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- Tasks: Manage reinsurance accounting and credit control, ensuring timely recovery of balances.
- Company: Join Tokio Marine HCC, a leading global specialty insurer with a commitment to innovation.
- Benefits: Enjoy a competitive salary, employee benefits, and opportunities for growth in a dynamic environment.
- Why this job: Be part of a collaborative team that values creativity and empowers its members to excel.
- Qualifications: Experience in insurance/reinsurance is essential; strong communication and analytical skills are a must.
- Other info: This is a full-time, permanent role with opportunities for professional development.
The predicted salary is between 30000 - 35000 £ per year.
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Job Title: Reinsurance Accounting Credit Controller
Reporting to: Reinsurance Accounting Credit Control Manager
Position Type: Full time, permanent
Overview
Why Tokio Marine HCC?
Standing still is not an option in the current world of Insurance. TMHCC are one of the world’s leading Specialty Insurers. With deep expertise in our chosen lines of business, our unparalleled track record and a solid balance sheet, TMHCC evaluates and manages risk like no one else in the industry. Looking beyond profit, empowering our people and delivering on our commitments are at the core of our customer values, and so is a desire to grow and provide creative and innovative solutions to our clients.
Job Purpose
The Reinsurance Accounting team is responsible for the post placement management and administration of the TMHCC International outwards reinsurance program. We engage with each Line of Business Underwriting team to understand their assumed portfolio and the reinsurance program purchased to enhance our service offering. We use our collective knowledge, experience and expertise to deliver value add service and proactive support on the handling and performance of each portfolio. Collaborative engagement with our external broker and carrier contacts enables the delivery of the contractual obligations and terms of trade by each party.
Establish RI Accounting as a key business partner across all Underwriting Line of Business and be accountable for managing trading relationships. Understand reinsurance contracts in outwards systems and monitor settlement of reinsurance premium to broker and carrier. Identification of reinsurance recoveries within reinsurance systems and facilitate cash collection and allocation, with consideration of Counterparty Management credit control opportunities. Program performance reporting with delivery of KPI metrics and engagement with key stakeholders, brokers, and clients across portfolio.
Key Responsibilities
The successful candidate will be expected to understand and manage the needs of key stakeholders; Brokers/Reinsurers, Underwriting team and Group Finance then demonstrate reinsurance knowledge and organisational acumen in order to deliver upon the RI Accounting remit.
- Ownership and accountability for credit control and counterparty management oversite of broker and reinsurers to ensure portfolio performance
- Review and evaluation of contract terms to ensure due dates are captured allowing timely recovery of reinsurance balances
- Manage and administer credit control opportunities across all reinsurance types purchased – facultative, proportional and non-proportional treaty
- Evaluation of actual vs estimated premium throughout life of contract to evaluate potential Premium Adjustments, Profit Commission & No Claims Bonus or Loss AP’s
- Liaise with RI Account Handlers, underwriting lines of business, claims, brokers and clients to resolve queries
- Utilise broker and client meetings to drive cash collection discuss broker and client payment performance
- Monthly reporting into Group Finance and back to underwriting team to seek agreement and understanding of all material movements
- Drive with delivery of KPI’s for International and London Market business across all lines of business and trading partners
- Compliance with the Finance month/quarter/year-end deadline requirements
- Knowledge sharing of portfolio handling across Reinsurance accounting team to ensure business continuity
- Supporting key departmental initiatives and projects such as change in core reinsurance systems, control and process enhancement and e admin development
- Aged Debt analysis to ensure reduction in > 90-day debt and prevention of further debt deterioration
- Portfolio analysis of reinsurer exposure, reinsurer and broker payment performance as well as program and line of business performance
- Delivery of team training on credit control and counterparty management practice and procedure
- Coordination of FP&A reporting adding insight and acumen to Reinsurance financials across actual/budget/forecast
- Understanding of Reinsurance Accounting activity on ledger and P&L
- Input in to Regulatory and reporting requirement delivery:
- Solvency II
- Schedule F
- PLR
- Ageing analysis and aged debt
Skills And Experience Specification
The successful candidate will require knowledge and experience gained through working for an Insurance/Reinsurance Syndicate, Company or Broker.
