Location: London/ Hybrid
Salary: Competitive
About the role
The role will assist in the operational and administrative processes particularly in relation to ceded facultative reinsurance administration in UK Insurance
What you’ll be doing:
- Assist Technical Insurance Operations Lead with creating and monitoring the controls required to verify the completeness and accuracy of premium accounting entries in line with appropriate financial accounting standards including but not limited to Sarbanes-Oxley Financial Controls Disclosure Requirements.
- Assist Technical Insurance Operations Lead to ensure Facultative Reinsurance accounts and Inwards Insurance policy data are submitted in a timely fashion, considering appropriate financial controls, contractual terms and conditions, regulatory requirements, and internal business requirements and service level agreements.
- Interpret contract wording from Inwards and Facultative Reinsurance certificates, Binders, Slips, Declarations, Bordereaux, and Endorsements.
- Understand Ceding hierarchy based upon the Facultative Reinsurance structure and layering provided by Underwriting. In addition, interpret contract wording from the underlying Insurance policy.
- Interpret Facultative premium data to ensure proper allocation of Facultative premium is recorded accurately in the financial sub-ledger.
- Ensure accuracy of data, including coordination of reconciliation of the Facultative results with the Ceded Reinsurance Accounting to confirm that the Facultative Reinsurance results agree to the terms of the Facultative Reinsurance agreements purchased by Underwriting.
- Maintain accurate records and recording of Facultative Tasks allocated to Insurance Operations for capturing in the company’s financial system.
- Maintain Facultative shared mailbox and record queries.
- Act as liaison between Underwriting and Ceded Reinsurance Accounting for Facultative Reinsurance questions and enquiries from Reinsurers and Brokers.
- Following-up with Underwriters for policy documentation.
- Assisting with due diligence on Facultative Reinsurance and Inwards Insurance policy data.
- Previous experience in an Operations/Technical-orientated role within the Insurance industry (London/International Markets)
- 2 years’ experience in a Technical (Re)Insurance role is preferred
- Excellent oral communication, written communication, and organizational skills
- Candidate must be flexible; team-oriented and have strong administrative skills that include ability to prioritise and multi-task
- Self-starter, able to manage and prioritize your workload
- Ability to think independently and work effectively and collaboratively as part of the Insurance Operations function
- Proficient in Microsoft Office 365 (Excel, Outlook, PowerPoint, Word)
- Working knowledge of key (re)insurance policy administration systems – particularly SAP Reinsurance Management (FS-RI), Genius, Guidewire Policycenter, and ImageRight document management (Preferred but not essential)
- Bachelor’s Degree (Preferred)
- Good progress with professional qualifications, e.g., Chartered Insurance Institute (Preferred)