Department:

Underwriting Support Team.

Reports to:

Manager – Underwriting Operations Department 

Supervisory Responsibilities:

No (but dotted line access to and supervision of UST members).

Job Summary:

Binding Authority Specialist supporting delegated underwriting for Syndicates under the management of the company.

Main Duties:

Management of binding authorities and delivery against existing and future Key Performance Indicators.
Management of written procedures which are regularly reviewed and updated.
Ensuring compliance with the Lloyd’s rules and regulations for delegated underwriting throughout the chain of delegation.
Performance monitoring for binding authorities (including measurement of service standards).
Proactive management of delegated underwriting contracts ensuring compliance with contract conditions.
Delivery of monthly Coverholders Management status report to Underwriting Board and Divisional Underwriting Groups.
Liaison with Lloyd’s representatives as necessary.
Liaison with the underwriters and brokers on matters relating to binding authorities and coverholder administration.
Liaison with the company overseas offices on matters relating to the relevant binding authorities.
Ongoing review of and recommendations for change in respect of reporting to the Underwriting Board and Divisional Underwriting Groups on matters relating to binding authorities and coverholder administration.
Monitoring of cover holder in conjunction with the underwriter, including the selection, arrangement and follow up of audits by suitably qualified professionals.
Preparation of due diligence on a prospective cover holder.
Attendance at Binder Group meetings (consisting of representatives from Underwriting and Underwriting Support Team).
Participation at monthly Divisional Underwriting Group meetings.
Attainment of optimum scores in respect of Principle 3 - Lloyd’s Underwriting Principles and Minimum Standards.
Enhancement of current systems and administrative processes in the management of binding authorities.

Key Competencies:

Understands exposure a risk provides, amount of exposure assumed and working within authority levels.
Effective negotiation with all stakeholders in the underwriting process and able to negotiate effective underwriting considerations.
Able to provide advice to customers and brokers.
Is aware of and up to date with changes within the marketplace and any forthcoming product developments.
Familiarity with the organisation's values and philosophy and manages others in accordance with the strategy.
Commercial awareness of developments within the specific area.
Ability to use all relevant Microsoft applications (PowerPoint, Excel, Word, Outlook) and internal systems.
Knowledge of the structure and workings of the FSA and Lloyd’s.
Able to motivate others in order to achieve company objectives.
Utilises other skills to support team in managing the binding authority process and delivering effective customer service.
Leads by example and communicates effectively with all team members.
Empowers team to perform at highest level through direction, delegation and effective management.
Demonstrates a willingness to deliver and takes responsibility for own actions.

Technical Skills:

Essential

Detailed knowledge of the Lloyd’s rules and regulations for delegated underwriting.
Detailed appreciation of all relevant insurance, fiscal and taxation laws applicable to the jurisdiction in which the cover holder is domicile, trades or provides services under a binding authority.

Relevant Experience:

Essential:

Knowledge of the Lloyd’s Market.

Desirable:

Three or more years working in an equivalent position.

Personal Skills:

Well presented and business-like.
Professional outlook.
Flexible at all times.
Very good interpersonal skills.
Excellent organisational skills.
Excellent communication skills with the ability to liaise at all levels.
Work as part of a team.
Adapt to a pressured environment.
Self motivated.
Capable of working to a timetable when required.

Days of work: Monday to Friday inclusive.
9Hours of work: 9.30 am to 5.30 pm.