Reinsurance Technician - 12 Month FTC

Posted 01 February 2024
Salary Negotiable
LocationMaidstone
Discipline Claims
ReferenceRIT444
Contact NameBertie Hayward

Job description

New Vacancy - Reinsurance Technician / 12 Month FTC
Maidstone | City of London / Hybrid

HFG are currently recruiting for a top Lloyd's Business who are seeking a Reinsurance Technician to join their team on a 12 month FTC basis.

This is a perfect opportunity for a graduate or someone keen to get their foot in the insurance industry. Previous experience working within Lloyd's isn't essential but is preferred.

Key Responsibilities

Assistance will be provided in various areas related to contract set up, premium registration, claims, and recoveries within the multinational department:

  • Reviewing RI slips, premium allocation, and cover notes issued by brokers and reinsurers.
  • Assisting with the booking of contracts and registering premiums for intercompany and co-reinsurance.
  • Supporting the Multinational Services Manager in following up with underwriters and brokers to ensure timely registration of reinsurance arrangements.
  • Assisting in managing bordereau for recording recoveries and collaborating with the Claims team.
  • Gathering documentation for co-reinsurance claims and ensuring they are shareable. Support will be provided in the credit control of reinsurance recoveries and associated premium payables:
  • Settling RI premiums with major trading partners in accordance with contracts and procedures.
  • Supporting the collection of RI recoveries for assigned accounts with a target of over 90% within 90 days.
  • Assisting in resolving internal issues to meet targets. Assistance will be provided in analyzing multinational balances and co-reinsurance accounts:
  • Reviewing non-BAU/legacy balances and identifying key issues, along with developing actions to resolve them.
  • Monitoring low-value balances and creating action plans to clear them.
  • Challenging existing procedures and controls and proposing solutions.
  • Assisting in implementing and documenting new processes as required. Regular review and maintenance of business processes will be conducted to identify and implement efficiencies where possible.
  • Maintaining operating efficiencies and reporting and developing old or new processes with IT or within the operation.
  • Assisting in the development of new systems and enhancements. Internal governance and SOX controls will be managed to ensure timely execution and maintenance.
  • Assisting with internal and external audits by maintaining thorough records, providing relevant documentation, and responding to queries promptly.