DA Product Governance Manager

London, England, United Kingdom

12/20/2024

Company

Great Lakes Insurance SE

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:

The DA Product Governance Manager will be part of a small team responsible for approving, monitoring and reviewing insurance products to ensure they fulfil our regulatory obligations and provide good customer outcomes. They will be responsibility for ensuring that the DA Product Team work closely with existing teams in the development, approval and monitoring and reviewing of products underwritten by Great Lakes. They will liaise with relevant stakeholders throughout the Great Lakes organisation to assist in the development and approval of new products and monitor products to ensure that they adhere to the respective regulatory frameworks and ensure that internal processes and documentation within the team also match requirements.

Key Responsibilities:

• Support the annual review schedule for all Great Lakes manufactured/co-manufactured products taking into account the regulatory demands in the UK.
• Organise the written report and the feedback to the various stakeholders arising from the review, document the feedback and monitor the outcomes of the review, ensuring that recommendations are achieved within the timeframes.
• Work with stakeholders to develop new products, ensuring that we bring the necessary skillsets from the Underwriting and Products team to assist in the approval and growth of products under the Great Lakes brand.
• Work with the team to ensure that any new products and significant changes to existing products adhere to the POG framework in order to be approved by the Global Underwriting and Product Committee.
• Monitor the development of new and existing products to ensure they perform within the required metrics. Respond to any product related queries. Work with the Product Governance manager on the product reviews and report findings of product reviews to relevant Boards, Committees and Senior Management as required and track actions to completion.
• To assist in the production of, and challenge of, product governance metrics and MI and present these to relevant Boards, Committees and Senior Management as required.
• To assist in maintaining and updating all related conduct and compliance policies and support the testing, monitoring and challenge of relevant processes. Ensure internal stakeholders have a solid understanding of product governance requirements across the business and carry out training as and when required.
• To manage the agent financial promotions referral process for UK Agents
• Collaborate with colleagues across the Underwriting and Product team and beyond in order to deliver on internal and regulatory oversight requirements. To keep informed of product-related changes in regulation and provide feedback to the product team/internal stakeholders.
  
  
  

Competencies:

Drives results (we think big) – you consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience and judgement.

Business insight (we think big) – you can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.

Collaboration (we lead the ‘we’) – you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.

Client focus (we grow with our clients) – you build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.

Cultivates innovation (we grow with our clients) – you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.

Courage (we care and dare) – you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear.

Persuades (we are clear and authentic) – you use clear and compelling arguments to gain the support, enthusiasm and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills & Experience:

• Strong communication skills and ability to interact in Group project teams and cross-divisional project teams in a dynamic environment
• Passion to strive for Great Lakes underwriting oversight goals together with a diverse set of stakeholders
• Strong analytical abilities and organisational skills. Ideally, knowledge of Munich Re Group organisation
• Understanding of the relevant regulatory regimes that impact Great Lakes business
• Previous review experience and/or underwriting or audit experience beneficial
• Experience in wordings and contracts useful
  
  
  

Qualifications and Educational Requirements:

• University degree or insurance qualifications
• Business English essential
• knowledge of a European second language beneficial
  
  
  

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 role will also become responsible for:

• Ensure compliance with FCA PROD 4 requirements
• Satisfying all regulatory reporting requirements in collaboration with the reporting function
• 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.