Contract Wordings Specialist
2 months ago
job description:
**About Hiscox**
Hiscox is a diversified international insurance group. As part of the group, Hiscox London Market predominantly insures unusual and larger global risks and companies with complicated insurance needs, working within four divisions:
- Casualty (directors & officers’ liability, general liability, cyber risks)
- Marine, Energy and Specialty (marine hull and cargo, marine & energy liability, energy and space)
- Property (commercial/household, major property, flood)
- Crisis Management (kidnap & ransom, terrorism, political violence, product recall, personal accident)
It is a time of change within the London insurance market and the role of the wordings specialist has to evolve to meet the new challenges being presented. The Contract Wordings team has a crucial role to play in support of the future plans of Hiscox, from new product development to customer service.
The Wordings Team sits within the Underwriting Standards & Governance function. The Wordings Team handles contract related work for the various lines of business underwritten by Hiscox London Market across both insurance and facultative reinsurance. The Team also assist with insurance contractual matters for other areas of the Hiscox group.
**The opportunity**:
**What you’ll be responsible for**:
- Proactively engage with underwriters, leading up to key renewal seasons to determine changes and adjustments
- Review, draft and negotiate insurance and facultative reinsurance contracts relating to a broad range of territories and lines of business, including a variety of non-standard insurance solutions such as parametric and index-based products.
- Provide support for product analysis and development.
- Assist during negotiations with brokers and clients.
- Research contract issues, industry changes, clauses, regulatory issues, market trends and potential coverage issues.
- Provide guidance and training to underwriters and other members of the group on insurance contract matters.
- Attend external market meetings, interact with market bodies and participate in market working parties, where necessary, in order to influence changes and ensure our position is not compromised. Interact with other departments within the group (including claims, compliance, operations and finance).
- Recommend and implement ways to improve work practices and technology and minimise legal risks.
- Interrogate data, produce internal reports and participate in internal audits.
- Be a positive and proactive influence as part of the Underwriting Standards & Governance department.
person specification:
- Law degree or relevant qualification and significant experience which involves reviewing and preparing legal contracts.
- Knowledge and experience in the insurance industry, with reinsurance contracts, customs and practices preferably gained in-house within a (re)insurance company or broking environment
- Thought leader and inhouse expert on all things contract wordings
- Proven external relationships
- High level of attention to detail and excellent drafting skills
- Enthusiasm and willingness to challenge and influence decision making.
- Ability to present credible ideas and to have the ownership to deliver on those ideas.
- Ability to negotiate, influence and effectively disseminate knowledge.
- Self-motivated with the ability to work both on own initiative.
- Flexible approach to work with the ability to plan and manage workload to adhere to deadlines during peak renewal periods.
- Ability to manage multiple projects in a dynamic business environment.
- Ability to simplify and explain the complex.
- Able to master the detail whilst showing an awareness of the bigger picture.
- Delivery focussed.
**Diversity and flexible working at Hiscox**
At Hiscox we care about our people. We hire the best people for the job and we’re committed to diversity and creating a truly inclusive culture, which we believe drives success. We also understand that working life doesn’t always have to be ‘nine to five’ and we support flexible working wherever we can. No promises, but please chat to our resourcing team about the flexibility we could offer for this role.
We’ve introduced new hybrid ways of working to encourage a healthy work life balance.
We see it as the best of both worlds: structure and sociability on one hand, and independence and flexibility on the other.
LI-CM1
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