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For Companies At a Glance
- Tasks: Manage cash and debt, produce reports, and collaborate with teams to optimise processes.
- Company: Join a leading reinsurance firm in a dynamic London office.
- Benefits: Competitive salary, career development, and a supportive work environment.
- Other info: Opportunity for growth in a fast-paced, collaborative setting.
- Why this job: Make an impact in finance while building valuable relationships across the industry.
- Qualifications: Experience in accounting, strong analytical skills, and proficiency in Excel.
The predicted salary is between 40000 - 50000 £ per year.
The Cash & Credit Control department in London is a key operational department responsible for cash and credit control across all LMIE UK, Brexit branches and LMRe. This includes:
- Managing cash and debt within appropriate service levels.
- Establishing, maintaining and leveraging both internal and external relationships in order to achieve the reduction in cash and debt.
- Production of accurate LMRe Company and syndicate aged debtor and overdue premium reporting, with a view to enabling the minimisation of bad debt potential and maximising premium income collection.
- To produce data quality analysis and reconciliations as necessary to support Finance and Solvency II objectives.
Key Responsibilities
- Reports to LMRe Cash and Credit Control Manager.
- Collaboration with LMIE UK, LMIE Europe and LMAL Credit Control Managers to produce monthly and quarterly reporting for Underwriting, Senior Management and Finance.
- Supporting various month closed procedures as directed.
- Support the LMRe credit control and cash allocation portfolio with local offices and offshore to deliver day to day output, workload and monthly success reducing cash and debt.
- Develop and distribution of key outputs of Credit Control and their metrics across the business.
- Have regular meetings with Key Stakeholders to ensure that their requirements are fulfilled.
- Active management of aged debt, unallocated cash, stakeholder queries to deliver continuous improvements.
- Monitoring and delivery of teams KPIs and KRIs.
- Run and analyse monthly reports, as well as payment performance where applicable, liaising with Underwriters accordingly.
- Review and investigate overdue premium debtors and compile reporting for underwriting teams.
- Review with Underwriters the reporting of overdue premium for each class of business / aged debt bandings to resolve queries and to investigate any potential bad debt.
- Work with local Operations teams to ensure that EPI’s are accurate and up to date through the life‑cycle of the contract.
- Building and maintaining key relationships with Underwriting, Claims, Finance and Operational teams, Brokers and 3rd party service providers.
- Support internal initiatives to automate and maximise efficiency of processes including supporting user acceptance testing as required.
- Reconciliation and distribution of Broker statements supporting the offshore processes with an allocated portfolio.
- Manage aged cash and debt escalation.
- Liaise with Brokers to ensure the timely settlement of all debts.
- Investigation and resolution of cash and reallocation of misallocated cash.
- Broker relationship management, to ensure payment performance and reduction of aged debt.
- Route cause analysis, collaborating with various stakeholders to ensure operational efficiency for assigned portfolio.
- Liaise with XIS on individual signings/broker queries on a transaction basis.
- Review the potential outstanding premium for Closed Years of account and to ascertain the action that needs to be taken.
- Investigate and analyse monthly open year variance and overdue premium reports and resolve discrepancies.
- Ensure that escalation processes are identified, and communicated to the business.
- Monitor and resolve outstanding data queries and track the status of outstanding queries.
- Manage all audit related queries that relate to Credit Control, and ensure confident and accurate resolution/implementation.
- Adherence to all relevant regulatory requirements forms part of your role, and the demonstration of behaviours as set out in the Conduct Risk Policy, as they relate to your role, is core to LSM's commitment to placing customers at the centre of our business and behaving with integrity.
- LSM expects you to understand your responsibilities relating to all regulatory and internal requirements, and to proactively demonstrate compliance with these requirements and behaviours at all times. These requirements include Solvency.
Skills and Experience
- Relevant accounting experience, preferably reinsurance accounting with knowledge of both European and London Market.
- Proficient in the use of MS Office in particular Excel.
- The ability to work to varying and demanding deadlines.
- Ability to work independently.
- Strong analytical skills required.
- Good organisational skills and time management (attention to detail is critical).
- XIS / Syndicate experience an advantage.
Reinsurance Credit Controller employer: Liberty Mutual Reinsurance
Contact Detail:
Liberty Mutual Reinsurance Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Reinsurance Credit Controller
✨Tip Number 1
Network like a pro! Reach out to people in the reinsurance industry, especially those working in credit control. Attend industry events or webinars and don’t be shy about introducing yourself. You never know who might have a lead on your dream job!
✨Tip Number 2
Prepare for interviews by researching the company and its operations. Understand their cash and credit control processes, and think of ways you can contribute. Show them you’re not just another candidate; you’re someone who’s ready to make an impact!
✨Tip Number 3
Practice your responses to common interview questions, especially those related to managing aged debt and stakeholder relationships. Use the STAR method (Situation, Task, Action, Result) to structure your answers and highlight your relevant experience.
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets noticed. Plus, we love seeing candidates who are proactive and engaged with our brand. Let’s get you that Reinsurance Credit Controller role!
We think you need these skills to ace Reinsurance Credit Controller
Some tips for your application 🫡
Tailor Your CV: Make sure your CV is tailored to the Reinsurance Credit Controller role. Highlight relevant experience in cash and credit control, and don’t forget to showcase your analytical skills and proficiency in Excel. We want to see how you can bring value to our team!
Craft a Compelling Cover Letter: Your cover letter is your chance to shine! Use it to explain why you're passionate about this role and how your background aligns with our needs. Be sure to mention any experience with reinsurance accounting or working with stakeholders, as these are key for us.
Showcase Your Achievements: When detailing your past roles, focus on specific achievements rather than just duties. Did you reduce aged debt or improve cash flow? Share those successes! We love seeing how candidates have made a tangible impact in their previous positions.
Apply Through Our Website: We encourage you to apply directly through our website. It’s the best way for us to receive your application and ensures you’re considered for the role. Plus, it shows you’re keen on joining our team at StudySmarter!
How to prepare for a job interview at Liberty Mutual Reinsurance
✨Know Your Numbers
As a Reinsurance Credit Controller, you'll be dealing with cash and debt management. Brush up on your financial metrics and reporting skills. Be ready to discuss how you've managed aged debt or improved cash flow in previous roles.
✨Showcase Your Analytical Skills
This role requires strong analytical abilities. Prepare examples of how you've used data analysis to resolve discrepancies or improve processes. Highlight any experience with Excel or other tools that helped you achieve results.
✨Build Relationships
Collaboration is key in this position. Think of instances where you've successfully built relationships with stakeholders, such as underwriters or brokers. Be prepared to discuss how you maintain these relationships to ensure smooth operations.
✨Understand Regulatory Requirements
Familiarise yourself with the regulatory landscape relevant to reinsurance and credit control. Be ready to explain how you've ensured compliance in past roles and how you would approach it in this new position.