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 Coverholder 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 coverholder 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 coverholder
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 coverholder is domicile, trades or provides services under a binding authority

Relevant Experience:

Essential

Knowledge of the Lloyd’s Market

Desirable

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

Hours Of Work: 9.30 am to 5.30 pm