Delegated Authority Officer

Job Type:

Permanent

Build a brilliant future with Hiscox

About the team/division

The London Market Delegated Authority Team is part of the London Market Underwriting Standards and Governance Team and provide support to Underwriters when delegating underwriting authority. 

The Delegated Authority Team sit between Compliance and the “business”, implementing processes and oversight in a moderated and achievable way. We work to minimise the risk of regulatory or reputational damage posed to the Syndicate by delegating authority to third parties. We help facilitate new business relationships through ensuring they meet any regulatory requirements. Our constant challenge is balancing our approach so we don’t go with the hard compliance line but also ensure any potential risk is minimised as far as possible. Our priority is to always stay on top of developments in the regulatory landscape and implement changes to our corporate culture to ensure adherence to new rules.

We are results focused, placing high importance on meeting deadlines and delivering an exceptional service to those we work with. Building and maintaining communications with both external and internal stakeholders is core to the success of our team. We are a dedicated, hard-working team who want to achieve the best results possible whilst adhering to the various rules and standards imposed on us by Lloyd’s and other regulators.

We touch on many different parts of the Syndicate as well as having external contact with Lloyd’s, other Managing Agents, Brokers, and Coverholders. Internally, we work with Operations, Change, Underwriters, Compliance, Claims, Credit Control, Finance and all other Business Units – not just London Market.

The Role

The purpose of this role is to support the smooth and effective running of the DA Processes at Hiscox. This includes overseeing and supporting the DA Analyst and DA Technician in fulfilling their duties, assisting with query resolution, monitoring all aspects of workflow, (including pre and post bind activities), sponsoring Companies to become Lloyd’s Approved Coverholders, reviewing Lead DCOM entries and conducting quarterly deep dive DA Controls reviews.

The role requires excellent attention to detail as minor discrepancies can have huge consequences. Strong organisational skills and the ability to multi task are a must as the volume of open cases at any one time can be high. We have heavy renewal seasons at 01/01 and 01/04 but are quieter over the summer months, so the successful candidate must be able to prioritise well in the busier times and be proactive during quieter times.

The role involves working with a variety of different people and functions so clear, articulate and concise communication skills are essential.

Main Responsibilities

• Supporting the governance and oversight of all delegated authorities written on Syndicate paper
• Maintaining an awareness of market developments that may impact the HSL Delegated Underwriting Authority processes
• Representing Hiscox at Lloyd’s or Market DA meetings eg DUM forums / Lloyd’s Projects in the Head of DA’s absence
• Promoting Business engagement with DA Requirements
• Providing day to day support, guidance, query resolution, supervision and oversight of the DA Analyst and Technician
• Providing absence / surge cover for the DA Analyst and Technician
• Proactively managing workflow processes, collaborating with others to ensure timely completion of tasks
• Monitoring performance against Hiscox DA requirements, interrogating any instances of non-adherence and reporting incidents to the Head of DA
• Adhering to established procedures and service standards to ensure compliance with regulatory, corporate, and operational requirements.
• Coordinating and overseeing the annual review of the DA process guides, ensuring they are accurate and reflect best practice before sign off by the Head of DA
• Delivering the quarterly DA Controls Reviews and presenting findings to the Head of DA
• Processing Lead DCOM entries
• Processing New Coverholder Applications
• Processing mid-term contract changes including endorsements or permission changes
• Assisting in the production of MI as required
• Deputising for the Head of DA as required
• Building and maintaining constructive working relationships both internally and externally, including with Underwriters, Operations, Compliance, Brokers, Lloyd’s and other Managing Agents
• Other ad hoc duties as required

The Candidate

What sort of person would thrive in this team/Hiscox?

• Someone who enjoys supporting others and helping them grow and develop
• Someone who is a team player and works collaboratively with others
• Someone who is able to drive results through positive influence and by using initiative to proactively pre-empt issues, propose solutions or resolve problems when completing tasks
• Someone with a great eye for detail who enjoys reading or researching information as they will sometimes need to find the needle in the hay stack.
• Someone who is comfortable making decisions and reaches evidence-based conclusions based on a mixture of analysis, wisdom, experience and judgement but knows when to refer issues outside their remit. 
• Someone who is determined to get the job done properly and able to tackle challenges with a solution focused attitude.

Our must haves

• Proven experience in a technical delegated authority role.
• Experience in supervising others
• Practical experience of sponsoring Coverholder Applications and conducting Coverholder due diligence
• Excellent organisational skills with the ability to prioritise effectively and juggle lots of tasks at once
• Excellent interpersonal savvy skills with a clear, concise communication style, and the ability to align different, potentially conflicting, views
• The courage to challenge others respectfully and maintain composure when challenged
• Ability to consider other’s viewpoint and perspective and change your approach if necessary
• The ability to ask probing questions to ensure requirements and rationale are understood.
• Confidence to raise difficult topics that need to be addressed and discuss challenging topics openly and candidly
• The ability to readily share own ideas and opinions on topics, including controversial ones; and is comfortable with open debate and constructive criticism

Diversity and flexible working at Hiscox

At Hiscox we care about our people. We hire the best people for the job and we’re committed to diversity and creating a truly inclusive culture, which we believe drives success. We also understand that working life doesn’t always have to be ‘nine to five’ and we support flexible working wherever we can. No promises, but please chat to our resourcing team about the flexibility we could offer for this role.

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