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Delegated Authority Analyst
2 weeks ago
**About the Schemes team**
Our job is to manage Schemes and Delegated Authorities throughout their life cycle at Hiscox. We are responsible for the creation of new schemes, delegated authorities and product opportunities and the on-going oversight, improvement and continuous developmentof existing schemes.
We have a market leading reputation for producing unique solutions for niche customer groups managed by our broker partners and we are utilising this expertise to improve how we deliver products across the UK retail business.
The overall Schemes team is full of character; we are a team of 40 covering a broad range of roles and responsibilities, from schemes account managers, underwriters to analysts, due diligence experts, and our regional administrator. We work closely a widearray of internal and external stakeholders, including underwriting management, regional underwriting teams, operational teams, product heads, partner brokers and third party providers.
**The role**
You will be responsible for following and upholding best practice for delegated authorities as an integrated member of the Schemes & Partnerships team. You will therefore be working closely with the Delegated Authority team as well as the broader Schemesteam underwriters, analysts and management.
This role supports the successful onboarding of new schemes by owning the responsibility of due diligence for delegated authorities as well as the ongoing monitoring and governance of these arrangements.
The ideal person for this role will be motivated, organised and logical, with the ability to understand how their role contributes to the wider teams success.
This role will report into the operational arm of the Schemes team.
**What you'll be doing**
- You will be responsible for the due diligence review of coverholder information, policies and procedures, regulated status and providing recommendations for coverholder approval
- You will assess distribution risk, consider and allocate corresponding inherent risk ratings and recommended relative controls
- You will assist with the review and co-ordination of the delegated authority contracts, to ensure accuracy and agree bespoke terms with coverholders
- You will assist with the review of audit reports and be responsible for assessing the adequacy of audit action closure, liaising with coverholder and the business to do so
- You will provide information on governance elements of schemes (distribution, audit and coverholder) in advance of renewal meetings
- Develop and maintain effective relationships with underwriters and other internal & external stakeholders
- Escalating Coverholder issues/breaches to the appropriate forums
**Our must haves**:
- Ability to independently manage own and others workload
- High level of attention to detail and accuracy
- Confident and able to challenge people, in the right way, at various levels of seniority
- 2 plus year commercial or insurance experience, ideally in a governance, operational or underwriting environment.
**Our nice to haves**
- Chartered Insurance (CII) status of Diploma or higher
- Knowledge of regulatory standards
- Schemes, delegated authority and/or conduct experience
- Knowledge of Conduct Risk and Product Oversight
**Diversity, Inclusion and Hybrid working**
- 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 have also learned over the past 15 months that working life doesn't alwayshave to be in the office, and when it's safe to do so, we will be introducing 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.
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