IBA Technician– Insurance Broking Accounts
Company: CSInsurance Brokers Ltd
Location: London, EC3A
Department: Insurance Broking Accounts (IBA)
Reporting to: IBA Manager
About the Role
CSInsurance Brokers Ltd is seeking an experienced IBA Technician to join our team within the London insurance market.
This is a specialist insurance broking role, supporting the day‑time management of Insurance Broking Accounts (IBA), including premium processing, insurer settlements, reconciliations and client money compliance.
Working directly with the IBA Manager, the successful candidate will play an important role in ensuring the accurate and timely processing of insurance transactions across our UK and overseas operations.
Applicants must have previous experience working within an Insurance Broking Accounts (IBA) function.
Key Responsibilities
- Process and reconcile insurance premiums, brokerage commissions and insurer settlements.
- Maintain accurate IBA records within Global XB, including premium allocations, transactions and account reconciliations.
- Assist with the preparation of monthly Client Money Calculations (CMC) and supporting reconciliations in accordance with FCA CASS requirements.
- Prepare and process insurer and underwriter payments, including Lloyd's bureau and non-bureau transactions.
- Monitor outstanding premiums and aged debt, liaising with brokers and counterparties to resolve outstanding balances.
- Investigate and resolve insurer, broker and internal IBA queries.
- Undertake regular reconciliations of client money, insurer balances and multi-currency accounts.
- Assist with overseas insurance transactions, including commission reconciliations and settlements.
- Support the IBA Manager with regulatory reporting, audit requirements and the maintenance of appropriate financial controls.
- Assist with ad hoc IBA projects, historical account reconciliations, process improvements and other operational requirements.
Skills and Experience Required
Essential Requirements
- Previous experience in an IBA role within an insurance brokerage, preferably within the Lloyd's or London insurance market.
- Solid understanding of the insurance premium accounting lifecycle, from premium processing and allocation through to insurer settlement.
- Experience with insurer and broker account reconciliations, payment processing and aged debt management.
- Strong Excel skills and the ability to manage and reconcile large volumes of transactional data.
- Excellent attention to detail, organisational skills and a proactive approach to resolving queries.
- Ability to work independently, manage deadlines and communicate effectively with brokers, insurers and colleagues.
Desirable Experience
- Previous involvement in preparing or supporting monthly Client Money Calculations (CMC).
- Experience with Lloyd's bureau settlements and London Market accounting processes.
- Experience handling multi-currency insurance transactions and overseas accounts.
- Familiarity with Xero.
About Us
CSInsurance Brokers Ltd is a specialist insurance brokerage operating within the Lloyd's and London insurance markets, providing insurance broking services across the UK and internationally.
As part of a close-knit team, you will gain exposure to a broad range of insurance broking accounting activities and have the opportunity to contribute to the ongoing development of our IBA processes and operations.
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