Delegated Authority Business Manager 1

Munich Re; London; On-site; GBP 50,000 - 90,000; Full time

Job summary

An established industry player seeks a Delegated Authority Business Manager to enhance operational excellence and manage risk within the agency insurance business. This role involves collaborating with internal and external stakeholders to onboard new agents, oversee agency activities, and ensure compliance with regulatory standards. The ideal candidate will possess strong analytical and communication skills, along with a deep understanding of delegated authority management. Join a forward-thinking company that values innovation and offers a comprehensive benefits package, including generous family leave and a supportive work environment.

Benefits

Private Medical Insurance

Employer's Contributory Pension (10%)

25 Days Annual Leave

Fully Paid 6 Months Family Leave

Option to Purchase Additional Leave

Qualifications

• Experience in managing delegated authorities and understanding regulatory frameworks.
• Strong analytical and organizational skills with attention to detail.

Responsibilities

• Onboard and manage relationships with agents, ensuring compliance with guidelines.
• Lead projects and drive innovation in Delegated Authority Management.

Skills

Delegated Authority Management

Regulatory Knowledge

Analytical Skills

Communication Skills

Project Management

Negotiation Skills

Insurance Knowledge

Risk Management

Education

Degree Level Education

Project Management Certification (e.g., PRINCE 2)

Job description

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 substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy, and Australia. Great Lakes Insurance UK Limited (“GLLS”), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.

About the role:

Outsourcing of services is an essential element of Great Lakes’ business model. Great Lakes largely outsources services to Munich Re units and delegates these services to agents to achieve maximum synergy and efficient operations. The DA Business Management function is responsible for promoting and strengthening Great Lakes’ reputation as a skilled partner; to develop PIRI business and enhance its service quality and operational excellence; to manage the development, facilitation, and business relationships of Great Lakes agency insurance business with both the serviced agents and Munich Re business owners. The Delegated Authority Business function is a key component of our Delegated Authority model, the purpose of which is to act as the first line of defense for the business. The DA Business Manager is responsible for assessing and managing risk through overseeing, steering, and monitoring our delegated authority business. This is primarily achieved through forging strong relationships with Great Lakes’ outsourcing partners and internal stakeholders at all levels of the organisation to ensure that our outsourcing partners (such as Managing General Agents and Cover holders) are operating in conjunction with Great Lakes’ internal guidelines, regulatory requirements, and the binding authority contract.

The role will report into the Head of DA Business Management UK.

Key Responsibilities:

1. Onboarding:
   1. Collaborate with Munich Re Business Units to develop and implement tailored market- or client-specific strategies for assigned agencies and/or jurisdictions.
   2. Facilitate decision-making processes for onboarding new agents, coordinating approval boards and committees in partnership with the Head of Agency Business UK and ensuring alignment with internal guidelines.
   3. Provide expert insights to support senior leadership in achieving GLLS strategic objectives.
   4. Lead the business development process for onboarding new agents, working closely with subject-matter experts and professional advisors to maintain consistency and compliance with internal standards.
   5. Contribute to the successful delivery of Great Lakes’ Delegated Authority (DA) strategy objectives.
   6. Oversee the due diligence and quality assurance processes, ensuring they meet internal standards, regulatory requirements, and high-quality benchmarks.
   7. Promote best practices to enhance oversight excellence across the lifecycle of delegated authority business.
   8. Champion a client-focused approach, driving the delivery of value propositions and effectively negotiating with internal and external stakeholders to achieve positive outcomes.
2. Oversight:
   1. Manage and oversee agency activities to strengthen Great Lakes’ governance and control of Delegated Authority (DA) relationships.
   2. Monitor agent performance and Key Risk Indicators (KRIs), offering regular feedback, guidance, and reporting concerns to the appropriate boards and committees when needed.
   3. Serve as a trusted advisor to the Great Lakes Senior Leadership Team, leading key initiatives and presenting insights to the Board.
   4. Collaborate with DA Audit Managers to define audit scopes, contribute to audit preparations, and ensure smooth execution.
   5. Ensure timely resolution of audit findings by partnering with outsourcing providers and internal subject matter experts, reviewing supporting evidence and recommendations.
3. Knowledge Sharing:
   1. Maintain proactive communication with other Great Lakes departments, outsourcing partners, and Munich Re Business Units to stay informed about all aspects of agents’ activities, including run-off operations.
   2. Foster open, service-focused dialogue with key stakeholders across the Munich Re Group.
   3. Share in-depth knowledge of regulatory frameworks and environments to enhance operational practices, ensuring alignment with strategic objectives and compliance standards.
4. Projects:
   1. Independently lead and manage projects, overseeing all phases from initiation to completion.
   2. Drive innovation and promote continuous improvement within the DA Business Management function through proactive strategies and effective implementation.

Key Skills & Experience:

1. Proven experience managing delegated authorities, with in-depth knowledge of regulatory requirements, risk-based oversight, audit, and underwriting processes.
2. Familiarity with regulatory frameworks (e.g., FCA, Solvency II) related to delegated authorities.
3. Exceptional analytical, conceptual, and organizational skills, with a strong attention to detail and a solution-oriented mindset.
4. Strong communication skills, both written and verbal, with the ability to manage relationships and collaborate effectively with senior executives, managers, and peers across internal and external stakeholders.
5. Solid understanding of Binding Authority agreements and local regulations.
6. Proven ability to manage multiple tasks and meet strict deadlines.
7. Excellent project management skills, with expertise in managing the end-to-end delegated authority lifecycle, and the ability to lead and collaborate on multifunctional projects.
8. Extensive experience and understanding of primary insurance, ideally with a background in distribution, business development, and outsourcing governance, as well as knowledge of reinsurance and the full value chain.
9. Commercially focused, with strong market awareness and business acumen.
10. Confident and engaging communicator with exceptional negotiation skills.

Qualifications and Educational Requirements:

1. Educated to degree level or holding an equivalent qualification.
2. Project management certification (e.g., PRINCE 2) is preferred.

Benefits:
You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%.
We are one of the few employers to offer fully paid 6 months family leave for times when you need it the most.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.