Lancashire Insurance Group
Group Reinsurance Technician
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Department: Reinsurance
Location: London
Description
Oversee the reinsurance recovery collections processes to ensure that they are handled in a professional and efficient manner across the Group. All aspects of the administration of all post placement duties for the outwards reinsurance programme. All aspects of the technical processing of reinsurance recoveries and related matters. To assist in all aspects of the monthly/quarterly/annual close processes as they relate to reinsurance and reinsurance recoveries. All aspects of the issuing of collection notes and for credit control as it relates to reinsurance recoveries. All aspects of Reinsurance reporting to ensure accurate and concise production to represent the Reinsurance policies in place. Review of current processes and procedures including system utilisation, to ensure that the department functions as expected and any relevant change or enhancement to the processes or reporting are captured and updated within the system frameworks.
Specific Responsibilities
Outwards Reinsurance – Post placement operations
- Assist with the administration of all reinsurance purchases including Facultative, Proportional and XOL contracts within all reporting platforms in a timely and accurate manner.
- Ensure that all documents are correctly saved into the relevant departmental share point locations.
- Production of collection/advice notes from first advice through to settlement, including reinstatement premiums and ensure all documents are issued in-line with departmental KPI’s.
- Production of Quota Share statements for both Syndicate and Company on a quarterly basis and ensure all documents are issued in-line with contractual terms and conditions.
- Monitor progress of outwards claims collections and attend regular broker catch ups.
- Liaise with claims teams, brokers, and underwriting teams with any queries holding up collections.
- Calculation of Premium adjustments and profit commissions in line with contractual obligations.
- Overview of the LORS processing of claims and reinstatement premiums, including reconciliation back to the finance transactions.
- Assist with Reinsurance LPSO suspense review to clear any unagreed balances via LORS.
- Regular reviews of aged debt and ensure that all balances are chased accordingly.
- Build relationships with brokers and other stakeholders involved with outwards operations.
- Assist with enquiries from finance on company balances and reconciliations.
- Adhere to company policies and procedures.
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Essential Skills & Requirements
- Sound Reinsurance experience within a Lloyds Syndicate or Brokers.
- LIT (Lloyds Introductory Test) & LM1/LM2 preferred.
- Computer literate.
- Working knowledge of Microsoft Excel and Word.
- LORS understanding would be an advantage.
- Numeric skills.
- Able to work on own initiative as well as within a team.
- Good time management skills.
- Be able to work to strict deadlines.
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The Lancashire Way
At Lancashire, we believe our culture sets us apart. The way we behave and approach our work day-to-day is what makes us unique and creates a positive experience for our people, business partners and other stakeholders. Honesty and integrity in all we do is a given and The Lancashire Way reflects our true character and spirit.
Straight-talking
We feel empowered to share thoughts and ideas, because everyone’s voice matters.
Collaborative
We work together towards common goals, share knowledge and support each other.
Hard-working
We all have a stake in the company’s success and are proactive in contributing to our goals and vision.
Responsible
We focus on achieving tangible results with consistent standards across the Group.
Positive
We engage with brokers, clients, communities, stakeholders and colleagues professionally and passionately as proud ambassadors of Lancashire.
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