Lakes stakeholders and outsourced parties to review/redesign underwriting oversight activities
- Contribute to effective operation of all underwriting related fora, including the Reinsurance Working Group and the Underwriting Working Group
Key Skills & Experience:
- Experience in front line Underwriting is ideal, including portfolio management and analysis
- Experience in Underwriting and Product management, and/or Audit, Operational Risk Management or similar areas; a degree in one of those areas is beneficial, or ACII or equivalent
- Working knowledge of Reinsurance and methods of Reinsurance placement is beneficial
- Working knowledge of Power BI and/or similar dashboards and exposure analytics tools
- Passion to strive for Great Lakes underwriting oversight goals together with a diverse set of stakeholders
- Strong communication (written and verbal) skills and ability to interact in Group project teams and cross-divisional project teams in a dynamic environment
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 Associate Underwriting Oversight Manager role will also become responsible for:
- Ensure compliance with Insurance Distribution Directive
- Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules
