Underwriting Product Insight Specialist

4 weeks ago

London, United Kingdom Liberty Specialty Markets Full time

About the Role:

As an individual contributor, the Underwriting Product Insight Specialist will undertake market research to determine the need for new and enhanced products across Marine. Working closely with Underwriting and other business units. The Underwriting Product Insight Specialist will support the development and implementation of those products to market including drafting of policy forms and marketing collateral, acting as a technical conduit between underwriting and wordings.

The Specialist will help underwriters to understand the characteristics of these new products –by acting as a technical resource for underwriters and liaison with other business units, running workshops, training sessions and other stakeholder meetings.

The role requires specialised knowledge of underwriting concepts and practices to include coverage issues, marketing, and competition in the marketplace. Successful candidates will be part of a vibrant team, contributing to the profitable growth of the London Pillar by supporting and executing its business strategies.

About the Department & Team:

The Underwriting Product Insight Specialist reports into the Risk Insight Manager and are responsible for supporting the implementation, execution and monitoring of business strategies related to underwriting performance. Risk Insight is a cross functional discipline, requiring collaboration & communication across several key departments which form an integrated business unit.

Key Responsibilities:

Product Development

Market Research

·Undertake targeted market research to support the enhancement of existing products and the development of new products and test market acceptance of those products

·Produce reports and present research findings/recommendations to underwriters and management for consideration.

Policy Form Development

·Using customer research completed by the Product Insight Specialist, design the scope of wording (e.g., necessary extensions, conditions, exclusions)/proposal form or endorsement to ensure these are robust, customer centric, and align with underwriting methodology and systems.

·Ensure products are updated in line with current legal decisions and requirements to ensure the cover provided is as per underwriter’s intention

·Instruct and manage the overall quality and performance of external consultants and lawyers where necessary;

·Attend and contribute to coverage committees

Product Launch

·Develop and support execution product launch and post-launch marketing strategies, including supporting delivery of new and enhanced products to market participants

·Work with other business functions to produce marketing collateral such as product profiles, technical specifications, claims examples and case studies

·Provide staff training in respect of the product launched

Technical Support & Training:

·Assisting underwriters with technical queries and with risk analysis including suggesting solutions to underwriting challenges

·Supporting underwriters conduct product comparisons

·Provide training to underwriters to improve their understanding of our products and best practice of drafting in tandem with our Policy Wording’s team.

·Attend internal and external meetings to support/represent Underwriters as required

·Ensure all wordings versions are actively maintained within the Policy Wording team’s repository

·Adherence to all relevant regulatory requirements forms part of your role, and the demonstration of behaviours as set out in the Conduct Risk Policy, as they relate to your role, is core to LSM's commitment to our Liberty Values, placing customers at the centre of our business and behaving with integrity.LSM expects you to understand your responsibilities relating to all regulatory and internal requirements, and to proactively demonstrate compliance with these requirements and behaviours at all times. These requirements include the Senior Managers and Certification Regime Conduct Rules, Solvency II, fair treatment of customers, Financial Crime, Data Protection, Conflicts of Interest, and Whistleblowing

Skills and Experience:

·Advanced verbal and written communications skills

·Advanced presentation skills

·Good negotiation skills; ability to work in a collaborative environment. Capability to listen, react and bring together a divergent group of voices when needed

·Advanced problem solving and decision-making skills

·Proficient project management skills

·First-rate time management and prioritisation skills

·Business, financial and market acumen and understanding

·Ability to apply the law to risk underwriting

·Experience in drafting wordings

·Detailed investigative and research skills

·Ability to provide on the job guidance and training

·Insurance industry experience including Financial and Professional lines products: Professional Indemnity, Directors and Officers liability, Financial Institutions and Strategic Assets

·Good knowledge of Microsoft Office applications and database systems for managing contracts

About Liberty Specialty Markets (LSM):

Liberty Specialty Markets is part of Global Risk Solutions and the broader Liberty Mutual Insurance Group, which is a leading global insurer. We offer a breadth of world-class insurance and reinsurance services to brokers and insureds in all major markets.

Our people are key to our success. That is why “Put People First” is one of the five Liberty values which unite us as a global organisation. We bring this to life for our colleagues through:

·Offering a vibrant and inclusive environment and committing to career development.

·Promoting diversity, equity and inclusion (DEI). Our Inclusion Matters framework and employee-led networks strengthen the diversity of our workforce and our inclusive environment.

·Reinforcing that collaborating together to share our unique perspectives helps us make better decisions, deliver innovative solutions and pursue our ambitious goals.

·A supportive culture, which includes promoting a healthy work-life balance and working flexibly.

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