Insurance Operations Manager

Lord Search & Selection; London; On-site; GBP 50,000 - 70,000; Full time

Job summary

A prominent insurance management company is seeking an experienced Operations Manager to oversee and improve operational processes, technology solutions, and governance within their insurance activities. The ideal candidate will possess a degree in a relevant field and extensive experience in insurance operations management. This role involves liaising with external vendors, managing internal and outsourced teams, and ensuring compliance with regulatory standards, providing opportunities for continuous improvement and strategic resource planning.

Benefits

Competitive Salary

Benefits Package

Qualifications

• Experience in managing insurance operations and data capture.
• Professionally qualified in insurance or risk management.
• Strong understanding of regulatory requirements.

Responsibilities

• Oversee operational processes and governance of insurance activities.
• Manage vendors servicing the insurance platform.
• Support strategic business planning for MDU Insurance Solutions.

Skills

Insurance Operations Management

Data Management

Financial Planning

Regulatory Compliance

Education

Degree in a numerical or analytical subject

Professional qualification in insurance or risk management

Job description

Location: London, hybrid
Salary: Competitive + Benefits
Role type: Permanent
Hours: 35 hours

Purpose of role

Reporting to the Head of Insurance Development, to provide operational management and governance of the MDU s insurance activities, including design, implementation, and oversight of day to day running of operational processes, procedures, technology, controls, data management, MI/Analytics reporting and vendor management.

This includes the management of internal staff and external outsource service providers, as required.

A key element of the role will be the continuous improvement and development of the existing insurance operational processing activities, including defining, mapping and documenting processes and controls, implementing systems, and developing reporting, as well as liaising with external vendors to support the set up and/or future development of improved ways of working.

Main accountabilities

Reporting to the Head of Insurance Development:

• Support strategic business planning and operational planning for MDU Insurance Solutions.
• Lead the onboarding of corporate insurance members to Part A services. Ensure effective liaison with Risk Advisory Partners. Develop strategies to maximise the benefits to both corporate insured members and to the MDU of Part A services.
• Oversight of the MDU Insurance Solutions risk universe, risk register and controls framework, including ownership of risks and controls as appropriate.
• Effective planning for sustainable mid- and long-term strategic resource and service resilience, including the ongoing development of activity-based resourcing models.
• Oversee and manage vendors servicing the insurance platform.
• Lead in respect of the ongoing development of existing and new technology solutions, liaising effectively across the insurance and other teams, to ensure continued effective technology support that is scalable, efficient and auditable.
• Support the financial planning and budgeting processes for Insurance.

Oversight of day-to-day running of the operational processing of insurance business including:

• Delivery of Management Information and supporting analytics including assurance on data capture and data quality.
• The effective processing of New Business and Renewals, including issuance of relevant documentation evidencing contract certainty.
• The effectiveness of Credit Control/Aged Debt reporting, in-house escalations and communication to broker partners as required.
• Responsibility for the issuance of documents evidencing insurance bound per the terms of the Binding Authority Agreement
• Operation of a proportionate and effective controls framework, regulatory compliance and support for audit activities.
• Binding authorities and coverholder oversight
• The generation and submission of accurate bordereaux as required by partner insurers, Lloyd s and regulators.

Continue to develop and improve existing systems, processes, protocols and procedures relating to or required by/resulting from the MDU s insurance activities, including:

• Mapping insurance processes and data flows (end to end, incl. hand-offs between teams)
• Ensuring the effective reporting of management information and supporting analytics to management, Lloyd s capacity and other parties as required.
• Oversight of the development of technology solutions whether directly or indirectly utilised by MDU Insurance Solutions.
• Identifying and mapping the operational control framework, including key control points and associated monitoring reporting
• Developing and maintaining an Insurance Operations Manual

Working closely with other partners across the business, including:

• Risk Assurance and Claims to ensure the full end to end insurance service offering is robust and fit for purpose
• Finance Managers to establish and monitor key financial controls, including budgets, forecasts, reporting, payments due and paid, credit control, client money management, and associated reconciliations
• IT and other departments to plan for and implement new processes and technology
• External outsource / service providers (if required), managing suppliers in line the MDU guidelines
• Providing education / coaching / support to other staff across the MDU on the design and operation of insurance operational processing
• Ensure that all systems, processes, protocols and procedures relating to or required by/resulting from the MDU s new insurance activities are regularly reviewed and comply with all legal and regulatory requirements and meet agreed operational standards.

Qualifications, knowledge, skills and experience

• Ideally professionally qualified in insurance, risk management or broking, supported by a degree in a numerical, analytical, business or other relevant subject-matter.
• Extensive experience of the set up & management of insurance operations
• Extensive experience of managing insurance data capture, MI/analytics, quality assurance, control and reporting operations
• Ideally, experience of MGA operations, broking operations, and external outsourcers/ service providers
• A strong understanding of the regulatory requirements for the control and oversight of insurance operations
• Experience of Lloyd s requirements, including set up, reporting & messaging

You may also have experience in the following: Insurance Operations Manager, Head of Insurance Operations, Insurance Operations Lead, Insurance Process Manager, Insurance Administration Manager, Underwriting Operations Manager, MGA Operations Manager, Insurance Governance Manager, Insurance operations, Operational management, Regulatory compliance (insurance) ACII / CII qualified

REF- (Apply online only)