DA Product Governance Specialist

Overview

Company
Great Lakes Insurance SE
Location
London, United Kingdom

Great Lakes Insurance SE operates as a specialty provider of primary insurance services in the UK. Great Lakes London Branch (GLLB) is part of Great Lakes Insurance SE in Munich. GLLB works within the Munich Re Group to connect reinsurance and innovation opportunities. Great Lakes Insurance UK Limited (GLLS) is a fully owned subsidiary of Great Lakes Insurance SE, regulated by the Prudential Regulation Authority and the Financial Conduct Authority, and acts as the preferred facilitator of agency insurance business in the UK.

About the role

The DA Product Governance Specialist will be part of a small team responsible for approving, monitoring and reviewing insurance products to ensure regulatory obligations are met and customer outcomes are good. They will ensure the DA Product Team collaborates with existing teams in development, approval, monitoring and reviewing of products underwritten by Great Lakes. They will liaise with relevant stakeholders across the Great Lakes organisation to assist in the development and approval of new products and monitor products to ensure adherence to regulatory frameworks and that internal processes and documentation align with requirements.

Key Responsibilities

• Support the annual review schedule for all Great Lakes manufactured/co-manufactured products considering UK regulatory demands.
• Organise written reports and feedback to stakeholders from reviews, document feedback and monitor outcomes, ensuring recommendations are achieved within timeframes.
• Work with partners to develop new products, ensuring involvement of Underwriting and Products teams for approval and growth of products under the Great Lakes brand.
• Ensure new products and changes to existing products follow the POG framework for approval by the Global Underwriting and Product Committee.
• Monitor development of products to ensure performance within required metrics; respond to product-related queries; report findings to Boards, Committees and Senior Management as required; track actions to completion.
• Assist in producing and challenging product governance metrics and MI and present to Boards, Committees and Senior Management as required.
• Maintain and update conduct and compliance policies; support testing, monitoring and challenging of relevant processes; ensure stakeholders understand product governance requirements and provide training when required.
• Manage the agent financial promotions referral process for UK Agents.
• Collaborate with colleagues across Underwriting and Product teams and beyond to support internal and regulatory oversight; stay informed of product-related regulatory changes and provide feedback to product teams and stakeholders.

Core Skills & Experience

• Strong communication skills and ability to interact in Group project teams and cross-divisional teams in a dynamic environment.
• Passion to strive for Great Lakes underwriting oversight goals with a diverse set of stakeholders.
• Strong analytical and organizational skills; ideally knowledge of Munich Re Group organisation.
• Understanding of relevant regulatory regimes impacting Great Lakes business.
• Previous review experience and/or underwriting or audit experience, and experience in wordings and contracts would be useful.

Qualifications

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

Thought Leadership & Conduct

You are seen as an expert in your field and will be a go-to person for your area of specialism within Munich Re. You will be a role model/mentor and promote inclusive behaviour and a culture of fairness and respect.

Regulatory & Conduct Requirements

• Ensure compliance with FCA PROD 4 requirements.
• Complete regulatory reporting in collaboration with the reporting function.
• Ensure compliance with Munich Re's Code of Conduct and the FCA Conduct Rules.

You will be rewarded with a competitive compensation package, on-target bonus, 25 days of annual leave (with option to purchase more), private medical insurance and a contributory pension of 10%. We offer six months of fully paid family leave, where applicable.

Diversity, Equity & Inclusion

Munich Re fosters diversity, equity, and inclusion to drive innovation and resilience. We aim to build a diverse workforce across multiple dimensions and are committed to an equitable and inclusive work environment where all can succeed.

Application Note

If you are excited about this role but do not meet every requirement, we encourage you to apply anyway. All candidates can request a reasonable adjustment at any point in our recruitment process by contacting Talent Acquisition.