Associate Wordings & DA Product Manager

Together, we engage with everything we have and are, to help humankind act braver and better.

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 Associate Wordings &  Delegated Authority Product manager is responsible for overseeing and ensuring compliance for all Product Wording and Financial Promotions being submitted from Agents in the UK Market.

Key Responsibilities:

• Ensure that wordings meet the legal, regulatory and internal guidelines and are kept up to date with any necessary changes both within the U.K. and Europe.
• Work with external law firms to ensure product wording is appropriate for countries where there are limited internal language capabilities.
• Support the annual reviews for European products, including feedback to the agents, reports and monitoring of the outcomes.
• Manage the marketing and financial promotions process and develop the process for European agents.
• Collaborate with key stakeholders on internal and regulatory oversight requirements. Analyse and feedback on key regulatory development and the impacts on products. .
• Manage the centralised wordings repository and consider the potential options for a future wordings library.
• Lead the process for new product approvals by coordinating with all relevant internal and external stakeholders.
• Work closely with the Legal department and other wording experts within the wider Munich Re Group.

Competencies:

Drives results (we think big) – you consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience and judgement.

Business insight (we think big) – you can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.

Collaboration (we lead the ‘we’) – you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.

Client focus (we grow with our clients) – you build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.

Cultivates innovation (we grow with our clients) – you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.

Courage (we care and dare) – you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear.

Persuades (we are clear and authentic) – you use clear and compelling arguments to gain the support, enthusiasm and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills & Experience:

• Strong legal and organisational skills.
• Strong interpersonal skills, great teammate and highly motivated
• Excellent communication skills.
• “Can do” demeanour with a solutions focussed approach.

Desired Qualifications and Educational Background:

Essential

• University degree or insurance qualifications;
• primary insurance wordings and regulatory experience
• knowledge of various regulatory frameworks such as EIOPA and FCA PROD rules.

Desirable

• Understanding of European regulatory regime
• knowledge of the pricing best practice for personal and commercial lines products
• Fluency in German and/or another European language

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 Wordings &  Delegated Authority Product manager will also become responsible for:

• Ensure compliance with Insurance Distribution Directive
• Liaising if required with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules