Technical Accounting Specialist

Back to job search

Technical Accounting Specialist

  • Location:

    United Kingdom

  • Contact:

    Piere Forbes

  • Contact email:

    piere.forbes@equitycity.co.uk

  • Contact phone:

  • Job ref:

    466

  • Published:

    27 days ago

  • Expiry date:

    2024-11-24

Title: Technical Accounting Specialist – Technical Accounting Team 
Location: London/ Hybrid 
Salary: £34,000 per annum 

About the Role:

This role within operations at the business, this is a technical role which supports cash and debt activities as a whole and is a link between both the onshore and offshore cash as well as credit control and underwriting support. The primary objectives in this role:
  1. Investigate outstanding complex cash and debt queries with technical accounting issues.
  2. Ensure that risks and any amendments to those risks written by the underwriting teams are processed onto the relevant system(s) in an accurate and timely manner. 
The ability to effectively communicate with many teams across the business and prioritise work according to various system close dates, SLAs and KPIs is a fundamental attribute required to fulfil the role. You will be part of a wider team of over 60 people supporting over 190 underwriters across approximately 30 lines of business.

About the Department & Team:

As a team we ensure our offshore colleagues are provided all the information required to accurately process premiums onto our policy admin systems within the agreed SLAs. Supporting the underwriting, cash and credit control teams with technical accounting queries and processing relating to cash and debt allocation issues. Reporting, operational process advice and guidance and other ad-hoc requirements also forms an important part of the role the team plays within the business. 

The operations department also comprises divisions such as MI and analytics, claims operations, facilities, strategic operations and IT. Data timeliness, quality and accuracy are at the heart of our core responsibilities and processes and together we provide effective support services to the whole business enabling LSM to meet its revenue, growth, and other strategic goals.

Key Responsibilities:
  • Review multiple data sets to assess cash and debt position.
  • Collaborate regularly with underwriting teams e.g. Underwriting Assistants and occasionally Underwriters to understand policies and support each other in resolving cash and debt related queries. 
  • Use multiple systems/market platforms across various lines of business. 
  • Thoroughly research policies to identify and correct booking errors or needed adjustments.
  • Assist the team leader in administrative or ad hoc tasks/projects as required.
  • Assist other team members with queries and operational processes ensuring cash clearance targets are achieved.
Documentation & Risk Administration:
  • Technical analysis of complex risks through the use of slips, endorsements, reports and/or other relevant documentation.
  • Administer accurate and timely logging of data onto the relevant system i.e. premium/ policy /endorsement /renewals entries and manages own workload appropriately (Genius).
  • Identify trends and common mistakes and put plans in place to rectify them.
  • Liaise with underwriting teams to ensure all required information has been provided for entry onto the processing documentation.
  • Investigate and update Estimated Premium Income (EPI) information on the policy admin system (Genius).
  • Manage and work on queries sent into the Technical Accounting Team mailbox.
  • For Company risks ensure a 4-eye check is completed on the financial information entered by our offshore processing partners and respond for either sign off or requesting correction.
  • Respond to queries from the offshore processing partners and/or QC team within SLA.
  • Ensure documentation is filed according to the teams prescribed filing structure. 
  • Monitors own performance against team’s SLAs and KPIs.
  • Respond positively when data quality issues are identified within your work and takes corrective actions in timely manner.  
  • Support various month close procedures as directed.
  • Investigate any items on team monitoring reports sent by underwriting support management and respond accordingly in a timely manner.
Communication:
  • Inform underwriting support management and underwriting teams of any potential backlogs or build-up of technical accounting queries as required.
  • Keeps underwriting support management and underwriting teams up to date with progress against SLAs and KPIs weekly.
  • Ensure all queries are responded to within 3 days of receipt, if no resolution then advise query originator of the delay.
  • Actively participate in team meetings and 1:1 catch ups with team mangers.
Ancillary Tasks & Teamwork:
  • Assist with any audit activities as required.
  • Work with underwriting support management to ensure any training materials either internal or for our offshore processing partners are up to date and contain the correct information.
  • Train members of the offshore processing team, new starters and other support teams as and when required relating to technical accounting processes. 
  • Work with a continuous improvement mindset and raise any possibilities for improvement to our processes to underwriting support management.
  • Be an active member of the team meetings, sharing relevant information with colleagues and contributing positively to the team’s objectives
  • Raise salient business issues to the appropriate management level. 
  • Prioritise work and maintain a high level of attention to detail to meet team quality and ensure timeline targets are met.
  • Contribute to system and process change activities relating to technical accounting processes.
Stakeholder Management:
  • Regularly meet and have open dialogue with internal customers to ensure:
    • Service levels are being met.
    • Underwriter feedback is captured and where necessary acted upon
    • Data quality issues are identified promptly.
    • New administrative tasks can be captured and assessed in good time. 
  • Anticipates the needs of and provides underwriting support service in a timely manner. 
  • Manage the timely response to requests for information related to policy processing.
  • Support other stakeholders and colleagues e.g. Claims Adjusters, Risk Engineers Exposure Management.
  • Liaise with Brokers, Cash and Credit Control teams to manage accounts as required.
  • Maintain a high level of confidentiality at all times.
Professionalism:
Adherence to all relevant regulatory requirements forms part of your role, and the demonstration of behaviours as set out in the Conduct Risk Policy, as they relate to your role, is core to LSM's commitment to our Values, placing customers at the centre of our business and behaving with integrity.  LSM expects you to understand your responsibilities relating to all regulatory and internal requirements and to demonstrate compliance proactively with these requirements and behaviours. These requirements include the Senior Managers and Certification Regime Conduct Rules, Solvency II, fair treatment of customers, Financial Crime, Data Protection, Conflicts of Interest, and Whistleblowing.

Skills and Experience:
  • Relevant insurance experience, preferably within the London/Lloyd’s Market.
  • Experience with transactional insurance system Genius desirable.
  • Experience with accounting and settlement repository system Xchanging (CLASS) desirable.
  • Strong verbal and written communication skills and the ability to interact with a diverse group. including peers, executives, managers and subject matter experts.
  • Proactively address issues and take initiative in finding solutions. 
  • Demonstrate ability to handle out-of-the-ordinary policies.
  • Good MS Office skills; in particular Excel.
  • Ability to retrieve reports and manipulate data to satisfy any monthly or ad hoc information request from assigned line of business.
  • Experience of working to varying and tight deadlines.
  • Ability to work well independently and as part of a team.
  • Strong prioritization skills required.
  • Strong analytical skills required.
  • Can adapt to change as processes and systems improve.