Skill Band: Performance Mgmt Location: United Kingdom - London
Type: Permanent Date Posted: 28 Jan 2019 Market Wordings Manager Permanent One Lime Street, London About Us All leadership roles within Lloyd's will contribute overtly to: Lloyd's becoming a brand that is globally admired and recognised and respected for its reputation as the world's specialist centre for (re)insurance. Lloyd's will be known around the world for its integrity and will be a place where talented, diverse and socially responsible employees feel proud to work. This role will practice and promote the principles of inclusiveness and respect the value of diversity. The role of the Corporation of Lloyd's (Lloyd's) is to oversee the market, promote the market and provide services to the market. The Market Wordings Manager role is situated within Performance Management, and the primary responsibility is market oversight. The Role The role of the Market Wordings Manager is to raise the standards of wordings capabilities within the Lloyd's market. The role holder will work with a range of experts across the corporation, the market and the LMA. This is a subject matter leadership role, requiring a technical individual with a real passion for their subject and ability to influence and get things done. What Will You Do?
Accountable for the accuracy and relevance of the Lloyd's contract checking rule sets (QA, open market and delegated authority), which are utilised by managing agents, brokers and coverholders across the world. These rule sets assist the market to meet contract certainty, tax and regulatory requirements, and also provide underwriters with wordings advice on various class specific issues.
Lead a review of Lloyd's existing set of 1400 open market rules with the aim of removing redundant rules, and enhancing the rule set to include a clear description of how each rule could be applied by underwriters when reviewing insurance or reinsurance contracts. This will involve engaging with subject matter experts in tax, regulatory affairs, class of business, Xchanging, Legal, the LMA and the market.
Chair the Lloyd's Wordings Repository steering group, which is attended by market wordings specialists, brokers and the LMA. The purpose of the group is to promote the LWR as the clause library of choice for the Lloyd's and London market. Work with the software supplier, LMA and the data innovation team to oversee the transition of the existing system to a new platform, and legal and procurement to negotiate and agree new contract terms.
Champion talent initiatives to raise the profile of wordings specialist roles in the market. This will involve sponsoring a wordings graduate.
Provide input to the development of wordings requirements in the Lloyd's minimum underwriting standards, and provide guidance to review teams where they perceive managing agent or thematic class controls to be weak. Participate in underwriting standards reviews where required.
Provide subject matter expertise to the Lloyd's Contract Quality Triage tool project team to deliver the software to the market in line with agreed launch dates. Work with TOM teams to identify opportunities to integrate the new CQT software with TOM services.
Manage relationships with the suppliers of the market's software for contract checking e.g. Exari's Wordsensa product, ImageFast as the supplier of the Contract Quality Triage (CQT) tool to ensure they deliver against agreed terms and provide valuable products to the market. This involves negotiating favourable pricing and contract terms with support from our legal and procurement teams.
Manage a transfer of the Lloyds 'free to air' basic contract checking tool from Lloyd's website QA tool to the new CQT. This will involve contract development, negotiation and supplier management.
What You'll Need The ability to:
Conduct a technical review of wordings, providing advice and guidance to assist with meeting regulatory requirements
Think logically, to enable the translation of contract checking rules into business logic that can be applied by software systems.
Work comfortably with contract checking software
Build and maintain professional and productive relationships internally and externally with key decision-makers,
Gather insights from Managing Agents that help to drive the Corporation's understanding of and response to issues and opportunities.
Provide pragmatic, risk-based solutions, taking the needs of a variety of stakeholders into account
Influence and negotiate using an appropriate style for the situation, collaborate effectively and build consensus
A working understanding of:
Lloyd's market wordings practices, the Market Reform Contract and current market challenges
International regulatory wordings considerations
Regulatory requirements relating to conduct
Effective wordings controls
Current market underwriting conditions and how particular changes in conditions impact different insurance/reinsurance business.
Essential experience required:
Significant and relevant Lloyd's insurance market technical wordings experience required.
Experience of using technology to support the checking of wordings.
Experience of successful leadership and delivery of cross departmental or multi-stakeholder initiatives
Chairing working groups or committees
Serving on market panels
As the successful candidate, you can expect to be rewarded with a competitive annual salary and benefits. We are committed to flexible working, therefore if you would like to consider this as a part-time opportunity, please email email@example.com At Lloyd's we believe that innovation comes from having an inclusive culture of equality and diversity. We use ClearTalents to discover how we might help you feel welcomed, supported and able to do as well as you can when applying to work for us, including identifying any reasonable adjustments that we may need to make. Should you feel that you require reasonable adjustments during your application process we request that you please follow this link to create a ClearTalents user profile:
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