Head of Delegated Authority & Intermediaries
Tokio Marine · London
Job Title: Head of Delegated Authority & Intermediaries
Reporting to: Head of UK Compliance
Position Type: Permanent
Why Tokio Marine HCC?
Standing still is not an option in the current world of Insurance. TMHCC are one of the world’s leading Specialty Insurers. With deep expertise in our chosen lines of business, our unparalleled track record and a solid balance sheet, TMHCC evaluates and manages risk like no one else in the industry. Looking beyond profit, empowering our people and delivering on our commitments are at the core of our customer values, and so is a desire to grow and provide creative and innovative solutions to our clients.
Job Summary
To oversee and manage the delegated authority and intermediary function for Tokio Marine HCC International, ensuring:
- All types of delegated authority comply with the Companies’ Delegated Authority Framework and all relevant regulatory requirements;
- The Delegated Authority and Intermediary Framework remains fit for purpose, mitigates the outsourcing risks to the Companies and is adapted in response, as appropriate, to regulatory and internal changes;
- The Delegated Authority and Intermediary function supports the business with excellent technical expertise and knowledge and performs to a high standard; and
- The Delegated Authority and Intermediary function meets the objectives defined within the Compliance Plan.
Key Responsibilities
Oversight Framework
- Ensure the continued enhancement and implementation of a governance and oversight framework for delegated authority and intermediary matters across the Companies, adopting a best practice, consistent and collaborative approach.
- Work closely with the underwriting divisions and the Heads of Distribution (International & Europe), ensuring that the Intermediary Policy is updated on an annual basis and aligns with the underwriting risk profile and delegated authority appetite of the Companies.
- Oversee and produce the Delegated Authority and Intermediary sections of the annual Compliance Plan and ensure proposed projects / tasks are completed as scheduled.
- Monitor emerging and developing regulatory changes within the market and identify amendments to the relevant policies and procedures in order to effectively implement and embed those changes. This includes communication of such changes internally and externally to our affected third parties.
- undefined
- Assist in the completion of regulatory and Lloyd’s returns as required and ensure that actions arising from market thematic reviews are embedded within the Companies.
- Effectively oversee the delegated authority business written by the Companies’ EU entity, Tokio Marine Europe S.A., ensuring quality assurance reviews are performed on a regular basis.
Management of Delegated Authority and Intermediaries Arrangements
- In line with the Delegated Authority Procedures and the Intermediary Policy, to oversee all delegated authority matters, including managing the entity-level and contract-level approval and ongoing monitoring for coverholders / MGAs, service companies, and DCAs.
- Oversee the review process for in scope lineslips, master policies, and consortia written by the Companies.
- Oversee the annual production of an audit schedule, monitor the audit framework, maintain a suitable audit panel and ensure the timely implementation of audits for all delegated authority arrangements.
- Oversee the completion of third-party audits performed by the Delegated Authority Auditors and peer review all audit reports before issuance.
- Ensure the quality assurance framework and peer review processes are embedded and monitored on a regular basis.
Systems and Reporting
- Ensure that the Customer Relationship Management (‘CRM’) system, which houses all third parties, remains accurate and complete and is developed in line with the advancements within the market and internal needs.
- Report on delegated authority arrangements, intermediaries, and the use of third parties (such as external DA audit firms) to the relevant Committees. In this respect, to act as chairperson of the Intermediary Committee and member of the Product Governance & Distribution Committee.
- Regularly review and enhance the reporting of performance metrics and suite of management information produced for the relevant Committees.
Team and Stakeholder Management
- Lead the Delegated Authority and Intermediaries Team (sitting within the Compliance Department) such that it continues to provide excellent technical expertise and high standards of performance. This includes the training, mentoring and performance management of five direct reports and eleven indirect reports.
- Work alongside the Claims Department to ensure all delegated claims arrangements are managed in accordance with the Delegated Authority Procedure and standards set by the Compliance Department.
- Build and maintain a strong relationship with all business units, internal stakeholders and Lloyd’s.
- Oversee the production and delivery of guidance and training to the business / internal stakeholders in the Companies on compliance with regulatory and Lloyd’s rules pertaining to the use of third parties and ensure the circulation of information to key stakeholders within the Companies, as appropriate.
- Provide co-ordination support for internal audit reviews.
- Complete ad hoc tasks as requested by the Head of UK Compliance.
Skills and Experience Specification
Essential
- Experience working in a senior delegated authority role in an insurance company, with technical knowledge of the delegated authority market.
- Leadership and people management skills with the ability to manage a diverse team.
- Managerial experience of a team of at least three people.
- Strong commercial skills – ability to plan, budget, strategize and collaborate with the business, ensuring a risk-based approach is applied.
- Attention to detail, excellent due diligence and investigative skills.
- Strong interpersonal skills with the ability to communicate effectively with individuals at all levels of the business in a confident, assertive and professional manner.
- Strong analytical, problem-solving and written / report-writing skills.
- Excellent organisation and time management skills.
- IT literate with experience of third-party management systems.
Desirable
- Experience within the Company and Lloyd’s Markets and understanding of the Future at Lloyd’s vision and the LMA’s DARE vision.
- Experience with the Lloyd’s DA systems (DOM, DCM, DAM, DDM etc.).
- Educated to a degree or higher level.
What We Offer
The Tokio Marine HCC Group of Companies offers a competitive salary and employee benefit package. We are a successful, dynamic organization experiencing rapid growth and are seeking energetic and confident individuals to join our team of professionals.
The Tokio Marine HCC Group of companies is an equal opportunity employer. Please visit www.tmhcc.com for more information about our companies.