Delegated Authority Business Manager 1

London, England, United Kingdom

12/20/2024

Company

Munich Re

Location

London , United Kingdom

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

About Great Lakes Insurance SE:

As specialty provider of primary insurance services in the UK, Great Lakes London Branch (“GLLB”) is a substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia. Great Lakes Insurance UK Limited (“GLLS”), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.

About the role:

Outsourcing of services is an essential element of Great Lakes’ business model. Great Lakes largely outsources services to Munich Re units and delegates these services to agents to achieve maximum synergy and efficient operations. The DA Business Management function is responsible for promoting and strengthening Great Lakes’ reputation as a skilled partner; to develop PIRI business and enhance its service quality and operational excellence; to manage the development, facilitation, and business relationships of Great Lakes agency insurance business with both the serviced agents and Munich Re business owners. The Delegated Authority Business function is a key component of our Delegated Authority model the purpose of which is to act as the first line of defense for the business. The DA Business Manager is responsible for assessing and managing risk through overseeing, steering and monitoring our delegated authority business. This is primarily achieved through forging strong relationships with Great Lakes’ outsourcing partners and internal stakeholders at all levels of the organisation to ensure that our outsourcing partners (such as Managing General Agents and Cover holders) are operating in conjunction with Great Lakes’ internal guidelines, regulatory requirements and the binding authority contract.

The role will report into the Head of DA Business Management UK

Key Responsibilities :

Onboarding:

• Collaborate with Munich Re Business Units to develop and implement tailored market- or client-specific strategies for assigned agencies and/or jurisdictions.
• Facilitate decision-making processes for onboarding new agents, coordinating approval boards and committees in partnership with the Head of Agency Business UK and ensuring alignment with internal guidelines.
• Provide expert insights to support senior leadership in achieving GLLS strategic objectives.
• Lead the business development process for onboarding new agents, working closely with subject-matter experts and professional advisors to maintain consistency and compliance with internal standards.
• Contribute to the successful delivery of Great Lakes’ Delegated Authority (DA) strategy objectives.
• Oversee the due diligence and quality assurance processes, ensuring they meet internal standards, regulatory requirements, and high-quality benchmarks.
• Promote best practices to enhance oversight excellence across the lifecycle of delegated authority business.
• Champion a client-focused approach, driving the delivery of value propositions and effectively negotiating with internal and external stakeholders to achieve positive outcomes.
  
  
  

Oversight:

• Manage and oversee agency activities to strengthen Great Lakes’ governance and control of Delegated Authority (DA) relationships.
• Monitor agent performance and Key Risk Indicators (KRIs), offering regular feedback, guidance, and reporting concerns to the appropriate boards and committees when needed.
• Serve as a trusted advisor to the Great Lakes Senior Leadership Team, leading key initiatives and presenting insights to the Board.
• Collaborate with DA Audit Managers to define audit scopes, contribute to audit preparations, and ensure smooth execution.
• Ensure timely resolution of audit findings by partnering with outsourcing providers and internal subject matter experts, reviewing supporting evidence and recommendations.
  
  
  

Knowledge Sharing:

• Maintain proactive communication with other Great Lakes departments, outsourcing partners, and Munich Re Business Units to stay informed about all aspects of agents’ activities, including run-off operations.
• Foster open, service-focused dialogue with key stakeholders across the Munich Re Group.
• Share in-depth knowledge of regulatory frameworks and environments to enhance operational practices, ensuring alignment with strategic objectives and compliance standards.
  
  
  

Projects:

• Independently lead and manage projects, overseeing all phases from initiation to completion.
• Drive innovation and promote continuous improvement within the DA Business Management function through proactive strategies and effective implementation.
  
  
  

Competencies:

Strategic mindset (we think big) – you look, plan and move into the future with clear intentions and purposeful actions, seeking regular feedback, that allows you to make decisions today that will lead the business towards its future commitments.

Ensures accountability (we lead the ‘we’) – you hold yourself and others accountable to take responsibility and meet commitments, creating a culture where people own their decisions and actions and appreciate how they contribute to the team/organisation commitments.

Managing complexity (we grow with our clients) – you make sense of complex and sometimes contradictory information to effectively solve problems, learning and sharing along the way.

Sponsors work (we care and dare) – you know when to lead and when to let others lead, providing direction and delegating to others, empowering and trusting them to achieve their commitments. Develops talent (we care and dare) – you develop the team to meet their career ambitions, building capability at an individual and organisational level, preparing them for future opportunities. You discuss feedback and development regularly and promote a diverse and inclusive workforce.

Being resilient (we are clear and authentic) – setbacks are unavoidable; however, you recover quickly, seek feedback, learn and unlearn and move forward with courage and commitment.

Key Skills & Experience:

• Proven experience managing delegated authorities, with in-depth knowledge of regulatory requirements, risk-based oversight, audit, and underwriting processes.
• Familiarity with regulatory frameworks (e.g., FCA, Solvency II) related to delegated authorities.
• Exceptional analytical, conceptual, and organizational skills, with a strong attention to detail and a solution-oriented mindset.
• Strong communication skills, both written and verbal, with the ability to manage relationships and collaborate effectively with senior executives, managers, and peers across internal and external stakeholders.
• Solid understanding of Binding Authority agreements and local regulations.
• Proven ability to manage multiple tasks and meet strict deadlines.
• Excellent project management skills, with expertise in managing the end-to-end delegated authority lifecycle, and the ability to lead and collaborate on multifunctional projects.
• Extensive experience and understanding of primary insurance, ideally with a background in distribution, business development, and outsourcing governance, as well as knowledge of reinsurance and the full value chain.
• Commercially focused, with strong market awareness and business acumen.
• Confident and engaging communicator with exceptional negotiation skills.
  
  
  

Qualifications and Educational Requirements:

• Educated to degree level or holding an equivalent qualification.
• Project management certification (e.g., PRINCE 2) is preferred.
  
  
  

Thought Leaders:

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 and sales and business partners fairly and with respect

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 one of the few employers to offer fully paid 6months 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.