Delegated Authority Technician

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Delegated Authority Technician

  • Location:

    United Kingdom

  • Contact:

    Piere Forbes

  • Contact email:

    piere.forbes@equitycity.co.uk

  • Contact phone:

  • Job ref:

    408

  • Published:

    20 days ago

  • Expiry date:

    2024-06-29

Job Role: Delegated Authority Technician
Location: London
Salary: £50k

Purpose of role

To work as a delegated underwriting technician to assist in ensuring that Newline’s Coverholders, Service Companies, Lineslips and Consortia are managed in line with internal procedures, regulatory requirements, Lloyd’s minimum standards and best practice.

This role is aligned with Underwriting and requires end to end management of a portfolio of delegated authorities with a key focus on bordereaux oversight. This will include a full range of responsibilities from onboarding, mid-term monitoring to renewal and/or termination under the guidance of the Head of Delegated Underwriting Authority.

As a member of the Delegated Authority team, your key focus is to adhere to and administer best delegated underwriting management practices, participating in internal projects and market initiatives where required to achieve this aim. In addition, it is essential to provide strong stakeholder engagement for delegated
underwriting across the Business and with Coverholders, brokers and Lloyd’s.

Main areas of responsibility

The role will include but not limited to:
Bordereaux
  • Handling the processing of bordereaux (written and paid) onto internal systems (VIPR) and Lloyd’s systems (DDM) where applicable.
  • Help to maintain internal logs related to receipt of bordereaux and its status of upload.
  • Help to maintain the shared inbox for bordereaux receipt.
  • Monitor the quality of bordereaux data and resolving data issues by liaising with Underwriters / Coverholders & Brokers
  • Meet with Vipr represnetatives and attend user townhalls when required.
Coverholders
  • Facilitating approval of new Coverholders and Binding Authority Agreements (including direct deals) in line with Newline procedures, regulatory requirements and best practice
  • Handling Coverholder applications under the guidance of the Head of Delegated Underwriting Authority including liaising with Lloyd's on new applications and approvals for existing coverholders under the guidance of the Head of Delegated Underwriting Authority
  • Processing and managing approval of renewals including preparation of renewal data, annual due diligence, internal sign off documents, drafting agreements, pre bind quality assurance and registrations
  • Undertaking Conduct Risk review on new and renewal Coverholders and referring to the Product Oversight Committee where required
  • Resolution of audit recommendations relevant to the agreed portfolio of coverholders
  • Drafting of documentation for direct deal facilities, where required
Lineslips and Consortia
  • Reviewing and managing sign off of lineslips and consortiums (including direct deal) in line with Newline procedures, regulatory requirements and best practice
Reporting and Systems
  • Ensuring accurate risk entry and rating in the underwriting system, processing endorsements and updating EFS where required for facilities managed
  • Ensuring account information is accurate and processed in Lloyd’s delegated authority systems (DCOM, DDM and Atlas)
  • Monitoring of premium income and commissions against booked estimates monthly
  • Reporting where required to the Delegated Authority Management Group (DAMG)
  • Following up and resolving credit control queries, including assisting Finance in the reconciliation of settle direct facility premium
  • Delivery of reports to internal stakeholders where required and under the supervision of the Head of Delegated Underwriting Authority including Underwriting, Actuarial, Finance and Claims
Projects and Committees
  • Attendance at the quarterly Delegated Authority Management Group (DAMG)
  • Participation on internal projects and meetings where required to provide delegated underwriting expertise (for instance Product Oversight Group)
  • Where requested by the Head of Delegated Underwriting Authority, attendance at Lloyd’s market forums, pilots and projects.
Core competencies
  • Good communication and interpersonal skills
  • Excellent organisational and time management skills, ability to prioritise sensibly and deliver
  • Comfortable accurately working with data and detail within consistent and repeatable processes and ability to interpret data including to identify trends and anomalies.
  • Willingness to learn and develop
  • Adaptable to market and regulatory change
  • Self-motivated with the ability to work independently
  • Works well within a team and effectively engages with stakeholders across the business
  • Abides by the Fairfax Guiding Principles
Technical & Experience
  • Experience within a delegated authority team within the London Insurance Market
  • Understanding of insurance industry practices and current regulatory requirements including Lloyd’s and FCA requirements for coverholder management.
  • Experience with Lloyd’s delegated authority systems (DCOM/DAM/Atlas)
  • Proficient using bordereaux management systems
  • Proficient with Excel, Word, Outlook
  • CII qualification is preferred