Introduction to the role
The Lloyd’s Market Association (LMA) has a vacancy in its Market Operations team for an individual with recent hands-on experience in supporting or managing operational performance across underwriting, finance, reporting, and/or claims within a Lloyd’s or London Market insurer or reinsurer.
The successful candidate’s experience and ‘can-do’ attitude, coupled with a curious and questioning mind, will enhance the team’s ability to support LMA members in delivering excellent service to their policyholders and adapting to ongoing market-wide change.
You will collaborate with, learn from, and share your knowledge with LMA colleagues to help achieve the team’s and LMA’s goals.
This role provides the opportunity to exercise the skills and knowledge you have acquired from internal roles or those in a market-facing capacity, gaining insight into how different organisations operate, the challenges they face, how they address them, and how they collaborate to drive mutually beneficial change. You will have ample opportunity to expand your network, build new relationships, and enhance your reputation as someone with operational expertise.
Market Operations gets involved in a wide variety of activities, including governance and oversight of central service provider performance, contractual and commercial management, and participation in related service, product and project or programme steering groups.
‘Blueprint Two’ market transformation, including the modernisation of delegated authority processes, practices and systems, is a key focus of the 2025 goals. The team is playing a pivotal role in driving progress in areas such as:
1. supporting the work of the London Market Group Data Council;
2. enabling connectivity between LMA members, their brokers and technology solution providers;
3. facilitating LMA members’ influence on the development roadmaps for electronic trading solutions;
4. collaborating in the definition of a market-wide testing and acceptance strategy for the replacement of Velonetic central services and systems;
5. working with LIMOSS to evolve their central services offerings;
6. influencing the design of new service solutions;
7. shaping new service agreement contracts and commercials and securing LMA members’ approval to these.
Job Purpose
The Executive, Market Operations, will be responsible for providing technical guidance and support to LMA members as they work through process, people, technology, regulatory, operational and business change developments that impact their day-to-day operations.
The role will engage in topics related to both ‘run’ and ‘change’, by sometimes leading and often participating in different initiatives, as well as supporting LMA colleagues on team and company-wide goals. Dependent on the nature of specific goals agreed for the role during any one year, there will be extensive interaction with Lloyd’s managing agents, Corporation of Lloyd’s, Lloyd’s Europe, service providers such as LIMOSS, Velonetic and PPL, and other London Market trade associations.
The effectiveness of the person who holds this role will directly influence how LMA members and other stakeholders perceive the value the LMA adds within the Lloyd’s Market and across the London Market.
Key Accountabilities
1. Provide effective administrative and technical support to LMA groups and forums assigned to you by the Operations Director, in particular the LMA Operations Committee.
2. Steer and facilitate the membership and activities of the LMA Next Generation COO Community.
3. Maintain an awareness and understanding of initiatives and developments within the LMA, Corporation of Lloyd’s and other key areas of the market. Seek opportunities to support and promote projects internally and externally.
4. Through participation in LMA groups and forums, create opportunities for the market to innovate and modernise operational processes and practices.
5. Listen to and demonstrate understanding of LMA members’ views, building on this to develop consensus, identify solutions and influence outcomes.
6. Work with, challenge and oversee consultants on behalf of the LMA when required.
7. Challenge market opinions and decisions that do not align with the LMA or the markets’ strategic goals or that hinder efforts to make the Lloyd’s Market a more efficient and effective place to transact business and operate.
8. Provide guidance internally and externally to promote and implement changes in market-wide operational processes and practices that will impact LMA members and their value chain.
9. Support and influence activities designed to improve communication and engagement with LMA members.
10. Report and consult regularly and effectively with operations managers within Lloyd’s managing agents on the progress of key activities and any plan that is set.
11. Consult regularly with the LMA underwriting, claims, regulatory and risk teams to ensure a united approach to addressing operational issues, executing transformation plans, or both.
12. Communicate confidently and effectively to LMA members, and other key stakeholders, giving guidance on initiatives and developments and ensuring that the LMA’s profile and credibility is reinforced.
13. Assist with the promotion of the LMA, its brand, and the key activities that it is leading or supporting.
14. Take initiative in networking with LMA members and Corporation of Lloyd’s to raise your own and the LMA's profile among peers, senior market practitioners and stakeholders.
15. Seek to establish and represent a balanced view of the market when interacting with Lloyd’s on their behalf.
16. Finally, and in addition to the above key requirements, you may be required to undertake other duties from time to time as the LMA may reasonably require.
Person Specification
Education and Qualifications
1. Individuals who are at least early-stage CII qualified.
Experience
1. Demonstrable experience within a technical operations role within the Lloyd’s and/or London market, gained within either an insurance or reinsurance organisation.
2. First-hand use of central market systems and services, as well as processing inputs and outputs related to these systems.
Knowledge
1. Understanding of internal systems, processes and controls typically used by a Lloyd’s managing agent, London insurer or reinsurer, or both.
2. In-depth knowledge of data processing requirements for Lloyd’s underwriting operations teams across the risk lifecycle: quote, bind, account, settle, endorse, etc.
3. Awareness of operational risks and issues faced by Lloyd’s and London Market insurers or reinsurers.
4. Sound knowledge of operations, processes and systems.
5. Understanding of Lloyd’s Blueprint Two ambition, target benefits, challenges, and the opportunities to be overcome or seized in pursuit of that ambition.
General Skills / Qualities
1. Strong communication skills (written and verbal), with the ability to convey ideas clearly, concisely and confidently.
2. Confident in preparing and delivering presentations, both in person and virtually, to colleagues, LMA members and other key stakeholders.
3. Highly effective time management and organisational skills, with the ability to prioritise competing demands.
4. Comfortable leading and taking ownership of work, prioritising tasks, and meeting deadlines, whilst working effectively within a team and the wider organisation.
5. Demonstrable ability to impactfully lead and steer discussions.
6. Confidence in overseeing and directing both input and output of external stakeholders.
7. Good working knowledge of Microsoft Office, including Outlook, Word, Excel, and PowerPoint.
LMA Values
The LMA firmly believes that robust values at the heart of the organisation bolster its performance and enable the successful execution of strategy. We have five primary values that we strive to embody across the business in everyday practice. These are:
1. Trusted: Our expertise and independence enable us to influence, support and positively impact the market.
2. Passionate: We are committed to help the market succeed and achieve great outcomes for our members.
3. United: As a representative voice of our members, we connect and work as a team with our communities to achieve the best outcomes for our members.
4. Bold: We strive to be courageous in what we do, allowing us to lead, challenge and think innovatively.
5. Inclusive: We enrich the marketplace by developing people and seeking ideas from a wide variety of backgrounds, cultures and skills. We embrace a diverse and flexible workplace and take action against non-inclusive behaviour.
By encouraging these values internally, the LMA hopes that they will permeate beyond the business and into the marketplace, helping create a more dynamic, modern, and productive working environment.
Employee Benefits
The LMA offers a comprehensive package of employee benefits. These include but are not limited to:
1. A competitive pension package with a generous employer contribution.
2. An industry-leading flexible working policy, built on trust. We enable our employees to choose how and where they work, at the LMA's office in London EC3, or elsewhere in the UK, providing that it suits the interests of our members, the LMA team and themselves. We welcome an open discussion on flexible working and your overall working environment so we can explore solutions that suit both the business and the individual.
3. 26 days paid holiday, plus additional leave for key life events such as moving home, your child's first day at school and your marriage or civil partnership.
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