Underwriting Manager – Northern Region, UK Middle Markets recruitment
Core Responsibilities
1. Financial and Underwriting Performance
• Be accountable to develop and deliver strategic plan and budget for Lloyds Middle Markets in conjunction with team members and management team
• Deliver financial performance against the strategic plan and budget for Lloyds Middle Markets business line
• Build cross – geographical relationships to ensure consistent and strong underwriting practices including the establishment and governance of underwriting rules and guidelines and appropriate pricing tools to measure profitability of Middle Markets products and reinsurance purchases.
• Understand the strategy and targets of both XL Insurance and the business unit specifically, including financial measures and how they are measured and impacted. Understand individual targets and goals that are set in support of the business plans
• Receive and analyse submissions by reference to business strategy and risk appetite
• Determine whether the risk aligns with XL and the business unit’s risk appetite
• Assess risk by reference to loss history, the Risk Quality Rating, and input from Claims and Risk Engineering as appropriate
• Define terms and conditions, and price the risk by reference to pricing tools, pricing history if applicable, reinsurance requirements, and other costs of acquisition to ensure profitable business, seeking input from the Actuarial team, Industry Experts and CAT Management colleagues where needed
• Negotiate with brokers to win targeted business at the right price, while declining business that is not in line with strategy, eg on pricing
• Operate at all times within defined authority level and in line with the Company’s underwriting policies, rules and guidelines, and referral requirements
2. Management of Broker and Client Network
In partnership with the CRMs where appropriate:
• Build and maintain a proactively managed network of brokers and clients that is aligned with and adequate to support the business plan
• Develop expert knowledge of the relevant markets, including understanding competitors and their strategies and operations, as well as trends in distribution in order to enhance our ability to compete.
• Develop account and marketing plans with designated accounts and/or targeted brokers.
• Organise and conduct broker and client meetings to develop effective relationships, to understand their needs and identify emerging risks, and ultimately to match them with XL’s expertise and risk appetite. Engage in joint business planning with key brokers and clients where appropriate.
• Be a visible presence in the market generally, for example through attendance at market events, to promote the capabilities of the business and the wider XL enterprise, and proactively seek business opportunities
3. Product Innovation and Process Efficiency
• In conjunction with Regional Manager develop marketing, sales and distribution strategies for Upper Middle Markets business while further refining XL’s competitive differentiators to include client service, brand reputation and international network.
• Actively identify opportunities for cross-selling XL’s products, and take personal responsibility for maintaining sufficient awareness of capabilities across the organisation to make this possible.
• Identify and pursue opportunities for the Company to differentiate itself from competitors by considering the most complex risks, especially in relation to new products and emerging or dislocated markets. Actively scan the external environment (eg legislation, technology, events) to identify opportunities
• Where opportunities are identified, work with product management and underwriting management to assess potential and prioritisation, then where appropriate develop innovative, tailor-made solutions, and new product development growth plans
• Deliver service excellence through effective collaboration with support and processing colleagues at XL India, CPO and Claims departments as appropriate including contribution to the recording and maintenance of high quality data in underwriting systems
• Pro-actively seek to identify opportunities to drive efficiency through the underwriting process, including close collaboration with CPO
4. Leadership People Management
• Bring an enterprise-wise mindset to activities, by considering the implications across the organisation, and by actively breaking-down silos.
• Support the process of change and continuous improvement across the business unit, by contributing positively to debate and embracing new requirements, eg changes in structure, roles, or operating protocols
• Contribute to the development of skills and knowledge that will support the achievement of business objectives
• Ensure that best practice is shared and disseminated as appropriate, and that critical knowledge is pooled and made readily accessible across the business.
• Lead by example in driving a high performance culture and inspire and expect excellence from reports by demonstrating intolerance for mediocrity
• Take accountability for managing own expenses within the budgets defined
Skills and Attributes
• A strong personal drive for excellence and a track record of exceeding expectations
• Astute commercial awareness. Understands business planning and financials, how they’re measured and how they’re impacted
• A natural business developer who enjoys being out in the market, with highly developed influencing and negotiation skills and a keen appetite for closing the deal. Thrives in a competitive environment
• Eagerness to take personal accountability for goals and responsibilities.
• A flair for innovation and creativity. Natural inclination constantly to seek new opportunities and improvements
• Ability to adapt quickly and easily to new conditions and requirements, externally in the market or internally within a changing organisation. Comfortable with changing goals and priorities.
• Ability to collaborate across the organisation and actively break down silos
• Takes a constructive approach, contributing positively to robust debate while maintaining the pursuit of common goals
• Knowledge and expertise in gained through around significant experience in an underwriting management role