At a Glance
- Tasks: Manage cash and debt, ensuring timely settlements and accurate reporting.
- Company: Dynamic reinsurance firm in the heart of London.
- Benefits: Competitive salary, career growth, and a collaborative work environment.
- Other info: Opportunity to work with industry experts and enhance your professional skills.
- Why this job: Join a team that drives financial efficiency and builds key relationships.
- Qualifications: Experience in accounting, strong analytical skills, and proficiency in Excel.
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 distribute 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.
- Root 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 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, ensuring confident and accurate resolution/implementation.
- Adherence to all relevant regulatory requirements forms part of your role, demonstrating behaviours as set out in the Conduct Risk Policy, 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 employer: Liberty Specialty Markets
As a Reinsurance Credit Controller in our London office, you will thrive in a dynamic and supportive work culture that prioritises collaboration and professional growth. We offer competitive benefits, including opportunities for continuous learning and development, while fostering strong relationships across teams to ensure your contributions are valued and impactful. Join us to be part of a forward-thinking organisation committed to excellence and integrity in the reinsurance sector.
StudySmarter Expert Advice🤫
We think this is how you could land Reinsurance Credit Controller
✨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 contribute to their goals. We want to see you shine!
✨Tip Number 3
Practice your responses to common interview questions, especially those related to data analysis and stakeholder management. The more comfortable you are, the better you'll perform when it counts!
✨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 take the initiative to connect directly with us.
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, especially in accounting and data processing, and don’t forget to mention any specific knowledge of the European and London Market.
Craft a Compelling Cover Letter:Your cover letter should tell us why you’re the perfect fit for this role. Use it to showcase your analytical skills and your ability to manage relationships with stakeholders. Be sure to mention your experience with cash management and debt reduction!
Show Off Your Skills:We want to see your proficiency in MS Office, particularly Excel. If you have experience with XIS or Syndicate, make sure to highlight that too! Include examples of how you've used these skills in previous roles to achieve results.
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. Plus, it shows you’re keen on joining our team at StudySmarter!
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 accounting skills and be ready to discuss how you've managed cash flow and debt in previous roles. Be prepared to share specific examples of reports you've produced or analyses you've conducted.
✨Build Relationships
This role involves liaising with various stakeholders like Underwriters and Brokers. Think about how you’ve successfully built relationships in the past. Have a couple of anecdotes ready that showcase your ability to collaborate and resolve issues effectively.
✨Showcase Your Analytical Skills
Analytical skills are crucial for this position. Prepare to discuss how you've approached data quality analysis and reconciliations. Bring examples of how your analytical mindset has led to improvements in processes or outcomes in your previous jobs.
✨Be Ready for Scenario Questions
Expect questions that put you in hypothetical situations related to aged debt management or cash allocation. Practice articulating your thought process and decision-making strategies. This will demonstrate your problem-solving abilities and how you handle pressure.
