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- Tasks: Lead and enhance operational processes in reinsurance administration.
- Company: Join a leading London Market Insurance company with a strong reputation.
- Benefits: Enjoy a dynamic work environment with opportunities for growth and development.
- Why this job: Be part of a high-performing team that values innovation and collaboration.
- Qualifications: 5+ years in (re)insurance, strong leadership, and regulatory compliance skills required.
- Other info: Flexible, team-oriented candidates with a knack for problem-solving will thrive here.
The predicted salary is between 48000 - 72000 £ per year.
Leading London Market Insurance company, actively looking for an experienced Reinsurance Operations Lead with strong technical skills for their London office. The role will lead the operational and administrative processes particularly in relation to ceded facultative reinsurance administration in UK Insurance Operations.
You will:
- Embed a high performing culture in the Insurance Operations team, steering the team vision, coaching, and developing staff, managing performance.
- Create and monitor the controls required to verify the completeness and accuracy of premium accounting entries in line with appropriate financial accounting standards including but not limited to Sarbanes-Oxley Financial Controls Disclosure Requirements.
- Be responsible for the provision of high-quality risk data to our reserving, pricing, and data functions in support of our data analytics objectives.
- As a natural problem solver, be a key contact for operational, underwriting, and reporting process and control improvements.
- Lead the redesign of business processes to ensure facultative reinsurance accounts and inwards insurance policy data are submitted in a timely fashion, considering appropriate financial controls, contractual terms and conditions, regulatory requirements, and internal business requirements and service level agreements.
- Interpret contract wording from inwards and facultative reinsurance certificates, binders, slips, declarations, bordereaux, and endorsements.
- Understand ceding hierarchy based upon the facultative reinsurance structure and layering provided by underwriting. In addition, interpret contract wording from the underlying insurance policy.
- Interpret facultative premium data to ensure proper allocation of facultative premium is recorded accurately in the financial sub-ledger.
- Ensure accuracy of data, including coordination of reconciliation of the facultative results with the Ceded Reinsurance Accounting to confirm that the facultative reinsurance results agree to the terms of the facultative reinsurance agreements purchased by underwriting.
- Act as liaison between Underwriting and Ceded Reinsurance Accounting for facultative reinsurance questions and inquiries from reinsurers and brokers.
What you’ll bring:
- Minimum 5 years’ experience in specialty or property and casualty (re)insurance.
- Experienced and confident team leader.
- Solid experience with Sarbanes-Oxley Financial Controls Disclosure Requirements and regulatory compliance.
- Excellent oral communication, written communication, and organizational skills.
- Candidate must be flexible; team-oriented and have strong administrative skills that include ability to prioritise and multi-task.
- Self-starter, able to manage and prioritize your workload.
- Ability to think independently and work effectively and collaboratively as part of the Insurance Operations function.
- Proficient in Microsoft Office 365.
- Working knowledge of key (re)insurance policy administration systems – particularly SAP Reinsurance Management (FS-RI), Genius, Guidewire Policycenter, and ImageRight document management (Preferred).
Reinsurance Operations Manager employer: Next Employment Ltd
Contact Detail:
Next Employment Ltd Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Reinsurance Operations Manager
✨Tip Number 1
Network with professionals in the reinsurance industry, especially those who work in London Market Insurance. Attend industry events or webinars to connect with potential colleagues and learn about the latest trends and challenges in the field.
✨Tip Number 2
Familiarise yourself with the specific software mentioned in the job description, such as SAP Reinsurance Management and Guidewire Policycenter. Consider taking online courses or tutorials to enhance your proficiency, as this will demonstrate your commitment and readiness for the role.
✨Tip Number 3
Prepare to discuss your experience with Sarbanes-Oxley Financial Controls and regulatory compliance during interviews. Be ready to provide examples of how you've implemented these controls in previous roles, showcasing your ability to maintain high standards in financial operations.
✨Tip Number 4
Highlight your leadership skills by sharing specific instances where you've successfully coached or developed team members. This will help illustrate your capability to embed a high-performing culture within the Insurance Operations team, which is a key aspect of the role.
We think you need these skills to ace Reinsurance Operations Manager
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in reinsurance operations, particularly focusing on your technical skills and leadership abilities. Use keywords from the job description to demonstrate your fit for the role.
Craft a Compelling Cover Letter: Write a cover letter that showcases your understanding of the role and the company. Mention specific experiences that align with the responsibilities listed, such as your familiarity with Sarbanes-Oxley requirements and your ability to lead teams.
Highlight Relevant Skills: In your application, emphasise your experience with financial controls, data analytics, and any specific software mentioned, like SAP Reinsurance Management or Guidewire Policycenter. This will show you have the necessary technical expertise.
Proofread Your Application: Before submitting, carefully proofread your CV and cover letter for any errors. Clear and professional communication is key, especially in a role that requires strong written skills.
How to prepare for a job interview at Next Employment Ltd
✨Showcase Your Technical Skills
Make sure to highlight your experience with Sarbanes-Oxley Financial Controls and any relevant regulatory compliance knowledge. Be prepared to discuss specific examples of how you've applied these skills in previous roles.
✨Demonstrate Leadership Experience
As a Reinsurance Operations Manager, you'll need to lead a team effectively. Share instances where you've successfully coached or developed staff, and how you fostered a high-performing culture within your team.
✨Prepare for Process Improvement Discussions
Be ready to talk about your experience with redesigning business processes. Think of examples where you've improved operational efficiency or enhanced data accuracy, particularly in relation to facultative reinsurance.
✨Communicate Clearly and Confidently
Strong communication skills are essential for this role. Practice articulating complex concepts clearly, especially when discussing contract wording and premium data allocation. This will demonstrate your ability to liaise effectively with underwriting and accounting teams.
