Head of DA Underwriting and Product Delivery

Munich Re

  • London
  • Permanent
  • Full-time
  • 2 months ago
Location: London, United KingdomEmployment Type: Full-timeYour RoleWe are seeking a strategic and experienced leader to head our UK Delegated Authority (DA) Product Delivery and Underwriting function. This critical leadership role spans three core areas: Underwriting Oversight and Performance Management, Product Delivery Oversight, and Pricing & Analytics. The role ensures delegated underwriting, pricing, product design, and delivery practices meet regulatory expectations, align with internal standards, and uphold the principles of fairness and transparency in line with our Consumer Duty obligations.The successful candidate will design and maintain an effective team structure with clearly defined responsibilities. Each sub-team under their leadership will operate as a specialised unit, contributing meaningfully to the broader goals of the function through a culture of accountability, cross-functional collaboration, and subject matter expertise.Key ResponsibilitiesUnderwriting Oversight & Performance Management
  • Oversee delegated underwriting practices for Retail and Commercial lines across live and run-off UK portfolios (supporting other regions as needed).
  • Maintain and monitor the underwriting authority register to ensure compliance with limits, classes, and geographic scopes.
  • Track and escalate underwriting breaches, including unauthorised risk acceptance and sub-delegation concerns.
  • Define, own, and monitor KPIs related to underwriting results, risk appetite, profitability, accumulation, and behaviour of delegated underwriters.
  • Develop and execute a risk-based Underwriting Oversight and technical review methodology.
  • Ensure robust governance in risk selection, accumulation control, and portfolio segmentation.
  • Generate relevant reports to meet stakeholder and regulatory requirements.
  • Ensure the accuracy and quality of underwriting data from delegated agents, collaborating with subject matter experts to address any issues.
Product Delivery Oversight
  • Oversee the full lifecycle of delegated products-from design to withdrawal and run-off.
  • Review and sign off policy wordings during onboarding and at material changes, ensuring documents are clear, fair, and meet regulatory and customer outcome expectations.
  • Ensure product alignment with Consumer Duty principles (value, clarity, fairness) in partnership with the Product Monitoring Team.
  • Lead input into product committees and approval processes, ensuring adherence to the Product Oversight and Governance (POG) framework.
  • Track changes to products, maintain wording accuracy, and oversee decommissioning and closure planning.
  • Maintain a central repository of current wordings, aligned with legal and regulatory developments.
  • Ensure product governance at managing general agents (MGAs) and partners aligns with internal and regulatory expectations; participate in key client governance forums when appropriate.
Pricing & Analytics
  • Oversee delegated pricing models and ensure consistency with underwriting strategies and actuarial guidance.
  • Maintain a delegated pricing authority register and monitor discretion use and pricing-related incidents.
  • Track pricing versus cost metrics, distribution bias, and ensure pricing aligns with ESG and inclusive standards.
  • Provide pricing input for Fair Value Assessments, Product Reviews, and governance reporting.
  • Develop and maintain pricing dashboards and MI tools to support regulatory readiness and oversight.
  • Approve pricing changes and version controls, and ensure soundness of underlying assumptions.
  • Collaborate with Data and Reinsurance teams to support exposure management and forecasting.
Note: Although the role is UK-focused, the team may provide support to non-UK delegated agents as needed-for example, with policy wording reviews.Key Duties
  • Oversight of product delivery and governance for all UK delegated insurance products.
  • Underwriting performance management and oversight across all UK delegated authority portfolios.
  • Resolve product-related queries with partners and internal stakeholders.
  • Act as a technical reference point for underwriting and product-related matters across the business.
Skills and Experience
  • Strong communication skills with experience working in cross-functional and cross-regional teams.
  • High level of motivation, responsibility, and a growth mindset.
  • Commitment to collaborative success and delivery of oversight goals alongside diverse stakeholder groups.
  • Strong analytical and organisational skills.
  • Familiarity with the Munich Re Group structure is desirable.
  • In-depth understanding of applicable regulatory frameworks (e.g. Consumer Duty, PROD).
  • Prior experience in product or underwriting roles is essential.
  • Experience in drafting and reviewing policy wording and insurance contracts.
  • Strong background in Retail or Commercial underwriting.
Qualifications
  • University degree, or
  • Professional insurance qualifications (e.g. ACII or equivalent) strongly preferred.
Working at Great LakesAt Great Lakes, we are committed to providing an engaging, results-driven, and inclusive working environment. We recognise that diversity and collaboration drive innovation and success. We welcome and encourage applications from people of all backgrounds, experiences, and abilities.About usYou will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learningYou are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leadersWe communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearnYou will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutionsWe lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouragedAt Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. 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.

Munich Re