Group Reinsurance Technician

Lancashire Insurance Group; Greater London; On-site; GBP 40,000 - 62,000; Full time

Job summary

Lancashire Insurance Group in London is seeking an experienced Reinsurance Operations professional to oversee recovery collections and post-placement duties for outward reinsurance programmes.

The role focuses on technical processing of recoveries, close processes, and accurate reporting. Candidates should have Lloyds experience, strong numeric skills, and proficiency in Excel/Word. LORS familiarity is advantageous.

Qualifications

• Sound reinsurance experience within a Lloyds Syndicate or Brokers.
• LIT (Lloyds Introductory Test) & LM1/LM2 preferred.
• Computer literate with working knowledge of Microsoft Excel and Word.

Responsibilities

• Oversee the reinsurance recovery collections processes to ensure professional and efficient handling across the Group.
• Assist in all post-placement duties for the outward reinsurance programme.
• Process reinsurance recoveries and related matters accurately and efficiently.
• Support monthly/quarterly/annual close processes as they relate to reinsurance recoveries.
• Issue collection notes and manage credit control for reinsurance recoveries.
• Produce Reinsurance reporting to reflect in-force policies accurately.
• Review and update processes and reporting within the system frameworks.

Skills

Reinsurance experience

LIT/LM1/LM2 preferred

Excel

Word

LORS understanding

Numeric skills

Teamwork

Deadline driven

Tools

LORS

Job 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.

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.

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.

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.

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.