A Senior Wordings Analyst opportunity is available with a reputable Insurance Company. Reporting into the Head of Wordings.
The overall purpose of the role is to draft, review, analyse and negotiate contract and policy documentation (including wordings, clauses and endorsements) arising from the activity of the Company on fronted facilities and as otherwise may be required, ensuring that they are fit for purpose, clear, compliant and appropriate for the class of business and territory.
Supporting the Company by:
Reviewing documentation associated with prospective and approved opportunities.
Ensuring documentation complies with relevant law and regulation, consistent with commercial appetite and underwriting and claims philosophies
Drafting, reviewing and negotiating:
o policy forms, wordings, clauses and endorsements for specific MGA/Coverholder managed products, including policy summaries, IPIDS, ICOB required documentation and associated policy pack supporting documentation;
o Binding Authority/MGA agreements and related documentation ensuring conformity with the program's reinsurance arrangement and the Company's risk appetite;
o outwards reinsurance documentation that provides quota share, excess of loss or stop loss protections to the above, ensuring coordination alignment with the underlying Policy wording and Binding Authority/MGA agreements
The role specifically includes:
* Drafting, reviewing and negotiating Agency Agreements entered into by the Company with MGAs and Coverholders throughout the UK and the EU/EEA to ensure they meet business, legal and regulatory requirements.
* Reviewing the reinsurance agreements that protect the Company on the fronting arrangements to ensure legal and regulatory compliance and to ensure there are no gaps between the inwards and outwards coverage or conditions
* Liaising with brokers, reinsurers, MGAs/Coverholders and other such parties to ensure the best outcome for the Company at the outset of the discussions and through the period of the agreements and policies.
* reviewing Coverholder or broker produced wordings to ensure consistency with intended coverage and identifying exposures or issues so to provide informed advice to the Company.
* To review TOBAs between MGAs and brokers or between the companies and brokers.
* To act as a technical reference point on wordings and coverage for all territories and business lines accepted by the Company.
* To ensure that policy documentation is consistent with Conduct Risk principles.
* Keep up to date with new products and business opportunities and monitor market, Lloyd's, legal and regulatory changes which may affect policy wordings.
* To interact with the claims process to assist in coverage analysis and to apply refinements to the policy wordings as applicable
* To produce and keep updated guidance materials and toolkits for the companies.
* To assist in the drafting of procedure manuals and other compliance documentation as required.
* To assist in the drafting of appraisal documents for the Group Investment Committee or Underwriting Committees as appropriate.
* To act always in accordance within the Company's code of conduct and best practice standards.
* Ensuring the all product and agreement registers are updated appropriately in a reasonable timeframe.
* To maintain compliance with any applicable UK or international statutory or regulatory obligation as required by the role. This includes but is not limited to obligations arising from:
- The prudent management of the business
- Placing due regard on the interests of customers
- Observing rules on sanctions and financial crime
- Regulatory requirements and local licensing restrictions
* Other duties as may be reasonably required from time to time within the scope of role as required by the Company.
SKILLS / KNOWLEDGE / ABILITY
* Minimum of 10 years wordings experience within London Market
* Experience of a diverse range of policyholders, both consumer and non-consumer
* Experience of delegated underwriting agreements and reinsurance wordings.
* UK and European experience preferred.
* insurance qualification required; ACII or good progress toward.
* Sound understanding of general insurance, insurance law, regulation, and market practice as they relate to products.
* Good knowledge of market wording databases.
* Strong collaboration ethic.
* Excellent written and presentation skills.
* Excellent client management skills.
* Ability to work under pressure and meet tight deadlines.
* Strong planning and organisation skills with excellent follow up and diary management.
* Ability to work with a variety of disciplines outside of the department.
* Good communicator both verbally and in writing.