Delegated Authority Business Partner

Role Title: Delegated Authority Business Partner 

Location: London

Salary: £50k – £62,250

PURPOSE OF THE ROLE

• To work as a delegated underwriting specialist to ensure that the companies Coverholders (and other third parties) and binding authorities are managed in line with syndicate procedures, regulatory requirements and best practice.
• To support the monitoring and oversight of Coverholders and other third parties including TPAs and brokers.
• To implement and administer best delegated underwriting management practice across the company, participating in change projects and improvement initiatives to achieve this aim.
• To provide strong stakeholder engagement for delegated underwriting across the business and with our customers, including Coverholders and brokers.

MAIN DUTIES:

New Binders:

• Approval of new Coverholders and binding authorities (including direct deal and service companies) in line with the companies procedures, regulatory requirements and best practice.
• Handling complex Coverholder applications including liaising with Lloyd’s on new applications an extensions to existing arrangements.

Renewal Binders

• Processing and approval of binding authority renewals (including direct deal, strategic multi-class relationships and service companies) in line with the organisation’s procedures, regulatory requirements and best practice.

Lineslip, Consortia and Master Policies:

• Reviewing, processing and/or advising on lineslip, consortium and master policy arrangements at inception and renewal in line with the companies internal policies and Lloyd’s requirements.

Audit:

• Review audit reports (including for TPAs) and ensure audit recommendations are appropriate,
• RAG rated, time bound, centrally recorded and communicated to all stakeholders in a timely manner.
• Track associated recommendations to completion in a timely manner, ensuring any issues are escalated appropriately.
• Assist in audit scoping and the preparation of auditor packs, including for TPAs.
• Support the Delegated Authorities Manager in managing the companies panel of auditors, including ongoing performance assessment and maintenance of relationships
• Assist in audit scoping and the preparation of auditor packs.

Broker Management:

• Processing of new broker applications and annual reviews in line with the companies procedures, regulatory requirements and best practice.
• Production and issuance of Terms of Business Agreements.
• Support service companies in the development of broker management processes and terms of business agreements.

Offshore Management:

• Assist other team members to respond to queries where required.
• Support the Delegated Authorities Manager to manage the offshore team’s quality and productivity.

Quality Checking:

• Quality review of output produced by Coverholder Executives and the offshore team, where required.
• Operation and oversight of controls in line with their risk management framework.

Reporting:

• Delivery of meaningful reporting to all relevant stakeholders (including underwriting divisions and the DMC).

Change Projects:

• Monitoring and evaluating changes in the regulatory environment and implementing solutions as required to meet regulatory requirements.
• Evaluating, suggesting and implementing other changes as required to improve effectiveness and efficiency of processes and controls, including specifying, testing and improving systems where applicable.
• Participation in other company projects where required to provide delegated underwriting expertise.

Breaches and Problem Cases:

• Identification, management and resolution of delegated underwriting breaches and problem cases.

Stakeholder Management & Communication:

• Strong and effective communication within the team and with all internal and external stakeholders, including senior management.
• Act as team liaison with underwriting divisions, taking responsibility for understanding all delegated underwriting issues facing those divisions.
• Maintain knowledge of wider business practices and issues in other teams to facilitate a holistic approach to delegated underwriting management.

Decision Making Responsibilities:

• Approve and renew Coverholders, binders, other facilities and broker TOBAs in line with their documented policies and procedures and/or risk appetite.
• Closure or escalation of audit recommendations or other issues.
• Communicating appropriately with Lloyd’s on Coverholder or other applications

EDUCATION, QUALIFICATIONS

• Educated to at least A-level or equivalent.
• ACII qualification preferred.
• Good knowledge of insurance industry practices and current regulatory requirements including Lloyd’s & FCA requirements for Coverholder management.
• Very strong communication and interpersonal skills – ability to assertively challenge whilst maintaining positive working relationships.
• Strong computer and analytical skills including Microsoft Office.
• The ability to work well within a team as well as under minimum supervision and on own initiative.
• Good attention to detail coupled with the ability to see the big picture and drive strategic initiatives.
• Excellent organisational and time management skills, ability to prioritize sensibly and meet deadlines.
• Ability to make sensible judgements balancing pragmatic considerations with the need to follow the companies procedures and manage risk to the business.
• Ability to interpret data including to identify trends and anomalies.

For extra information please contact:- 

London: 0203 411 8430

Email: admin@lawesgroup.co.uk