Delegated Authority Specialist

1 month ago

London, Greater London, United Kingdom IDEX Consulting Full time

This role will work closely with the placement team to manage the day-to-day technical production and execution of Delegated Authority Agreements. You will be responsible for all aspects of the facilities from slip production, governance, regulatory requirements, Lloyd's Coverholder standards, reporting and engagement with internal MGA client and market peers.

  • DUA Wordings:
    • Draft the delegated underwriting agreements (Lloyd's & company markets) and lineslips.
    • Undertake all wording conversations with markets, supported by LOB specialists.
    • Keep up to date with Lloyd's releases and/or any wording updates.
  • DCOM - Lloyd's binders' platform à process contracts in system
  • X-Changing à support the local team on getting the contracts approved and properly processed in the bureau.
  • Coverholders' Due Diligence and Coverholder entity and branch set up (as maybe required):
    • Lloyd's annual compliance declaration
    • ATLAS: maintain up to date supporting documents, i.e. PI policy, Business Continuity Plan, Disaster Recovery Plan, etc.
    • Attend markets requirements to operate with the MGA
    • Regulators Requirements: verify where Coverholder is domiciliated but also in the territories where it operates.
  • Licensing/Registration:
    • Verify the markets licensing across different territories (Crystal for Lloyd's)
    • Support on clients' acceptance (TWIMC letters, provide financials, rating, etc. from our markets).
  • Audit Coordination required either by markets or internal ones.
  • Liaising with Premium advocates to ensure all premiums are paid on time and organising chasing where appropriate.
  • Liaising with Claims advocates to ensure all claims are paid promptly.
  • Preparation of Statistics, KPIs and reports
  • Providing advice to clients and colleagues on the scope of coverage and assist them with the interpretation of clauses for use in the DUA agreements.
  • Responsibility for working in accordance with the Risk Management Framework, and compliance with the policies, including participation in the management of risks (including completion of mandatory training) that may adversely affect the business, interests or reputation of any Group Company.

Key skills and experience required:

  • Experience in (re)insurance market in a similar role with technical Delegated Authority experience
  • Have an excellent understanding of the (re)insurance market, or a Chartered member of CII
  • Strong experience in managing effective client relationships.
  • Great analytical and problem-solving skills
  • Excellent interpersonal skills, including communication and presentation skills.
  • Understanding of compliance and FCA regulation/Lloyd's Standards
  • Demonstrate integrity and professionalism.
  • Ideally educated to degree standard or equivalent
  • Spanish speaking would be a plus but not a pre-requisite.

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