Reinsurance Account Handler
Job Title: Reinsurance Account Handler
Reporting to: Reinsurance Accounting Manager
Direct Reports: N/A
Position Type: Permanent
Tokio Marine HCC?
Standing still is not an option in the current world of Insurance. TMHCC are one of the world’s leading Specialty Insurers. With deep expertise in our chosen lines of business, our unparalleled track record and a solid balance sheet, TMHCC evaluates and manages risk like no one else in the industry. Looking beyond profit, empowering our people and delivering on our commitments are at the core of our customer values, and so is a desire to grow and provide creative and innovative solutions to our clients.
The Reinsurance Accounting team is responsible for the post placement management and administration of the TMHCC International outwards reinsurance program. We engage with each Line of Business Underwriting team to understand their assumed portfolio and the reinsurance program purchased to enhance our service offering. We use our collective knowledge, experience and expertise to deliver value add service and proactive support on the handling and performance of each portfolio. Collaborative engagement with our external broker and carrier contacts enables the delivery of the contractual obligations and terms of trade by each party.
Establish RI Accounting as a key business partner on the Underwriting Line of Business assigned and be accountable for all outwards post placement activity. Understand and create reinsurance contracts in outwards systems and initiate settlement of reinsurance premium to broker and carrier. Identification and calculation of reinsurance recoveries within reinsurance systems and submission to broker and reinsurers. Cash collection and allocation, with consideration of Counterparty Management credit control opportunities. Program performance reporting with delivery of KPI metrics and engagement with key stakeholders, brokers, and clients across portfolio.
The successful candidate will be expected to understand and manage the needs of key stakeholders; Brokers/Reinsurers, Underwriting team and Group finance then demonstrate reinsurance knowledge and organisational acumen in order to deliver upon the RI Accounting remit.
- Work towards having ownership and accountability for Line of business, broker and reinsurers to ensure portfolio performance across end-to-end process
- Contract capture for all reinsurance types purchased – facultative, proportional and non-proportional treaty into RI Accounting team reinsurance system XLPro, Workflow (ImageRight) and Exposure Aggregation (Exact) systems.
- Timely booking and payment of reinsurance premium in accordance with contractual terms
- Identification and Calculation of reinsurance asset and booking into source systems through monthly close process
- Assist with evaluation of line of business gross to net to ensure in line with RI Accounting and Line of Business expectations
- Issuance and monitoring of reinsurance claim collection notes as per contract terms and conditions for Non proportional, facultative, and proportional covers
- Review Large Loss Reports and prepare Risk and Claim documentation to support reinsurance submissions
- Evaluation of actual vs estimated premium throughout life of contract to evaluate potential Premium Adjustments, Profit Commission & No Claims Bonus or Loss AP’s
- Handle the reinsurance recoveries including query resolution and pro-actively manage applicable bad debt reserves
- Liaise with Credit Control, underwriting lines of business, claims, brokers and clients to resolve queries
- Utilise broker and client meetings to drive issue resolution and cash collection
- Assist with monthly reporting into Group Finance and back to underwriting team to seek agreement and understanding of all material movements
- Drive with delivery of KPI’s for International and London market business across all lines of business and trading partners
- Compliance with the Finance month/quarter/year-end deadline requirements
- Knowledge sharing of portfolio handling across Reinsurance accounting team to ensure business continuity
- Supporting key departmental initiatives and projects such as change in core reinsurance systems, control and process enhancement and e admin development
Skills and Experience Specification:
The successful candidate will require knowledge and experience gained through working for an Insurance/Reinsurance Syndicate, Company or Broker.
- Ability to learn and adapt in a dynamic environment
- Methodical approach to problem solving and decision making
- Customer focus and service mentality
- Self-motivated, can-do attitude and pro-active mindset
- Works well as part of a team and on individual tasks
- Ability to structure workloads and understand the need to prioritise
- Focus on execution and timely delivery of quality outputs
- Strong verbal and written communication skills
- Strong computer skills - knowledge of Microsoft Excel Pivot Tables, V-Lookups, and MS PowerPoint
- Work collaboratively across RI Accounting, Finance and key Underwriting stakeholders to achieve common goals
What We Offer
The Tokio Marine HCC Group of Companies offers a competitive salary and employee benefit package. We are a successful, dynamic organization experiencing rapid growth and are seeking energetic and confident individuals to join our team of professionals. The Tokio Marine HCC Group of companies is an equal opportunity employer. Please visit www.tmhcc.com for more information about our companies.
The Tokio Marine HCC Group of companies is an equal opportunity employer. Please visit www.tmhcc.com for more information about our companies.