The Underwriting Strategy and Central Portfolio Management (UWS & CPM) team works at the heart of the business to shape Chaucer’s underwriting growth and transformation strategy and actively supports its implementation.
The team’s overarching objective is to develop and implement an Underwriting Strategy that aligns with the Group Strategy, underpinned by a robust Portfolio Management and Underwriting Oversight Framework. The team currently has three main workstreams: Underwriting (UW) Strategy, UW Portfolio Management and UW Operational Change.
A fourth workstream is being created for 1st line of defence Underwriting and Product Governance, pulling together various activities under one umbrella. This role will lead the fourth pillar with the primary responsibility of creating underwriting governance frameworks and processes and therefore providing assurance to the UW leadership team on the effectiveness of the operational, regulatory and governance control framework within UW. In addition to effectiveness, the role will also be responsible for owning key processes and related analysis, monitoring and reporting.
Main duties and responsibilities This role has tremendous scope for leading Chaucer’s 1st line of defence underwriting governance, product governance and oversight. The role will carry a significant profile, with clear direction from the Head of the team and Underwriting Management. This role would suit an ambitious, analytical, proactive and enterprising candidate, who is an effective communicator and collaborator. The role also requires leadership skills to influence and challenge UW management, collaboration with various teams enabling transparency and consistent understanding of governance, controls and processes.
The role will primarily be responsible for the below activities.
*Create, maintain and monitor underwriting and product governance frameworks, process & documentation, always reflecting current requirements.
Manage effectiveness of the frameworks, including:
*Underwriting guidelines, controls, processes and best practice.
*Underwriting authority processes and related documentation and reporting.
*Underwriting line size setting and management as part of the planning and reporting process.
*Consumer duty, conduct and product oversight strategy (open market and delegated authority).
Managing approval processes for new products at related governance forums. *Being the Product Oversight Committee underwriting appointee for all consumer and conduct underwriting delivery. Manage approval processes for new products and the POC.
*Underwriting referrals processes.
*Conduct underwriting file reviews.
Developing and managing appropriate data and reporting
*Analyse relevant MI and table it to the Management for discussion and decision making.
*Proactively approach effectiveness of tasks to ensure status and any breaches are reported, escalated and discussed in a timely manner.
*Ensure that all relevant information is being reported with MI evidence to the UW management as part of the governance framework.
Primary liaison between the 2nd LoD and Underwriting:
*Be the communication conduit between central functions and underwriting community.
*Analyse, assess the given request and discuss with Management the way forward, helping to develop a customer value culture.
*Define the scope of the work, create frameworks, lay out step by step what needs to be completed by underwriters.
*Coordinate the Underwriting desk Management. Once all requests are understood, bring to the underwriting management for final decision as to what needs to be communicated to underwriters.
*Issue circulars/communications to underwriting community to co-ordinate messages, requests, deliveries and/or changes for a central and cohesive approach. This provides clarity on the expectation of delivery as well as uniformity.
*Bring all ’central functions/second line’ requests into ’first line/underwriting’ in an organised, coherent, methodical, consistent and centralised manner.
*Work with the Legal and Regulatory team in understanding and communicating changes to regulation, including Sanctions, Surplus lines and/or all regulatory returns.
*Work with the Operations team to enhance and automate processes where possible.
*Ensure that the product governance specialist is delivering on objectives and effectively managing the technical product oversight elements.
Your profile
Experience *Significant experience in the (re)insurance industry, preferably London insurance market regulatory or underwriting experience.
*Experience of UK and European insurance regulatory regime.
*Lloyd’s Managing Agency experience.
*Management / supervisory experience.
*Familiarity with risk management issues.
*Strong analytical, people management and leadership experience.
*Experience with maintaining and improving extensive suite of MI, sourced from various data-heavy sources.
*Experience with summarising key takeaways in a clear and succinct manner, suited to stakeholders.
*Able to demonstrate quick decision-making skills, speedy analysis, thinking on their feet proactively work in a dynamic work environment.
Technical skills, competencies and personal attributes *Competent within the specific job role, aware of all technical requirements and able to apply these in a pragmatic manner in performance of all duties. Aware of internal policies and procedures and working practices consistent with the job role.
*Flexible and quick to learn – able to undertake tasks and projects outside immediate role as required.
*Ability to collaborate with the commercial underwriting teams
*Able to understand the key business issues that affect the profitability and growth of the business and takes appropriate action to maximise success.Capac