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Product Wordings Specialist

Location Munich, Germany Date posted 09/29/2025 Job type Full-Time Work mode Hybrid Job level Professional Job ID 8257 Company Munich Re Specialty - Global Markets Employment type Regular Area of expertise Claims & Underwriting
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Responsibilities:

  • Work with Underwriting Oversight and Conduct Risk to enhance and embed the process for reviewing product wordings (including any relevant customer communications) for Munich Re Syndicate Limited (co-)manufactured products, in line with Consumer Duty and other regulatory requirements.
  • The process in item (1) supports the overall Product Governance Framework and must therefore be aligned / have regard to the processes and controls outlined therein, as appropriate.
  • Work closely with stakeholders from across the business (Underwriting, Delegated Underwriting, Claims, Conduct Risk & Compliance, and Legal), to establish and run a new Wording Review Working Group to advise on, oversee and approve the wording review plan and ongoing wording reviews.
  • For item (1), establish a risk-based and proportionate approach to planning and undertaking product wording reviews. Propose annual review plan and obtain approval from the Wording Review Working Group and the Product & Conduct Risk Steering Group (PCRSG).
  • Complete wording reviews, per the agreed annual review plan or on an ad hoc basis depending on business need.
  • Make constructive and considered recommendations for product wording updates and improvements, working closely with other functions (mentioned above) to gather relevant product and customer outcomes insights and MI.
  • Manage and prioritise the associated review timelines, milestones and deadlines, and track all actions to completion.
  • Utilise the Product Catalogue, and maintain any other appropriate controls, for documenting reviews and review outcomes, rationale for changes proposed, approvals, and all versions of product wordings.
  • Act as a reference point for product wording related queries from across the business, particularly relating to consumer understanding issues, adding value and enhancing knowledge and understanding in the process.
  • Collaborate with Underwriting Oversight and Conduct Risk to design and deliver targeted training to staff, to update them on the wording review process and raise awareness of ‘customer understanding’ issues and best practices.

Knowledge and Skills

Knowledge

  • A thorough understanding of the Consumer Duty – Consumer Understanding outcome and how this may apply to Munich Re Syndicate Limited.
  • A thorough understanding of at least one of the classes written by Munich Re Syndicate Limited, and an appreciation of other classes and the differences between them.
  • An understanding of policy wording construction and policy schedule design, and current best practice and trends in relation to both of these.
  • An appreciation of the insurance regulatory landscape, including the peculiarities of the Lloyd’s market and Lloyd’s Europe.

Skills

  • The ability to work independently (or with minimal supervision, where appropriate).
  • Excellent communication skills, particularly written English.
  • Policy document drafting, particularly the avoidance of ambiguity.
  • Policy document critical review, with a keen eye for detail.
  • The ability to explain technical concepts in a way that can be readily understood.
  • Organisation, including time and resource management.
  • Problem solving.
  • Relationship building.

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!

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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