This position is responsible for a wide range of functions related to the (i) administration of reinsurance agreements, including reinsurance settlements, accounting, reconciliation, and financial reporting and (ii) reinsurance system implementation, including developing specifications, test plans and performing UAT.
1. Prepare periodic reinsurance settlements by compiling data from the ledger, direct administration systems, the reinsurance data mart, valuations and various other internal sources
2. Assist with monthly financial reporting, such as booking accounting entries, setting up wire transfers in TWS and balance sheet certifications. Ensure overall governance and highlight/escalate potential issue.
3. Assist with the analysis of current and historical financial results for reinsurance business design and prepare reports/studies that will enhance the analysis. Answer issue based queries to Reinsurance Controllers relating to analytics
4 Compare Reinsurance claims to Direct claims and Reinsurance reserve requirements
5. Assist with the implementation of new treaties in the ERDR system
6. Prepare Annual DAC Tax computation for Tax department and DAC tax letters for reinsurers.
7 Perform research relating to queries raised by reinsurers, auditors, etc. and assist with preparing timely responses
8. Prepare internal MIS and analytics relating to reinsurance Inquiries highlighting resource utilization and turnaround time and provide tracking of audits (Reinsurance, D&T, SOX, and State side)
9. Assist in preparation of Management reports.
10. Prepare periodic reinsurance settlements by compiling data from the ledger, direct administration systems, the reinsurance data mart, valuations and various other internal sources
11. Assist with the analysis of current and historical financial results for reinsurance business design and prepare reports/studies that will enhance the analysis. Answer issue based queries to Reinsurance Controllers relating to analytics.
12. Review work performed by Accounts Associates and bring value addition in the process using lean and other Six sigma tools.Knowledge, Skills and AbilitiesEducation
- Bachelor's degree, preferably in finance or accounting and an experience of 5-7 years in industry of same domain.
- Preferably MBA Finance/ M.com/CA Inter with at least 4-5 years of experience.
- CAwith 0-4 years of experience.
Knowledge and skills
- Minimum 1 year experience as AM/TL is required in related field
- Overall experience of 5-7 years in similar industry and related profile is required
- Experience in Accounting, Treaty administration, knowledge of GAAP/STAT accounts and closing and reporting related activities.
- Should possess experience in handling end to end month end activities ranging from booking of accruals, processing payments through Wire etc.
- Investigate, resolve and reconcile outstanding balances and items.
(general and technical)
Ensure closure of all month-end activities within stipulated time with 100% accuracy. Understand the complexities involved in treaty settlement and captive reporting and ensure seamless submission of reporting templates to different stakeholders. Should be proficient in Microsoft office tools. Ensure that the assigned targets are met in accordance with SLA and Internal standards. Ensure that the quality of transaction is in compliance with predefined parameters as defined by Process Excellence. Research & Analytical skill is required.
- Good computer navigation skills, ability to work with multiple mainframe and web-based systems
- Strong PC skills, knowledge of Microsoft Office, with exceptional strength in Excel and Access
- Excellent analytical skills, with an ability to research and resolve complex problems
- Life insurance accounting/finance experience strongly preferred
- Reinsurance administration experience preferred but not required
- Experience with systems implementation/corrections/enhancements
- Proficiency in English
- Experience reading and interpreting business documents and contracts
- Strong interpersonal, communication and relationship building skills
- Data gathering ability/ attention to detail
- Ability to work in a team environment with minimal supervision
- Ability to work successfully in fast paced, production driven environment with tight deadlines
- Adaptable to change
- Should possess excellent follow-up and co-ordination ability as process involves daily unstructured and complex interaction with state-side partners and external reinsurers.
Skills: Reinsurance, Accounting, Data Gathering, Attention To Detail, Gaap, Financial Reporting, Contracts, Research, Excel, Analytical Skills, Relationship Building, Microsoft Office, Access, Communication, English, Interpersonal, Fast Paced
Experience: 1.00-5.00 Years