Coverholder Oversight Manager – Technical Department

Job Vacancy
Nov. 2022

Introduction

Bell & Clements is a specialist insurance company offering expertise in underwriting, broking and capacity management provisions for Excess and Surplus (E&S) lines insurance solutions. The unique combination of broking and underwriting divisions provides the ability to quote and bind risks through inhouse binding authorities, while providing customers with access to Lloyd’s, US and international markets. Bell & Clements has been part of the Munich Re Group since 2007 and is a registered Lloyd’s broker. There are over 150 staff based across the London headquarters and two U.S offices in Virginia and New Jersey with close collaboration throughout.

Bell & Clements offers industry leading technology solutions that benefit both customers and inhouse processes. Being part of the Munich Re Group enables an inclusive culture that is progressive and ambitious with an established employee benefits program.

Why join us?

We are a responsible employer, a value-adding partner, and an innovative name in the insurance market. Building on a proven industry background over 35 years, we have developed and grown a unique and market-leading brand. As a wholly owned subsidiary of Munich Re, we have access to the expertise, products and risk appetite of one of the largest and most successful insurance groups in the world. Our business is continuing to grow, and a key commitment is to not only expand our team through recruiting new roles but also through development opportunities to ensure we are always supporting our talented experts in their career journey. Our talent pool makes us who we are, and our inclusive culture means we are looking to continue to build our team with broad expertise, diverse backgrounds, and ambitious employees.  Being part of Bell & Clements provides access to multiple health and wellbeing benefits, work and life balance initiatives (including hybrid working),financial wellbeing packages as well as training, development and career opportunities.

The Role:  Coverholder Oversight Manager

Overview

The purpose of this position is to build the Coverholder Oversight team and when formed to oversee and manage the running of the team. To provide support and guidance to the various business units within B&C around delegated authority matters and to assist in managing Bell & Clements’ (“B&C”) relationships with its Coverholders. To ensure compliance with B&C’s obligations as set out in its own Delegated Underwriting Authority Agreements and when sub-delegating to ensure successful ongoing relationships with the principle insurer(s).

Responsibilities

  • To further develop and manage B&C’s delegated authority framework to ensure compliance with various regulations e.g. the FCA, Lloyd’s of London, local regulators in the USA etc.
  • To continually review existing processes concerning delegated authorities within B&C with a view to ensure that they are compliant and as efficient as possible.
  • To prepare and deliver regular reports to various B&C boards and/or committees to include reporting delays, audit reports and findings etc.
  • To act as the point person in communicating changes in the regulatory environment impacting B&C’s sub-delegated Coverholders.
  • Management of initial collection and collation of due diligence information for prospective new Coverholders.
  • In the case of prospective Coverholders that B&C sub-delegate to review due diligence information obtained, identify shortfalls in information provided and liaise with the prospective Coverholder for full and satisfactory information to support the approval process.
  • To manage the completion of Lloyd’s Atlas applications.
  • To act as point of contact for maintaining the Lloyd’s Atlas Coverholder management platform for all B&C’s Lloyd’s Coverholders including, where required, their annual attestations.
  • Liaise with Coverholders to obtain and maintain the necessary compliance information to ensure B&C remains compliant with its own obligations under its delegated authority agreements with insurers and various regulatory bodies.
  • Primary point of contact with insurers for queries in relation to new and current Coverholders.
  • Management and oversight of existing Coverholders to ensure they remain compliant with insurer requirements for approval.
  • To assist Risk Management and Compliance Support team with audits of B&C.
  • To manage the process with external auditors appointed to audit B&C’s sub-delegated Coverholders and TPAs.
  • To manage the process with external auditors for those binding authorities that B&C place for Coverholders (third party Coverholders) with Lloyd’s and other insurers.
  • Where required to undertake audits of Coverholders where B&C sub-delegate authority to Coverholders.
  • To agree with the Underwriting department and other stakeholders the annual audit plan for Compliance, Claims, Underwriting and TPA audits and to then monitor compliance against the plan.
  • To oversee recommendations identified in Coverholder audits and escalate to respective boards or committees where recommendation deadlines are missed.
  • Attend market conferences as required to include Lloyd's, LIIBA, etc.
  • To act as the Lead Data Owner for the Coverholder Authority Oversight team.
  • To embrace and actively implement the core principles of Continuous Conversations (Commitments, Feedback and Development) as part of daily activities and with other colleagues.
  • Take ownership of and make personal and professional development a priority as part of Continuous Conversations.
  • In line with Continuous Conversations, establish and achieve development aspirations and needs through the setting of commitments and giving and receiving frequent, constructive feedback (referring to resources provided for support).
  • To abide by the policies and procedures of Bell & Clements Ltd.

Key Skills and Experience

  • Experience of managing a team of people is required
  • Experience with US surplus lines business is required
  • Experience of London market is required
  • Experience managing and overseeing delegated authority agreements is required
  • Excellent organisational and communication skills

Benefits

  • This position is offered on a permanent basis
  • Annual salary will be dependent on the skills and experience of the successful candidate.
  • Annual leave - 25 days per year (not including bank holidays), increases with length of service
  • Health & Wellbeing – our offering includes private medical insurance for employees, their partners and their families, a Digital GP service and an allowance of up to £550 per year for any activities and/or equipment which supports health and wellbeing.
  • Hybrid and remote working – to support your work balance we have introduced hybrid working. You will be provided with designated office desk space , with support to work from home up to a maximum of three days per week
  • Flexible working hours – the opportunity to flex your working hours.
  • Professional Qualification Support – (discretionary) financial support covering the cost of professional qualifications, including institute membership, exams, study materials and completion bonuses.
  • Team fun – warm and social culture with regular get togethers

Equal Opportunities

Bell and Clements is an equal opportunities employer and positively encourages applications from suitably qualified and eligible candidates regardless of sex, race, disability, age, sexual orientation, transgender status, religion or belief, marital status, or parental status.

Category: Job Vacancy
Tags: London