- Experience, knowledge and understanding of the Insurance/Reinsurance Market from a Lloyd’s, Company or broker market perspective
- Ability to learn and adapt in a dynamic environment
- Methodical approach to problem solving and decision making
- Customer focus and service mentality
- Self-motivated, can-do attitude and pro-active mindset
- Works well as part of a team and on individual tasks
- Focus on execution and timely delivery of quality outputs
- Strong verbal and written communication skills
- Strong computer skills – knowledge of Microsoft Excel Pivot Tables, V-Lookups, and MS PowerPoint
- Ability to influence and guide self and others to reach and maintain a Best in Class reinsurance team
- Work collaboratively across RI Accounting, Finance and key Underwriting stakeholders to achieve common goals
What We Offer
The Tokio Marine HCC Group of Companies offers a competitive salary and employee benefit package. We are a successful, dynamic organization experiencing rapid growth and are seeking energetic and confident individuals to join our team of professionals.
The Tokio Marine HCC Group of companies is an equal opportunity employer. Please visit www.tmhcc.com for more information about our companies.
Seniority level
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Seniority level
Mid-Senior level
Employment type
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Employment type
Full-time
Job function
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Job function
Accounting/Auditing and Finance
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Industries
Insurance
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Reinsurance Credit Controller employer: Tokio Marine HCC International
Contact Detail:
Tokio Marine HCC International Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Reinsurance Credit Controller
✨Tip Number 1
Familiarise yourself with the specific reinsurance products and services offered by Tokio Marine HCC. Understanding their unique offerings will help you engage in meaningful conversations during interviews and demonstrate your genuine interest in the company.
✨Tip Number 2
Network with professionals in the insurance and reinsurance sectors, especially those who have experience with Tokio Marine HCC. Attend industry events or join relevant online forums to build connections that could provide insights or referrals for your application.
✨Tip Number 3
Brush up on your knowledge of credit control processes and reinsurance accounting principles. Being able to discuss these topics confidently will set you apart from other candidates and show that you're well-prepared for the role.
✨Tip Number 4
Prepare questions that reflect your understanding of the role and the company's goals. Asking insightful questions during your interview can demonstrate your proactive mindset and eagerness to contribute to the team.
We think you need these skills to ace Reinsurance Credit Controller
Some tips for your application 🫡
Understand the Role: Before applying, make sure you thoroughly understand the responsibilities and requirements of the Reinsurance Credit Controller position. Tailor your application to highlight relevant experience and skills that align with the job description.
Craft a Strong CV: Your CV should clearly outline your experience in insurance or reinsurance, particularly any roles related to credit control. Use bullet points to detail your achievements and responsibilities in previous positions, focusing on metrics where possible.
Write a Compelling Cover Letter: In your cover letter, express your enthusiasm for the role and the company. Mention specific aspects of Tokio Marine HCC that attract you, and explain how your background makes you a great fit for their team.
Proofread Your Application: Before submitting, carefully proofread your CV and cover letter for any spelling or grammatical errors. A polished application reflects your attention to detail, which is crucial for a role in accounting and finance.
How to prepare for a job interview at Tokio Marine HCC International
✨Understand Reinsurance Fundamentals
Make sure you have a solid grasp of reinsurance concepts and terminology. Familiarise yourself with different types of reinsurance, such as facultative and treaty, as well as the specific responsibilities of a Reinsurance Credit Controller.
✨Showcase Your Analytical Skills
Prepare to discuss your experience with data analysis and financial reporting. Highlight any tools or software you've used, especially Excel, and be ready to explain how you've applied these skills in previous roles to manage credit control effectively.
✨Demonstrate Stakeholder Engagement
Be prepared to talk about your experience working with various stakeholders, such as brokers and underwriting teams. Share examples of how you've successfully managed relationships and resolved conflicts to ensure smooth operations.
✨Prepare for Scenario-Based Questions
Expect questions that assess your problem-solving abilities in real-world scenarios. Think of examples where you've had to make decisions under pressure or handle complex credit control issues, and be ready to discuss your thought process.
