Product Wordings Specialist

Munich Re; London; On-site; GBP 40,000 - 80,000; Full time

Job summary

An established industry player is seeking an Insurance Product Wordings Specialist to enhance product wordings and ensure compliance with regulatory standards. This role involves collaboration with various teams to review and improve customer communications, aligning with the Product Governance Framework. The ideal candidate will possess excellent communication skills, a strong understanding of the insurance regulatory landscape, and the ability to work independently. Join a supportive environment where your contributions will help shape the future of specialty insurance.

Qualifications

• Understanding of Consumer Duty and its application to the insurance sector.
• Familiarity with policy wording construction and current trends.

Responsibilities

• Collaborate with teams to enhance product wordings and ensure compliance.
• Establish and lead a Wording Review Working Group with stakeholders.
• Design and deliver training on the wording review process.

Skills

Excellent written English communication skills

Critical review skills

Problem-solving capabilities

Ability to work independently

Relationship-building skills

Strong organization and resource management skills

Job description

About us

At Munich Re Specialty – Global Markets (MRS-GM), our ambition is to become the leading Primary Specialty Insurance provider through an effective and adaptable strategy, superior products, and industry leaders working in a supportive environment.

Our success is built on a strong culture that encourages people to be present, bold, and curious, enabling them to achieve their individual goals.

Please see our website for more information.

Insurance Product Wordings Specialist

We are seeking an Insurance Product Wordings Specialist based in London or Manchester, reporting to the Head of Underwriting Oversight.

Company

Munich Re Specialty - Global Markets

Location

London, United Kingdom

Responsibilities:

1. Collaborate with Underwriting Oversight and Conduct Risk to review and enhance product wordings and customer communications, ensuring compliance with Consumer Duty and regulatory standards.
2. Align the review process with the overall Product Governance Framework, incorporating relevant controls and processes.
3. Establish and lead a Wording Review Working Group with stakeholders from Underwriting, Claims, Conduct Risk & Compliance, and Legal to oversee review plans and approvals.
4. Develop a risk-based approach for product wording reviews, proposing annual plans for approval by relevant groups.
5. Conduct reviews as per the approved plan or on an ad hoc basis, depending on business needs.
6. Recommend updates and improvements to product wording, leveraging insights from various functions to enhance customer outcomes.
7. Manage review timelines, milestones, and actions, ensuring timely completion.
8. Use the Product Catalogue and other controls to document reviews, rationale, approvals, and versions.
9. Serve as a point of contact for product wording queries, focusing on consumer understanding and adding value.
10. Design and deliver training to staff on the wording review process and customer understanding issues.

Knowledge and Skills

Knowledge

• Understanding of Consumer Duty and its application to Munich Re Syndicate Limited.
• Knowledge of at least one class written by Munich Re Syndicate Limited, with awareness of others.
• Familiarity with policy wording construction, schedule design, and current trends.
• Awareness of the insurance regulatory landscape, including Lloyd’s market specifics.

Skills

• Ability to work independently with minimal supervision.
• Excellent written English communication skills.
• Skill in drafting policy documents clearly and avoiding ambiguity.
• Critical review skills with attention to detail.
• Ability to explain technical concepts clearly.
• Strong organization and resource management skills.
• Problem-solving capabilities.
• Relationship-building skills.

If your experience doesn't perfectly match all requirements, we encourage you to apply. You might be the candidate we're looking for!