Deputy Underwriter

This job is with Munich Re, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.

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

About Facultative & Corporate (F&C):

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 six 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 the role:

Assisting the Underwriters and Senior Underwriters to underwrite Property Insurance and Reinsurance business for large and/or complex industrial accounts. Focusing on developing underwriting skills and technical knowledge whilst helping to manage existing accounts and identifying new business opportunities.

Key Responsibilities:

• Assisting with risk assessment and analysis, coverage evaluation, pricing and contract negotiations and account administration.
• Contribute to business plan achievement by handling renewals within underwriting authority.
• Establish and build upon relationships with key partners (brokers & clients).
• Although you will receive direction from your manager, you will have an increased level of autonomy, especially as your knowledge and experience grows.
• You will begin to see other developmental opportunities outside of your normal responsibilities i.e. projects, stretch assignments, work shadowing, business trips, rotations etc.

Competencies:

Nimble learning (we think big) – you actively learn by tackling new problems and trying out new solutions, quickly learning from both successes and failures.

Collaborates (we lead the ‘we’) – you work together with others in your team, the department and wider business (where relevant) to meet shared commitments.

Optimises work processes (we grow with our clients) – you know the most effective and efficient processes to get things done and are constantly assessing how they can be improved.

Resourcefulness (we care and dare) – you find a way to get things done with the best use of the resources available to you, knowing when to ask for support from others, but also offering your support to others where you feel your expertise, knowledge and skills can add value.

Communicates effectively (we are clear and authentic) – you communicate clearly and appropriately with your audience. You also share ideas, learn from others, and keep stakeholders informed about progress, problems, opportunities, and solutions, soliciting feedback along the way.

Key Skills & Experience:

• Experience within the insurance industry from an Underwriting Assistant or Assistant Underwriter position.
• If professional qualifications have not already been attained, you may be expected to work towards a relevant qualification or apprenticeship.
• Ability to build and maintain relationships with clients, brokers, and internal stakeholders.
• Excellent written and oral communication skills, including presentation skills.
• Excellent negotiation and relationship skills.
• Collaborative and team minded work attitude.
• Ability to make decisions based on logic, risk and commercial aspects, solution-based work approach.
• Accuracy and Diligence.

Qualifications and Educational Requirements:

• Analytics experience.
• CII designation or working towards.

Thought Leaders:

• You will demonstrate 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.
• You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.

Regulatory & Conduct Requirements:

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

• Ensure compliance with Insurance Distribution Directive.
• Satisfying all regulatory reporting requirements in collaboration with the reporting function.
• Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship.
• 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.

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.