Insurance Broking Accounts Technician (FTC)

BMS Group; Greater London; Hybrid; GBP 80,000 - 100,000; Full time

Job summary

A leading insurance firm is looking for an IBA Technician for a 12-month fixed-term contract. This hybrid role involves managing accounting functions within the IBA Team, ensuring compliance with company procedures, and performing tasks related to premium receipts and claim payments. The ideal candidate will have experience in the insurance industry, strong knowledge of accounting processes, and proficiency in MS Word and Excel. This position also requires effective communication and organizational skills.

Qualifications

• Prior experience in a similar role within the insurance industry.
• Knowledge of Eclipse/Sequel systems would be beneficial.
• Familiarity with insurance accounting processes including premiums and claims.

Responsibilities

• Process and allocate premium receipts and claims as per company procedures.
• Maintain records daily according to departmental standards.
• Monitor and manage client money transactions effectively.

Skills

Insurance industry experience

Knowledge of Eclipse/Sequel

Knowledge of market systems (IMR, CLASS)

Insurance accounting processes

Strong communication skills

Technical knowledge

Understanding of FCA requirements

MS Word & Excel proficiency

Strong organizational skills

Job description

Position Title: IBA Technician – Fixed Term Contract (12 months)

Reports to: Senior Account Handler, Insurance Accounts

Location: London (Hybrid working)

Summary of Position:

Manage the LPSO Bureau accounting function within the IBA Team to support functions for BMS Group UK according to departmental procedures and service level agreements.

Key Responsibilities & Accountabilities:

• Responsible for processing and allocating premium receipts, claim payments, and refunds in accordance with company procedures and market standards
• Query unmatched signing with Business Unit Technicians on day of receipt & follow up until resolved
• Extract and review de-linked signings monthly to ensure underwriter settlements are kept up to date
• File & maintain records daily according to departmental standards
• Build & maintain relationships with internal clients
• Undertaking tasks & responsibilities on the multi-currency, multi company IBA ledger
• Responsible for monitoring & managing client money transactions on a day-to-day basis, maintaining accurate balances and ensuring transactions are recorded promptly.
• Day to day management/monitoring of credit risk, funding, unallocated cash, un-forwarded balances and unrealised Brokerage
• Liaise with Business Technicians in meetings as necessary
• Adhere to company and regulatory policies, procedures together with mandatory training requirements
• Adhere to financial reporting requirements including monthly phasing of income

The above list is not exhaustive and the job holder may be required to carry out other job functions which the company believes are within their capability.

Functional & Behavioural Competencies required:

• Prior experience in a similar role gained within the Insurance industry
• Knowledge of Eclipse/Sequel would be beneficial
• Knowledge of market systems to include IMR and CLASS
• Knowledge of insurance accounting processes is ideal (premiums, claims, closings, settlements).
• Communicates clearly and effectively both verbally and in writing
• Wide range of technical knowledge
• Understanding of the FCA and their requirements
• Strong working knowledge of MS Word & Excel
• Ability to produce accurate and complete documentation consistently
• Ability to effectively contribute to the team and interact with others
• Strong organisational skills

Personally demonstrate the five BMS values and ensure that team members are aligned with these:

1. Accountable
2. Entrepreneurial
3. Collaborative
4. Empowering
5. Disciplined