Wordings Manager

2 days ago

United Kingdom Nashrock Insurance Recruitment Full time

Job Summary

Overall responsibility for the negotiation and agreement of direct policy wordings and reinsurance contracts and related clauses for the syndicate Property, Delegated Property, Specie, Contingency, PV, Construction, Marine Cargo and CPRI accounts. Part of the role will require regular contact and liaison with the class of business Underwriting teams in addition to both Clients and Agents.

Reporting

The Contract Wordings Manager shall be accountable to the Head of Claims. The Contract Wordings Manager shall be responsible for the supervision, training and development of the Wordings Technician.

Duties

  • Oversee negotiation of all syndicate led direct and reinsurance contract wordings and associated clauses and/or endorsements across all actively written classes of business.
  • Regular liaison with Underwriters, Clients and Brokers as part of duty 3.1.
  • Maintain accurate and up to date records of all negotiations and final agreed wordings or clauses within the Agency’s IT systems.
  • Liaise with Underwriters to promote an active risk management process and to provide commentary as to the effectiveness of the wordings agreed.
  • Maintain Contract Certainty Check Records using the LCC system and in accordance with Agency procedures.
  • Regularly review and understand current standard market form usage and any applicable territorial regulations in relation to availability and restrictions of coverages.
  • Conduct regular peer review of wordings agreement by other members of the Claims and Wordings team.
  • Assess financial impact of unsuitable contract wordings and report to the Claims Quarterly Meeting, or up to board level if appropriate.
  • Provide ad-hoc training and guidance to both property underwriting and claims teams as agreed necessary with Property Claims Manager.
  • Regular attendance on LMA Wordings Committees as agreed and if applicable.
  • Conduct regular training of and manage the work activities of the Contract Wordings Technician.

Knowledge Required

  • Technical - Thorough understanding and knowledge of standard and bespoke wordings, clauses and endorsements in the following classes: Property D&F, Property Binders, Specie, Contingency, CPRI, PV, CAR, Marine Cargo & Treaty Reinsurance. International Property Wordings and Clauses including current market issues and conditions.
  • Technical – Thorough understanding and knowledge of market conditions and current market issues, insofar as they relate to wordings usage and the ability to negotiate coverages.
  • Technical – Thorough understanding and knowledge of Lloyd’s current and historical wordings agreement procedures and associated Lloyd’s systems.
  • Technical - Knowledge and understanding of International Standard Form Wordings including ISO.
  • Technical - Thorough understanding and knowledge of Agency Contract Certainty Checking Procedures and PBQA checking systems.
  • Employment Policies – Thorough knowledge and understanding of all statutory employment policies and procedures
  • Company Policies - Thorough knowledge and understanding of all company/compliance policies and procedures
  • Regulatory / Reporting - Thorough knowledge and understanding of FCA rules and guidelines and regulatory requirements in operation at any time (e.g. Lloyds and Companies Acts, Data Protection Act, anti-money laundering)
  • Risk Management – Thorough knowledge and understanding of risk management, including risk evaluation, measurement, mitigation and review
  • Continuing Professional Development – Willingness to continue to develop technical knowledge through formal and informal learning, both internal to the firm, and externally
  • Data Quality – Thorough knowledge of the company’s Data Policy, and particularly the responsibility this policy places on staff to ensure the accurate, consistent and timely input, maintenance and validation of all business-critical data.

General Skills Required

  • Planning – Ability to manage time effectively by prioritising own workload to ensure deadlines are adhered to and planning ahead accordingly
  • Communication – Able to construct effective and accurate written communications, including letters, faxes, emails and reports
  • Interpersonal – Build and manage internal and external relationships utilising negotiation and influencing skills
  • Decision Making – Be able to apply own judgement and experience when making decisions or referring a decision to the appropriate person when it falls outside own role, authority, knowledge and experience
  • Organisational – Highly organised, with the ability to meet the demands of both internal and external ‘customers,’ understand their needs and act promptly in response to requests and keep ‘customers’ regularly updated.
  • Problem Solving – Ability to solve problems promptly and efficiently
  • Data Analysis - Able to analyse data and reach conclusions, including management information.
  • File and Data Management - Able to keep accurate records in an efficient manner in accordance with internal policies and procedures.
  • Service Standards – Ability to provide a high level or service, meeting business standards and Agency targets

IT Skills Required

  • Microsoft Systems - Word, Excel and Outlook
  • Data Entry – Accurate keyboard and data input skills
  • In-house Systems – Skyline, Cascade, Document Repository System,
  • Specific Systems – LCC Tool, LMWD, Lloyds QAT. Lloyds Crystal,

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