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For Companies At a Glance
- Tasks: Manage debt, collections, and cash allocation while collaborating with various teams.
- Company: Join Beazley, a leading insurance company known for its professionalism and integrity.
- Benefits: Enjoy flexible working with 2 days in the Birmingham office and opportunities for professional growth.
- Why this job: Be part of a dynamic team that values innovation and continuous improvement in finance.
- Qualifications: Fluent French speaker with A-level education and experience in credit control.
- Other info: Ideal for self-motivated individuals eager to make an impact in a collaborative environment.
The predicted salary is between 30000 - 42000 £ per year.
Location: Birmingham office - 2 days PW
Key Relationships
- Internal: Underwriting, Claims, Finance, UK & RoW Operations teams, Digital Operations teams, Digital Services Team, IT, Agresso Support, AR Support team and Broker Relations
- External: Brokers, 3rd Party service providers and external credit controllers
Job Summary
Ownership of open debt, collections and cash allocation including:
- Daily credit control processing;
- Business partnering with operations underwriting and business teams;
- Managing relationships with the brokers, underwriting and the business;
- Daily data validation, reconciliation and analysis;
- Monthly processing, controls & reporting;
- Monthly reconciliations / financial accounting;
- Continuous improvement of the credit control function;
Key Responsibilities
- Daily credit control technical processing;
- Debt collection activity in line with Beazley collection strategies (Dunning cycle).
- Allocation of daily and legacy unallocated cash against open debt items.
- Supporting cash allocation by chasing brokers for missing payment details/remittances and chasing UCO & Underwriters for missing policy booking.
- Optimise auto cash allocation through root cause analysis of cash blockers.
- Assist with facilitating DD collections, rejections and reconciliation liaising with brokers as required.
- Identify open items to escalate into cancellation process.
- Calculation and preparation of refund, commission and legal fee payments;
- Business partnering with operations, underwriting and business teams;
- Proactive debt management by UW division and broker.
- Work with the business to provide finance insight to collections and cash activity.
- Provide MI on aged debt, unallocated cash and collections patterns.
- Work with operational teams to align operational metrics to finance metrics.
- Assist with product implementations, migrations and system developments providing finance input to process and system requirements, and testing.
- Identify and raise data quality issues, customer facing pain points, broker behaviour trends.
- Collaborate with Broker relations to optimise broker experience.
- Managing relationships with the brokers, underwriters and the business;
- Liaison with Beazley underwriters, Claims and Finance staff as appropriate to resolve account queries.
- Managing internal / external payment queries and escalating as appropriate to ensure service levels are met.
- Provide professional service to brokers and other external partners in all interactions.
- Provide business divisions with a monthly aged debt summary for use in the renewals process.
- Daily data validation, reconciliation and analysis;
- Review daily premium data including E2E Rec and liaise with IT and operations teams to resolve data quality issues.
- Review policy feeds for inappropriate due dates and raise with operations team for immediate correction.
- Review and reconcile bank data to Agresso or cash allocation excel.
- Manage internal transfer/payments process including identifying and generating payment requests.
- Analyse cash collection and allocation trends.
- Monthly processing, controls & reporting;
- Payment and management of Broker DD commission and ad hoc cash from customer commissions.
- Management, tracking and oversight of cancellation process.
- Support monthly reporting of cumulative unallocated cash by entity, broker and status.
- Support monthly reporting of open debt - top 20 items and trends.
- Effectively communicate and report progress and escalate issues as required to senior management.
- Support six monthly debt recoverability reviews across entity and market.
- Monthly reconciliations / financial accounting;
- Monthly bank, debtor, UAC, transfer account reconciliations highlighting and recording transaction movements.
- Continuous improvement of the credit control function;
- Ensure that appropriate standards are established and complied with.
- Ensure all processes and controls are fully documented and up to date.
- Use business knowledge and understanding of credit control processes to propose improvements.
- Support new functionality and User Acceptance Testing (UAT) as required.
General
- Develop meaningful and strong working relationships with brokers and key stakeholders.
- Adopt the Beazley culture of Professionalism, Integrity, Effectiveness and Dynamic attitude.
- Comply with Beazley procedures, policies and regulations relevant to your role.
