IBA Techncial Accountant

Munich Re; Greater London; Hybrid; GBP 40,000 - 55,000; Full time

Job summary

A leading company in the insurance sector is seeking a Technical Accountant to join their IBA Team in London. The role involves ensuring quality assurance of bordereaux production, credit control, and resolving technical queries. The ideal candidate will have a background in accounting or insurance, with strong attention to detail and proficiency in Excel. This position offers a hybrid working model, competitive salary, and opportunities for professional development.

Benefits

Private medical insurance

Digital GP service

Annual allowance for health activities

Flexible working hours

Professional qualification support

Generous family leave policy

Qualifications

• Experience in producing and quality assuring bordereaux data.
• Working knowledge of client money rules.
• Experience in technical data processing role in Accounting and/or Claims.

Responsibilities

• Ensure quality assured bordereaux production and remittance statements.
• Monitor and resolve differences in ledgers.
• Timely collection of insurance premiums and management of claims payments.

Skills

Attention to Detail

Multitasking

Proactivity

Education

Relevant qualifications in Accounting or Insurance

Tools

Excel

Job description

We are specialists in offering expertise in underwriting, broking and capacity management for US Excess and Surplus (E&S) lines insurance solutions. The unique combination of broking and underwriting divisions provides the ability to quote and bind risks through inhouse binding authorities, while providing customers with access to Lloyd’s, London Market companies, and Munich Re owned capacity in Germany and the US.

Based in London, the IBA Team currently consists of 5 members and part of the Finance Department. The main responsibility of the team is the quality assurance of captured premiums and claims, production of bordereaux’s, credit control and resolving reconciliation items by closely working with clients, the UW, Claims and Data functions. Further, the team ensures client money procedures following the Client Asset Sourcebook (CASS) rules. In addition, the team is tasked with providing transparency about aged debt and unallocated cash items and assessment of the coverholders and third party administrators reporting performance.

General Duties and Responsibilities

Technical Accountant – Responsibility

Ensure quality assured bordereaux production and remittance statements. Monitor, follow up and resolve differences and maintain accurate coverholder, risk carrier & third party administrator ledgers. Ensure timely collection of insurance premiums and management of claims payments by liaising with all stakeholders (External: Brokers, Coverholders, Third party administrators, Risk carriers. Internal: Claims, UW and Technical operation functions).

Key Tasks Include:

Credit Control

• Monthly review of aged debt report & unallocated cash
• Settling credit balances to clients
• Approving items for payment to underwriters
• Initiating payments to Underwriters
• Production, approval and remittance of statements

Resolving Technical Queries

• Resolving premium/claim differences
• Reviewing bordereaux files to resolve any commission, premium and claims differences.
• Providing point of call for Brokers/Coverholders/Underwriters

Reconciliation and Processing of Monthly Coverholder Bordereaux Data

• Ensure timely production and checking of bordereaux data prior to submission to various data bases.
• Liaising with the Data team to ensure data requirements are met.
• Liaising with Clients to ensure any errors in data are corrected.
• Log, process and export monthly Coverholder Bordereaux.
• Support IBA Team & Finance members with queries, projects
• Providing cover for Team members as required
• Participating in projects in agreement with the Head of IBA Team.
• Contribute to maintain and strengthen B&C culture

Other Duties and Responsibilities:

• To embrace and actively implement the core principles of Continuous Conversations (Commitments, Feedback and Development) as part of daily activities and with other colleagues.
• Take ownership of and make personal and professional development a priority as part of Continuous Conversations.
• In line with Continuous Conversations, establish and achieve development aspirations and needs through the setting of commitments and giving and receiving frequent, constructive feedback (referring to resources provided for support).
• To abide by the policies and procedures of Bell & Clements Ltd.

Desired Skills and Experience

• General office experience, particularly in an administrative or support role
• Background in producing and quality assuring of bordereaux data with an eye for details
• Experience with technical data processing role in Accounting and/or Claims
• Working knowledge of client money rules.
• High proficiency in Excel, incl. complex formula, pivot tables etc. and a keen interest in further advancing these skills
• Ability to prioritise, multitask, work under pressure, and meet deadlines.
• A desire to expand into data analytics, leveraging tools and techniques improve processes and drive insights
• Eager to develop beyond traditional accounting duties
• A proactive contributor who demonstrates initiative
• Comfortable interfacing with various teams and external stakeholders
• General office experience or specific exposure to the insurance industry would be an advantage.
• Exposure to the insurance industry, either through work experience or education, is highly desirable
• Relevant qualifications in Accounting or Insurance (e.g. CII, ACII, ACA, ACCA) (desirable)

This position is offered on a Permanent basis. Annual salary will be dependent on the skills and experience of the successful candidate. Annual leave - 25 days per year (plus bank holidays), increases with length of service. Health & Wellbeing – our offering includes private medical insurance for employees, their partners and their families, a Digital GP service and an annual allowance (currently £550) any activities which supports health and wellbeing. Hybrid and remote working – to support your work balance we have introduced hybrid working. You will be provided with support to work from home up to a maximum of three days per week. Flexible working hours – the opportunity to flex your working hours. Professional Qualification Support – (discretionary) financial support covering the cost of professional qualifications, including institute membership, exams, study materials and completion bonuses. Generous gender-neutral family leave policy - employees with 26 weeks’ continuous service at the Expected Week of Childbirth are eligible to receive 26 weeks full pay. Team fun – warm and social culture with regular get togethers.

Bell and Clements is an equal opportunities employer and positively encourages applications from suitably qualified and eligible candidates regardless of sex, race, disability, age, sexual orientation, transgender status, religion or belief, marital status, or parental status.

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.