Product Governance Director

From day one, our mission has been to create an independent business with a unique culture – one that is controlled by the people who work for it. Finding the most talented and entrepreneurial people has always been key to our success. 

People come to Howden for lots of different reasons, but they stay for the same one: our culture. That’s what sets us apart, and why we nurture and retain the best talent in the market. Whatever your priorities – work/life balance, career progression, sustainability, volunteering - you’ll find like-minded people driving change at Howden.

Howden (the Group) is a leading international insurance business with employee ownership at its heart. Its global broking and underwriting business provides a range of specialist insurance solutions to clients, and has a strong focus on growth and innovation in the insurance sector.

Product Governance and Fair Value Assessment expectations is set out in the Insurance Distribution Directive and, therefore, applies to all regulated firms that must comply with this directive. In particular, the FCA’s Product Governance and Value Assessment rules represents a key area of regulatory focus in general insurance and pure protection, against which firms are measured on their ability to meet the wide ranging requirements.

The rules require firms to conduct detailed reviews of their Products in order to ensure that they will represent fair value and avoid customer detriment, taking into account the design of the Product itself and how it will be distributed to other brokers or policyholders. The rules require significant co-ordination and information-sharing both between brokers, MGAs and insurers, as well as between different teams and departments within each firm.

As a broker involved in the ‘Manufacture’ and ‘Distribution’ of a broad range of general insurance and pure protection products aimed at a wide variety of retail clients and policyholder types, Howden’s Retail business seeks a dedicated individual to develop and maintain its Product Governance and Value Assessment Framework which brings together the various strands of applicable regulatory expectations, including pricing, value measures, product development, distribution impact assessments etc.

The individual will be responsible for ensuring the comprehensive awareness of the Product Governance requirements, touchpoints, responsibilities and processes throughout the business to ensure internal and external expectations are met. This includes direction and advice throughout the acquisition and integration of process. They will play a key role in ensuring that the Product Governance Framework, and specifically the regular assessment of Fair Value, is permanently embedded throughout existing and incoming businesses. The individual shall also seek to identify and develop opportunities to improve the effectiveness and efficiency of any of associated processes, with a view to making it easier for the business to navigate and undertake, including automation, electronic reporting and effective use of available management information.

They will also work with the senior representatives within Business Units in Howden’s various legal and operating entities to facilitate the timely completion of both internal and external information requests. They will also chair and arrange regular meetings of Retail’s Product Oversight Group (POG), including the submission to the POG of Product Approvals and Distribution Attestation Approvals, along with management information for review. The individual will also be responsible for developing management information packs and reporting that will be shared with other Governance Committees to provide assurance ultimately to the Regulated Board that the firm is meeting Product Governance and Value Measures expectations.

Key skills and attributes

The individual shall demonstrate the following skills and attributes which are essential to success in this role:

Excellent organisational and stakeholder-management abilities, and in particular the confidence to engage with and persuade individuals at all levels of a large insurance broker.

A working knowledge of the IDD Product Governance and Value Assessment requirements, FCA’s PROD and ICOBS handbooks, associated regulatory expectations. 

A working knowledge of the business of a large insurance broker, including its general insurance and pure protection distribution activities, approaches to market, delegated authorities, remuneration structures, distribution chains, and classes of insurance business.

A determined attitude, along with a high level of attention to detail, to ensure the completion of information requests in a timely and accurate manner.

An ability and eagerness to identify process solutions to optimise and increase the efficiency of any Product Governance and Value Assessment requirements.

Key responsibilities

The individual will be responsible for owning and managing the following activities:

Promoting Howden’s Product Governance and Value Assessment Framework, and in particular the importance of following Howden’s processes and procedures to ensure that policyholders are receiving fair value from their insurance Products.

Operating as the first point of contact for the business in respect of any Product Governance-related queries.

Identifying areas of the business, which are likely to be more impacted by the rules, and ensuring that Howden’s Framework is fully understood and embedded in those areas.

Chairing and ensuring the effective running of the Retail Product Oversight Group.

Maintaining oversight to ensure that processes required under the Framework are operating effectively, including:

Managing the submission of all entries on Retail’s product Co-Manufacturing Log for review and Approval by the POG

Managing the submission of all entries on Retail’s Distribution Attestation Log for review and Approval by the POG.

Obtaining all necessary information and data required for the above Approvals, either internally from Retail Pillar Stakeholders or externally from other brokers, MGAs or insurers.

Ensuring that any other information requests from other brokers, MGAs or insurers (involving data reasonably required by other firms to meet their own regulatory obligations) are completed promptly and accurately.

Customer Outcome Focus: ensure that insurance products are designed with the best interests of customers in mind. Monitor customer outcomes and address any concerns promptly.

Taking responsibility for Product Governance and Value Assessment reporting and awareness, including annual Board attestations.

Working with the Howden Markets Function to ensure alignment of processes and decision-making, and that this is incorporated into the Product Governance and Value Assessment framework and processes.

Support with cross entity forums and related engagement to consider group consistency.

Stakeholder Communication: Communicate effectively with internal stakeholders such as senior management, product teams, legal, compliance, and external stakeholders such as regulators and auditors.

Our Culture: People First

We’ve travelled far since opening our first office in 1994. Back then we were local experts – based in London, with direct access to the world’s biggest insurance market. We’re still locals, and we still deliver the right advice and the right insurance to our clients. But now, we’re local all over the world. With 15,000 global colleagues and a partner network spanning more than 100 territories, we are the largest independent insurance broker in the world. But our values haven’t changed since day one, when we set out to create a company grounded in:

• An employee-ownership model 
• Aligned external investors
• The trust and integrity born of friendship
• Expertise
• Independence

Our focus on being a people-first business has always been at the very heart of Howden. Our vision was to create an independent business with a unique culture; one that would survive and thrive as a business controlled by the people working for it. Our employee ownership model sets us apart in the market. It’s created a culture of collaboration and innovation, where we’re driven to think bigger and empowered to challenge convention. 

Our flat structure and entrepreneurial spirit help us attract the best people and empower them to be the best version of themselves. And when we bring in and nurture great talent, more follows. That makes us better – and that’s better for everyone. 

Diversity & Inclusion

At Howden we consider our people our chief competitive advantage and as such we treat colleagues, candidates, clients, and business partners with equality, fairness and respect, regardless of their age, disability, race, religion or belief, gender, sexual orientation, marital status or family circumstances.