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Wordings Executive

Wordings Executive

Job Title: Wordings Executive
Contract Type: Permanent
Location: London
Industry:
Salary: Up to £55,000 depending on experience
Reference: 101920
Contact Name: Ali Foroshani
Contact Email: a.foroshani@darwinrhodes.com
Job Published: September 30, 2016 12:14

Job Description

Wordings Executive

Due to expansion my client, a leading Lloyd’s syndicate is looking to recruit a Property Wordings Executive to join their Conduct Risk team.

The successful candidate will be responsible for assisting Underwriters with Commercial and Household Wordings (European Property and International Binders) in line with Lloyds and the FCA requirements and to support the Product Oversight Group (POG) with new and existing wordings to ensure compliance with Lloyds / FCA Conduct Risk requirements.

Main Tasks

  1. To work mainly with the European Property and International Binders Teams helping to design, update and monitor the wordings, along with other documents, which satisfy Lloyd’s/FCA Conduct Risk requirements, namely Product Risk, Customer Risk and Product design.
  2. To produce Commercial wordings (and proposal forms) with reference to the Insurance Act 2015, predominantly in Commercial Property (P.D. & B.I.) and Liability business but also Household, mainly located in the UK, Europe and commonwealth countries.
  3. To support the Product Oversight Group (POG) members with all new and existing wordings to ensure compliance with Lloyds/FCA Conduct Risk requirements.
  4. To work in conjunction with our Coverholders to ensure standards, including following POG decisions.
  5. Use formal reporting mechanisms to promptly notify relevant parties of any perceived new risks or failures of existing control measures.
  6. Maintaining a close working relationship with the team of underwriters supporting their requirements.
  7. Active, daily, interaction with Coverholders and London market brokers.
  8. To research territorial rules and regulations where required so that business written complies with agency policy on underwriting standards and control.

Position Requirements:

  • An expectation that the successful candidate will already have understanding and insight into the range of products written and recent developments and trends in coverage and regulation.
  • An insight into normal market contract terms and conditions, and knowledge of the utilisation of them in the market and their own opinion of their merits.
  • Familiarity with London market contracts, slips, wordings etc.
  • Ability to evaluate new and renewal non-standard policies of all degrees of complexity plus endorsements to advise underwriters
  • Solid knowledge of terms and conditions currently in use in London Market contracts for commercial customers and consumers and be able confidently to articulate advice and reasoning.

 

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