Title:  Insurance Product Wordings Specialist

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.  

Please see our website for more information.

Insurance Product Wordings Specialist

We are currently looking for an Insurance Product Wordings Specialist to be based in London or Manchester on a full-time basis, reporting into the Head of Underwriting Oversight

Responsibilities:

• Work with Underwriting Oversight and Conduct Risk to enhance and embed the process for reviewing product wordings (including any relevant customer communications) for Munich Re Syndicate Limited (co-)manufactured products, in line with Consumer Duty and other regulatory requirements.
• The process in item (1) supports the overall Product Governance Framework and must therefore be aligned / have regard to the processes and controls outlined therein, as appropriate.
• Work closely with stakeholders from across the business (Underwriting, Delegated Underwriting, Claims, Conduct Risk & Compliance, and Legal), to establish and run a new Wording Review Working Group to advise on, oversee and approve the wording review plan and ongoing wording reviews.
• For item (1), establish a risk-based and proportionate approach to planning and undertaking product wording reviews. Propose annual review plan and obtain approval from the Wording Review Working Group and the Product & Conduct Risk Steering Group (PCRSG).
• Complete wording reviews, per the agreed annual review plan or on an ad hoc basis depending on business need.
• Make constructive and considered recommendations for product wording updates and improvements, working closely with other functions (mentioned above) to gather relevant product and customer outcomes insights and MI.
• Manage and prioritise the associated review timelines, milestones and deadlines, and track all actions to completion.
• Utilise the Product Catalogue, and maintain any other appropriate controls, for documenting reviews and review outcomes, rationale for changes proposed, approvals, and all versions of product wordings.
• Act as a reference point for product wording related queries from across the business, particularly relating to consumer understanding issues, adding value and enhancing knowledge and understanding in the process.
• Collaborate with Underwriting Oversight and Conduct Risk to design and deliver targeted training to staff, to update them on the wording review process and raise awareness of ‘customer understanding’ issues and best practices.

Knowledge and Skills

Knowledge

• A thorough understanding of the Consumer Duty – Consumer Understanding outcome and how this may apply to Munich Re Syndicate Limited.
• A thorough understanding of at least one of the classes written by Munich Re Syndicate Limited, and an appreciation of other classes and the differences between them.
• An understanding of policy wording construction and policy schedule design, and current best practice and trends in relation to both of these.
• An appreciation of the insurance regulatory landscape, including the peculiarities of the Lloyd’s market and Lloyd’s Europe.

Skills

• The ability to work independently (or with minimal supervision, where appropriate).
• Excellent communication skills, particularly written English.
• Policy document drafting, particularly the avoidance of ambiguity.
• Policy document critical review, with a keen eye for detail.
• The ability to explain technical concepts in a way that can be readily understood.
• Organisation, including time and resource management.
• Problem solving.
• Relationship building.

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.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Learn more about sustainability at Munich Re – choose your impact! 

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

#BePresent #BeBold #BeCurious