Associate Wordings & DA Product Manager

ENGINEERINGUK; London; On-site; GBP 40,000 - 70,000; Full time

Job summary

A leading company in the insurance sector is seeking a team member to ensure product compliance with regulatory standards. This role involves collaboration across teams to refine insurance products and manage policy wording development. Candidates should have a university degree or insurance qualifications, along with experience in primary insurance regulations. The position offers an opportunity to work in a diverse and inclusive environment.

Qualifications

• Experience with primary insurance wordings and regulations.
• Knowledge of frameworks like EIOPA and FCA PROD rules.

Responsibilities

• Ensure wordings comply with legal, regulatory, and internal guidelines.
• Coordinate with external law firms for product wording.
• Manage marketing and financial promotions processes.

Skills

Nimble learning

Collaboration

Process optimization

Resourcefulness

Effective communication

Education

University degree or insurance qualifications

Job description

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Together, we engage with everything we have and are, to help humankind act braver and better.

About Great Lakes Insurance SE:

As a specialty provider of primary insurance services in the UK, Great Lakes London Branch ("GLLB") is a significant part of Great Lakes Insurance SE in Munich. Our business model focuses on opportunities related to reinsurance and innovation, as part of the Munich Re Group. Great Lakes Insurance SE operates from Munich and through branch offices in the UK, Ireland, Switzerland, Italy, and Australia.

Great Lakes Insurance UK Limited ("GLLS"), regulated by the PRA and FCA, is a fully owned subsidiary of GLIC and facilitates agency insurance business in the UK post-Brexit.

The Role

We seek a team member to ensure new and existing products comply with the POG framework for approval by the Global Product and Underwriting Committee. The role involves collaboration across teams to meet internal and regulatory standards, reviewing product wordings, managing policy wording development, and working closely with stakeholders to develop and refine insurance products, especially in MGA Business. The candidate will also report on product reviews and maintain oversight processes.

Key Responsibilities:

1. Ensure wordings comply with legal, regulatory, and internal guidelines in the UK and Europe.
2. Coordinate with external law firms for product wording in countries with limited internal language capabilities.
3. Support annual reviews of European products, including feedback and monitoring outcomes.
4. Manage marketing and financial promotions processes, developing procedures for European agents.
5. Collaborate on regulatory oversight and analyze regulatory developments affecting products.
6. Manage the centralised repository of wordings and explore future options for a wordings library.
7. Work with the Product Team and Legal department to ensure effective collaboration and compliance.

Competencies:

Nimble learning, collaboration, process optimization, resourcefulness, and effective communication.

Key Skills & Experience:

Essential: University degree or insurance qualifications, experience with primary insurance wordings and regulations, knowledge of frameworks like EIOPA and FCA PROD rules.

Desirable: Understanding of European regulatory regimes, pricing practices for personal and commercial lines, fluency in German or other European languages.

Personal Attributes:

Strong legal and organizational skills, excellent interpersonal and communication skills, a proactive, solutions-oriented attitude.

Thought Leadership & Inclusion:

Promote inclusive behavior, treat colleagues and partners with respect, and foster a diverse and equitable workplace.

Regulatory & Conduct Requirements:

• Ensure compliance with the Insurance Distribution Directive.
• Meet regulatory reporting obligations.
• Adhere to Munich Re's Code of Conduct and FCA Conduct Rules.

We value diversity and are committed to an inclusive environment. Candidates are encouraged to apply even if their experience does not match all requirements. Reasonable adjustments are available upon request during the recruitment process.

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