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For Companies At a Glance
- Tasks: Manage and reconcile reinsurance financial transactions while ensuring accurate reporting.
- Company: Join Canada Life UK, a leading provider of retirement and investment solutions since 1903.
- Benefits: Enjoy a competitive salary, generous pension, private medical insurance, and flexible working options.
- Why this job: Be part of a supportive culture focused on personal growth and making a positive impact.
- Qualifications: ACA/ACCA/CIMA qualified or part qualified with relevant experience in insurance accounting.
- Other info: Diversity and inclusion are key commitments; flexible working arrangements available.
The predicted salary is between 36000 - 60000 £ per year.
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Purpose
As a Reinsurance Accountant working in Reinsurance Operations, you will be responsible for managing and reconciling all reinsurance-related financial transactions.
You will ensure the accurate recording, analysis, and reporting of reinsurance accounts, both internally, and externally to Reinsurers.
This is a key role at Canada Life, working cross-functionally with Pricing, Claims Administration, Actuarial and Accounting Teams to ensure robust financial controls and reporting within a regulated environment.
You will represent the Company when dealing with Third Party Reinsurers.
Key Accountabilities
- Maintain accurate accounting records for reinsurance treaties
- Prepare and post monthly reinsurance journals in accordance with IFRS17, SII and UKGAAP
- Analyse variances and provide commentary on reinsurance balances and performance
- Support monthly and quarterly close processes
- Assist in the production of balance sheet reconciliations
- Provide audit support and ensure compliance with Solvency II and other PRA/FCA regulatory requirements
- Work with actuarial and finance teams on reinsurance-related modelling
- Identify opportunities to enhance reporting efficiency and controls
- Providing support to reinsurance operations process design
Desired Knowledge / Experience / Skills
- ACA/ACCA/CIMA, or equivalent, qualified, or part qualified
- Relevant experience in insurance or reinsurance accounting / operations role
- Good understanding of reinsurance principles (treaty/facultative, proportional/non-proportional)
- Strong understanding of varying treaty types (E.g. Longevity Swaps / Asset Transfer / Deposit Back / Funds Withheld)
- Good working knowledge of BPA scheme and reinsurance verification lifecycles
- Strong Excel skills
- Experience with accounting systems (e.g., SAP) preferable
- Relevant experience using or querying Scheme and Treaty Administration systems a bonus (E.g. LISA, CLOAS, Composer)
- Excellent communication skills and attention to detail
- Independent problem solving and analytical thinking
- Flexibility to cope with changing operational requirements and environments is a must
- Adept in working to tight deadlines
Benefits of working at Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that\’s regularly reviewed. As a Canada Life UK colleague, you\’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.
How we work at Canada Life
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.
We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That\’s why we offer a range of training, flexible working and opportunities to grow and develop.
Diversity and inclusion
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we\’re making in DEI, and we continue for it to be a significant focus.
\”At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all.\” Nick Harding, Chief People Officer, Canada Life UK
We appreciate that everyone has different work and life responsibilities. We\’re happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.
About Canada Life UKWe’re market leaders and proud of the work we do. We provide retirement, investment and protection solutions to 3.5 million cus…
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Accountant | Potters Bar, UK employer: Canada Life Limited
Contact Detail:
Canada Life Limited Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Accountant | Potters Bar, UK
✨Tip Number 1
Familiarise yourself with IFRS17, SII, and UKGAAP as these are crucial for the role. Understanding these standards will not only help you in interviews but also demonstrate your commitment to the accounting principles that Canada Life values.
✨Tip Number 2
Network with professionals in the insurance and reinsurance sectors. Attend industry events or join relevant online forums to connect with people who work at Canada Life or similar companies. This can provide insights into the company culture and potentially lead to referrals.
✨Tip Number 3
Brush up on your Excel skills, especially in areas like data analysis and financial modelling. Being proficient in Excel is often a key requirement for accounting roles, and showcasing this skill can set you apart from other candidates.
✨Tip Number 4
Research Canada Life's recent initiatives and their approach to diversity and inclusion. Being knowledgeable about the company's values and demonstrating how you align with them can make a strong impression during your discussions with the hiring team.
We think you need these skills to ace Accountant | Potters Bar, UK
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in insurance or reinsurance accounting. Emphasise your qualifications such as ACA, ACCA, or CIMA, and any specific skills related to reinsurance principles and accounting systems.
Craft a Strong Cover Letter: In your cover letter, express your enthusiasm for the role at Canada Life UK. Mention how your background aligns with their focus on customer service and financial expertise, and provide examples of how you've successfully managed financial transactions in previous roles.
Highlight Relevant Skills: Clearly outline your strong Excel skills and experience with accounting systems like SAP. Discuss your analytical thinking and problem-solving abilities, especially in relation to reinsurance operations and compliance with regulatory requirements.
Showcase Your Communication Skills: Since the role involves working cross-functionally, emphasise your excellent communication skills. Provide examples of how you've effectively collaborated with different teams in past positions to achieve common goals.
How to prepare for a job interview at Canada Life Limited
✨Understand Reinsurance Principles
Make sure you have a solid grasp of reinsurance principles, including treaty types and their implications. Be prepared to discuss how these principles apply to the role and how they impact financial transactions.
✨Showcase Your Analytical Skills
As an Accountant, analytical thinking is crucial. Prepare examples from your past experience where you've successfully analysed financial data or reconciled accounts, highlighting your attention to detail and problem-solving abilities.
✨Familiarise Yourself with Relevant Regulations
Brush up on Solvency II and other PRA/FCA regulatory requirements. Being able to discuss how you ensure compliance in your previous roles will demonstrate your understanding of the regulatory environment in which Canada Life operates.
✨Prepare for Cross-Functional Collaboration
This role involves working with various teams such as Pricing and Actuarial. Think of examples where you've successfully collaborated across departments, showcasing your communication skills and ability to work in a team-oriented environment.