- Ensure that you uphold the Beazley principle of Treating Customers Fairly and Conduct.
- Carry out additional responsibilities as individually notified.
- Discipline, within the Beazley Group guidelines, members of staff contravening regulations.
Personal Specification
- Education and Qualifications
- General accounting knowledge.
- Educated to A level or equivalent.
- CICM/AAT/ACCA/CIMA qualified advantageous.
Skills and Abilities
- Fluent French speaker.
- The ability to manage time, meet deadlines and prioritise.
- Advanced analytical analysis and data manipulation skills are essential.
- Ability to review, validate and reconcile data between multiple systems is essential.
- Strong accounting and finance control skills are essential.
- Strong presentation skills are essential.
- Accurate and numerate, attention to detail.
- Excellent communicator, able to communicate effectively both verbally and in writing.
- Self motivated, able to work on own initiative.
- Strong computer skills.
Knowledge and Experience
- Experience credit control collections and cash allocations essential.
- Experience of process / system improvement in a Finance team is essential.
- Experience of working in a Lloyds/general insurance environment is desirable.
- Familiar with accounting principles.
- Advanced knowledge of Excel.
Aptitude and Disposition
- Outcome focused; self motivated and enthusiastic.
- Professional approach to successfully interact with internal service company staff as well as external contacts.
- Ability and willingness to roll up sleeves and get involved in detail.
Competencies
- Concern for quality, Relationship builder, teamwork, good communicator, attention to detail, Initiative, business awareness, advocate for change, problem solver.
Accounts Receivables Specialist employer: myGwork - LGBTQ+ Business Community
Contact Detail:
myGwork - LGBTQ+ Business Community Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Accounts Receivables Specialist
✨Tip Number 1
Familiarise yourself with the specific credit control processes and systems used in the insurance industry. Understanding how these systems work will give you an edge during interviews, as you'll be able to discuss relevant experiences and suggest improvements.
✨Tip Number 2
Network with professionals in the finance and insurance sectors, especially those who have experience in accounts receivables. Engaging with them on platforms like LinkedIn can provide insights into the role and may even lead to referrals.
✨Tip Number 3
Brush up on your French language skills, as fluency is a requirement for this position. Consider practicing with native speakers or using language exchange apps to enhance your communication abilities.
✨Tip Number 4
Prepare to discuss your analytical skills and how you've used data to drive decisions in previous roles. Be ready to share specific examples of how you've improved processes or resolved issues related to cash allocation and debt management.
We think you need these skills to ace Accounts Receivables Specialist
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in credit control, collections, and cash allocation. Use specific examples that demonstrate your analytical skills and ability to manage relationships with brokers and internal teams.
Craft a Compelling Cover Letter: In your cover letter, express your enthusiasm for the role and the company. Mention your fluency in French and how it will benefit the team. Discuss your experience in process improvement and how you can contribute to the continuous improvement of the credit control function.
Highlight Relevant Skills: Emphasise your advanced analytical skills, attention to detail, and strong communication abilities. Provide examples of how you've successfully managed time and prioritised tasks in previous roles, especially in finance or credit control.
Proofread Your Application: Before submitting, carefully proofread your CV and cover letter for any spelling or grammatical errors. A polished application reflects your professionalism and attention to detail, which are crucial for this role.
How to prepare for a job interview at myGwork - LGBTQ+ Business Community
✨Showcase Your Analytical Skills
As an Accounts Receivable Specialist, you'll need strong analytical abilities. Be prepared to discuss specific examples of how you've used data analysis in previous roles, especially in credit control or cash allocation.
✨Demonstrate Your Communication Skills
Effective communication is key in this role, particularly when liaising with brokers and internal teams. Practice articulating your thoughts clearly and confidently, and be ready to provide examples of how you've successfully managed relationships in the past.
✨Highlight Your Attention to Detail
This position requires a keen eye for detail, especially when it comes to data validation and reconciliation. Prepare to discuss how you ensure accuracy in your work and any processes you follow to minimise errors.
✨Prepare for Scenario-Based Questions
Expect questions that assess your problem-solving skills and ability to handle challenging situations. Think of scenarios where you've had to resolve payment disputes or improve processes, and be ready to explain your approach and the outcomes.
