Senior Manager, Broker Remuneration
Job Title: Senior Manager, Broker Remuneration
Skill Band: Performance Mgmt
Location: United Kingdom - London
Date Posted: 15 Dec 2017
Senior Manager, Broker Remuneration
One Lime Street,
The strategy of Performance Management is to protect Lloyd's by ensuring peer-leading performance through the application across the Market of strong performance management and risk management underpinned by appropriate capital setting
The strategy of the Policyholder and Third Party Oversight team is to oversee the interests of policyholders so they receive fair treatment in terms of buying policies from competent intermediaries and to make sure that that their claims and complaints are properly and fairly handled. We will also make sure third parties activities and interests in the distribution chain are appropriately overseen is a risk based and efficient manner.
Lloyd's is the world's specialist insurance and reinsurance market.
With expertise earned over centuries, Lloyd's is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers who cover more than 200 territories, the Lloyd's market develops the essential, complex and critical insurance needed to underwrite human progress.
Backed by diverse global capital and excellent financial ratings, Lloyd's works with a global network to grow the insured world--building resilience for businesses and local communities and strengthening economic growth around the world.
The primary role of the Senior Manager, Broker Remuneration is to (1) understand and develop internally Lloyd's understanding of broker remuneration trends and (2) externally to provide guidance to the market as to key risks and trend analysis regarding broker remuneration.
What Will You Do?
- Reporting to the Head of Policyholder & Third Party Oversight team, to be a member of the senior management team for the Policyholder & Third Party Oversight Team and in that role to collectively develop and implement strategies and plans designed to improve Lloyd's customer experience and also the team's efficiency and effectiveness
- To provide expert support and guidance to the Head of Policyholder & Third Party Oversight in developing and advising, the strategy regarding Lloyd's oversight of broker remuneration arrangements (including both on and off-slip remuneration, broker facility remuneration and remuneration for services to carriers) and implement that strategy and help design effective intervention techniques.
- To ensure that Lloyd's operates an effective and efficient broker remuneration return process (or any successor reporting arrangements) that is fully embedded with other internal terms (eg Data Lab, Commercial Division, Syndicate Business Performance, Syndicate Capability Oversight) and to test the completeness of the returns with agents through assurance activities
- To ensure that key acquisition costs and broker remuneration related MI and data is shared as appropriate internally and externally (with the LMA, market and regulators) subject to competition law constraints
- To engage with and interact with managing agents, Lloyd's brokers, market associations and others regarding trends, developments and concerns regarding remuneration related issues and to show market leadership in that regard (eg through presentations).
- To ensure Lloyd's guidance regarding acquisition costs and remuneration (including additional remuneration) is kept up to date and to provide any ad hoc market guidance.
- To drive the market's improvement in terms of understanding and managing the legal, regulatory and prudential risks around acquisition costs and broker remuneration
- To provide training and technical advice and support within the Corporation and as required to the market
What You'll Need
- Ability to optimise use of technology including Microsoft products and in-house developed systems
- Experience of identifying and dealing with operational costs in a business
- Experience of reviewing processes and procedures to ensure compliance and identify shortcomings
- Experience of operating with Regulators (PRA/FCA)
- Detailed understanding of market conditions including relating to operational costs
- Detailed knowledge of PRA/FCA rules and legal rules (eg Competition Law, Bribery Act)
- Detailed knowledge of general insurance matters
- Knowledge of business process and systems change tools and best practice principles
- Ability to think strategically as well as focus on the details
- Ability to negotiate and mediate difficult issues
- Ability to understand commercial issues in the market (at individual agent level and at market level)
- Ability to interrogate data to identify trends and highlight failures to comply with complaint handling requirements
As the successful candidate, you can expect to be rewarded with a competitive salary, an enviable range of benefits.
To apply, please visit
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