Outwards Reinsurance Operations Analyst - 9 month FTC

£40000 - £50000 per annum
12 Oct 2020
11 Nov 2020
James Lochrie
Job Function
Contract Type

Reporting to the Group Head of Operations, this role involves taking ownership of the Outwards, IPT and Messaging functions for all entities

Key accountabilities

  • Liaise and forge strong working relationships with key stakeholders including but not limited to underwriting, finance and actuarial.
  • Ensure, maintain and be solely responsible for the entry and accuracy of data within the underwriting system of record for the outwards business.
  • Support team initiative of improving the Operations function by reviewing existing processes and creating efficiencies.
  • Take ownership of all Operations functions related to the outwards function including risk entry, aged debt and unallocated cash analysis and allocation and management of bank reconciliations. This includes but is not limited to the following:
- Upon being moved to a Bound (Signed Off) underwriting status, the risks will be processed in Policy Admin, reviewing the information in Submissions. Outwards risks will follow the same lifecycle as inwards risks

- Liaising with underwriting/actuarial to verify correct information or query where applicable

- Setting up Settlement Schedules in the same manner as inwards risks

- Payment of the Excess of Loss premiums when due

- Quarterly payments based on the output of the Quota Share Generator

- Agreement and reconciliation of the Outwards voucher movement report for the bank reconciliations

  • Management of the month close process for outwards business.
  • Take ownership of all aspects of the IPT reporting including the preparation, review, submission and payment of the IPT returns to the Fiscal representatives within the required deadline. Take the lead in testing and reconciling the new automated IPT system to ensure a smooth transition.
  • Take ownership of the processing of the automated Xchanging messages including queries with brokers and Xchanging. Liaise with the entity leads in the case of any changes required to the premiums booked and with the claims team for any claims related cash queries.
  • Assist with Operations tasks during peak periods including, but not limited to, data entry, cash allocation, bank reconciliations and aged debt reviews.
  • Assist with special projects as required

The client value thought leadership, initiative and the energy to drive home improvements in everything we do. We therefore encourage our employees to

  • Provide input on process improvements
  • Show leadership in delivering improvements
  • Monitoring performance so that the benefits of initiatives can be demonstrated.

Skills & experience

  • Demonstrated Operations/ Technical Assistant experience
  • Outwards Reinsurance exposure
  • Basic competency in MS Office applications: Word, Outlook, Excel and Adobe Standard required
  • Excellent written and oral communication skills
  • Strong interpersonal skills in order to work effectively and professionally with diverse groups
  • Proven prioritisation and time management skills with accurate results
  • Must be able to self-lead effectively and work effectively both independently and with teams.
  • Demonstrated ability to deliver and manage accurate thoughtful detail-oriented work within tight deadlines and/or while working extended work days.

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