Senior Underwriter Insure AI

London, England, United Kingdom

12/20/2024

Company

Munich Re

Location

London , United Kingdom

About Facultative & Corporate:

Munich Re’s large, international network of experts places us in a strong position to develop solutions for highly complex risks. The sectors we serve and the solutions we offer are diverse, but they all share one thing in common: the substantial financial foundation of Munich Re. The industrial insurance arm of Munich Re Group, which means our clients are multinational corporations. We write both traditional and non-traditional insurances through 6 lines of business; namely, Property, Energy, Casualty, Engineering, Cyber and what we term Special Enterprise Risks. We overlay these underwriting activities with support from our Client Management and Claims & Operations units.

Our clients are complex, diverse, and domiciled across the world. Therefore, we also need to be global, and we do this by positioning staff in strategic markets and locations as well as travelling to meet clients. Close contacts are very important.

About Munich Re’s Insure AI Team:

The Insure AI team is part of the New and Green Technologies business unit in Munich Re’s Specialty Insurance division. You would join an experienced international business unit structuring insurance and reinsurance solutions for risks of AI and Generative AI applications for corporates, financial institutions, and growth stage tech companies. Please visit our website to find out more:

https://www.munichre.com/en/solutions/for-industry-clients/insure-ai.html

About the role:

You will focus on working with London insurance brokers and corporate risk managers to structure insurance solutions for AI and Generative AI risks, like AI performance risk, Generative AI copyright infringement risk, and AI discrimination risk. You will collaborate with the team’s Research Scientists and other Underwriters in international deal teams to structure, measure, and insure such AI risks.

You will be based in London, UK. We are looking for an experienced Senior Underwriter with the ability to source and build business opportunities in AI in the London Market.

Key Responsibilities:

• Sourcing AI and GenAI (re-)insurance opportunities with London Market brokers for corporates, tech companies, and financial institutions
• Building the relationships with insurance brokers in the London Market
• Engaging with clients and colleagues in deal teams to underwrite the risks of machine learning systems and Generative AI models, and to support new product development
• Leading commercial negotiations with brokers and corporate risk managers for the developed risk-transfer solutions
• Collaborating with colleagues in traditional lines of business, like Cyber or Casualty, and marketing to drive the AI insurance market development
• Speaking at industry conferences and representing the Insure AI team at such events
  
  
  

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

• Experience in a client facing role at a (re-)insurer or an insurance broker with experience in Cyber, Tech E&O, Professional Indemnity, or related insurance lines
• Excellent networking and partner management skills
• Experience with or interest to learn machine learning and Generative AI methods
• Willingness to develop an emerging market and navigate unchartered territory with enthusiasm and patience
• Innovative mindset, curiosity and willingness to lead
• Willingness to work in deal teams distributed across different time zones and continents
• Willingness to travel
  
  
  

Qualifications and Educational Requirements:

• Graduate degree in Business, Finance, Economics, Law, or related fields
  
  
  

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 and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements:

In addition to the responsibilities set out above, the Senior Underwriter role will also become responsible for:

• Ensure compliance with Insurance Distribution Directive
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules
  
  
  

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. 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.