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For Companies At a Glance
- Tasks: Coordinate the end-to-end loss fund process and ensure compliance with best practices.
- Company: Join Canopius, a leading global specialty lines (re)insurer with a vibrant culture.
- Benefits: Enjoy hybrid working, competitive salary, health insurances, and a non-contributory pension.
- Why this job: Be part of a dynamic team reshaping claims processing efficiency and making a real impact.
- Qualifications: Experience in the London Market and understanding of loss fund processes are essential.
- Other info: We value diversity and provide a supportive, discrimination-free environment for all applicants.
The predicted salary is between 43200 - 72000 £ per year.
The Role
As a Senior Loss Fund Coordinator with a focus on the adoption of FCP (Faster Claims Payment), this pivotal role operates within the UK Operations Function. Your core responsibilities include coordinating the end-to-end loss fund process across traditional, Vitesse, and FCP methodologies. You will ensure adherence to best practice policies and procedures, creating and delivering a robust control and process framework for legacy, current, and future loss funds. This includes completing operational tasks and providing strategic reporting to support the validation and reconciliation of Third-Party Administrator (TPA)/Coverholder held loss funds. This dynamic role involves responsibilities, expectations, and ad hoc tasks that require a proactive working style, a can-do approach, and strategic contribution through regular management reporting. You will ensure compliance with regulatory requirements and engage effectively with internal and external stakeholders.
Responsibilities
- Drive the development, documentation, and successful adoption of FCP across the organization, reshaping claims processing efficiency.
- Manage the entire lifecycle of an FCP loss fund, from initial assessment and setup to downstream reporting to stakeholders.
- Manage the end-to-end loss fund process (legacy, current, and FCP), ensuring compliance with policies and procedures, and resolve potential issues with full details prior to decision-making.
- Maintain visibility of all loss funds across the claims portfolio and perform ongoing financial reconciliation.
- Act as a referral point for loss funds for TPA/brokers and external stakeholders.
- Support internal/external auditors as a liaison contact.
- Coordinate and monitor workflows to meet loss fund objectives, including timely reconciliation, quality output, and corrective actions for performance issues.
- Assist in analyzing information from TPAs related to loss fund reconciliation.
- Assist and resolve issues raised by outsource partners.
- Produce regular management reports (monthly/quarterly) to inform strategic decision-making with actionable insights from loss fund data.
- Ensure regulatory requirements are consistently met.
Qualifications
Skills and Experience:
- Experience working in the London Market.
- Insurance operational experience.
- Understanding of loss fund processes and procedures.
- Familiarity with Faster Claims Payments (FCP) is an advantage.
- Ability to analyze and interpret data meaningfully.
- Adaptability to changing requirements.
- Proficiency in Word and Excel.
- Knowledge of Vitesse Loss Fund Management Platform, Subscribe Underwriting System, and DOCOsoft claims system is an advantage.
- Familiarity with Xchanging’s processes is an advantage.
Our Benefits
We offer a comprehensive benefits package focusing on overall wellbeing, including hybrid working, a competitive salary, non-contributory pension, discretionary bonus, health and dental insurances, and other benefits supporting financial, physical, social, and psychological health.
About Canopius
Canopius is a global specialty lines (re)insurer and a leading Lloyd’s of London market insurer with offices worldwide. We foster a positive culture that encourages authenticity, growth, and diversity. Our offices are located in the heart of the City of London, with a flexible, hybrid working model. We are committed to equal employment opportunities and a discrimination-free environment. We welcome applicants from diverse backgrounds and make reasonable adjustments throughout the recruitment process and employment.
Contact Detail:
Canopius Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Senior Loss Fund Coordinator
✨Tip Number 1
Familiarise yourself with the Faster Claims Payment (FCP) process. Understanding how FCP reshapes claims processing efficiency will not only help you in interviews but also demonstrate your proactive approach to the role.
✨Tip Number 2
Network with professionals in the London Market, especially those who have experience with loss fund processes. Engaging with industry contacts can provide valuable insights and potentially lead to referrals.
✨Tip Number 3
Stay updated on regulatory requirements related to loss funds and claims processing. Showing that you are knowledgeable about compliance will set you apart as a candidate who is ready to contribute from day one.
✨Tip Number 4
Prepare to discuss your experience with data analysis and reporting. Being able to articulate how you've used data to inform strategic decisions will highlight your analytical skills, which are crucial for this role.
We think you need these skills to ace Senior Loss Fund Coordinator
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in insurance operations, particularly within the London Market. Emphasise any familiarity with loss fund processes and Faster Claims Payments (FCP) to align with the job requirements.
Craft a Compelling Cover Letter: In your cover letter, express your enthusiasm for the role and the company. Discuss how your skills and experiences make you a perfect fit for the Senior Loss Fund Coordinator position, particularly your ability to manage end-to-end processes and engage with stakeholders.
Showcase Analytical Skills: Highlight your ability to analyse and interpret data effectively. Provide examples of how you've used data to inform decision-making or improve processes in previous roles, as this is crucial for the responsibilities outlined in the job description.
Demonstrate Adaptability: Illustrate your adaptability to changing requirements in your application. Share specific instances where you've successfully navigated changes in processes or regulations, showcasing your proactive working style and can-do approach.
How to prepare for a job interview at Canopius
✨Understand the FCP Process
Make sure you have a solid grasp of the Faster Claims Payment (FCP) process. Be prepared to discuss how you would drive its adoption and improve claims processing efficiency within the organisation.
✨Showcase Your Analytical Skills
Highlight your ability to analyse and interpret data effectively. Prepare examples of how you've used data to inform decision-making or resolve issues in previous roles, especially in relation to loss fund reconciliation.
✨Demonstrate Stakeholder Engagement
Be ready to talk about your experience working with internal and external stakeholders. Discuss how you’ve successfully managed relationships and communicated complex information to different audiences.
✨Prepare for Compliance Questions
Since compliance is crucial in this role, brush up on relevant regulatory requirements. Be prepared to explain how you ensure adherence to policies and procedures in your work, particularly in managing loss funds.
