At a Glance
- Tasks: Manage cash and debt, produce reports, and collaborate with teams to reduce overdue premiums.
- Company: Dynamic reinsurance firm in London focused on innovation and efficiency.
- Benefits: Competitive salary, career growth, and a supportive work environment.
- Other info: Opportunity to work with diverse teams and enhance your professional skills.
- Why this job: Join a team that values relationships and drives financial success in the reinsurance sector.
- Qualifications: Relevant accounting experience and strong analytical skills required.
The predicted salary is between 40000 - 50000 £ per year.
About the Department & Team:
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.
- Liaising 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.
Skills and Experience:
- Relevant accounting experience, preferably reinsurance accounting with knowledge of both European and London Market.
- Excellent data processing skills.
- 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 in London employer: Liberty Specialty Markets
As a Reinsurance Credit Controller in London, you will thrive in a dynamic and collaborative work environment that prioritises employee growth and development. Our company offers competitive benefits, a strong focus on work-life balance, and opportunities to engage with key stakeholders across various departments, ensuring that your contributions are valued and impactful. Join us to be part of a team that champions innovation and efficiency while fostering meaningful relationships within the reinsurance sector.
StudySmarter Expert Advice🤫
We think this is how you could land Reinsurance Credit Controller in London
✨Tip Number 1
Networking is key! Reach out to professionals in the reinsurance industry on LinkedIn or at local events. Building relationships can open doors and give you insights into job opportunities that aren't advertised.
✨Tip Number 2
Prepare for interviews by researching the company and understanding their operations. Be ready to discuss how your skills in cash management and debt reduction can benefit their team. We want to see you shine!
✨Tip Number 3
Practice your responses to common interview questions, especially those related to credit control and stakeholder management. We recommend doing mock interviews with friends or using online resources to boost your confidence.
✨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 about their job search.
We think you need these skills to ace Reinsurance Credit Controller in London
Some tips for your application 🫡
Tailor Your CV:Make sure your CV is tailored to the Reinsurance Credit Controller role. Highlight relevant experience, especially in cash management and debt reduction, and don’t forget to showcase your analytical skills!
Craft a Compelling Cover Letter:Your cover letter is your chance to shine! Use it to explain why you’re the perfect fit for our team. Mention specific experiences that relate to the job description and show us your enthusiasm for the role.
Showcase Your Skills:We want to see your data processing skills in action! If you have experience with MS Office, particularly Excel, make sure to highlight that. Any experience with XIS or Syndicate? Definitely mention it!
Apply Through Our Website:Don’t forget to apply through our website! It’s the best way for us to receive your application and ensures you’re considered for the role. We can’t wait to see what you bring to the table!
How to prepare for a job interview at Liberty Specialty Markets
✨Know Your Numbers
As a Reinsurance Credit Controller, you'll be dealing with a lot of data. Brush up on your financial metrics and reporting skills. Be ready to discuss how you've managed cash flow or reduced bad debt in previous roles. This shows you understand the core responsibilities of the job.
✨Build Relationships
This role involves liaising with various stakeholders like Underwriters and Brokers. Prepare examples of how you've successfully built and maintained professional relationships in the past. Highlight your communication skills and how they helped resolve issues or improve processes.
✨Showcase Your Analytical Skills
You'll need strong analytical skills for this position. Be prepared to discuss specific instances where you've used data analysis to drive decisions or improvements. Bring examples of reports you've created or discrepancies you've resolved to demonstrate your expertise.
✨Understand Regulatory Requirements
Familiarise yourself with relevant regulatory requirements, especially those related to credit control and reinsurance. During the interview, express your understanding of these regulations and how you've ensured compliance in your previous roles. This will show that you're not just technically skilled but also aware of the broader implications of your work.
