Senior Underwriting Consultant: Research & Development

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

Job description

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Together, we engage with everything we have and are, to help humankind act braver and better.

About UK Life Branch:

With the office in Munich, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not the, most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So we need a smart strategy and structure in order to succeed.

At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring. All three are key to the success of our business so it's important to look at the big picture.

In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world's largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.

About the Role:

Support the delivery of the UK Underwriting and Claims strategy through the marketing and provision of underwriting services to UK Life and Health clients.

Key Responsibilities:

• Develop and maintain the UK Underwriting philosophy, ensuring alignment with the needs of the UK market when prioritizing and coordinating updates.
• Collaborate with Business Development to provide underwriting expertise for compelling tender responses.
• Serve as the UK subject matter expert for conducting research for MIRA, Munich Re's underwriting manual.
• Act as the technical link between UK Underwriting, Marketing, and Medical Research teams.
• Monitor medical advancements that could impact UK Protection products, underwriting, and claims philosophies.
• Provide informed, expert insights to the Underwriting & Claims Strategy Manager regarding UK innovation opportunities.
• Build a comprehensive understanding of target companies' strategies, plans, and reinsurance requirements in collaboration with Business Development and Actuarial teams.
• Contribute ideas to enhance client relationships and strengthen the underwriting proposition.
• Conduct desktop and other research to track competitor and market developments.
• Support the underwriting operations team in assessing client referrals as needed.

Competencies:

• Drives results (we think big) - you consistently achieve results even under tough circumstances, with the organisation's performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience and judgement.
• Business insight (we think big) - you can apply your knowledge of the business and the market to advance your business' and wider organisation's goals.
• Collaboration (we lead the 'we') - you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.
• Client focus (we grow with our clients) - you build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.
• Cultivates innovation (we grow with our clients) - you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.
• Courage (we care and dare) - you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear.
• Persuades (we are clear and authentic) - you use clear and compelling arguments to gain the support, enthusiasm and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills & Experience:

• Experience working within a reinsurance environment.
• Strong communication and presentation skills, with the ability to engage effectively with diverse stakeholders.
• In-depth knowledge of the UK Life and Living Benefits market.
• Experience contributing to product development or cross-functional projects.
• Ability to manage multiple priorities effectively.
• Strong organizational skills to meet deadlines and manage client expectations.
• Proven ability to produce high-quality written materials.

Thought Leaders:

You are seen as an expert in your field and will be the 'go to' person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others - identifying opportunities to share your knowledge with others.

You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You will treat your colleagues, sales and business partners fairly and with respect.

Regulatory & Conduct Requirements:

• Ensuring compliance with Insurance Distribution Directive
• Satisfying all regulatory reporting requirements in collaboration with the reporting function
• Ensuring compliance with Munich Re's Code of Conduct and the FCA Conduct Rules

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 also one of the few employers to offer fully paid 6 months family leave for times when you need it the most.

About us:

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning.

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders.

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn.

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions.

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged.

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

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.