Due to its entrepreneurial culture, coupled with the fact it is the largest independent broker on the planet (with revenues approaching to £2Bn), our client is much nimbler than competing globals. Its Reinsurance Division combines ground-breaking, highly sophisticated technology, with appointing the most talented personnel in the market, empowering them to achieve unrivaled results.
As a result of this approach, the need has arisen for an additional IBA Technician to join the Reinsurance Division’s Risk Processing Team.
This is an exciting and diverse dual-purpose role that incorporates both an IBA Reconciliations Technician function, involving reconciling bureau signings with relevant transactions and releasing/collecting funds from bureau markets, and also Analyst duties, working with the business to propose new ideas and efficiencies to help optimise the IBA bureau process.
Key Tasks & Responsibilities:
Carry out general IBA functionalities ensuring payments are settled promptly
Reconciliation of transactions and bureau signings
Ensuring the release of collected/due funds
Prepare, monitor and chase auto and manual statements
Monitor reports around the impact and potential solutions that prevent financial impact
Propose and assist in the development of electronic methods and system enhancements
Work with the business to improve processes and practices
Provide training to the business to improve performance
Attend regular review meetings with the business
Comply with internal procedures and external regulatory requirements and escalate issues to management.
Provide cover to other team members and ad hoc duties when requested by management.
Effective and speedy Market accounting payment cycles and resulting cash flow
Ensure payments to and from clients are managed effectively, on time and accurately
Maintain effective working relationships with all staff to ensure the best possible environment for client service.
Work to ensure all activities undertaken on behalf are compliant with internal standards and procedures and our regulatory obligations. Monitoring and resolution to issues and queries is essential.
Ensure proficiency with all IT systems, specifically Open TWINS as the core servicing platform
Build partnership service relationships with defined clients, business units and regions
Develop team knowledge of all aspects of the current and future deliverables
Define, and implement clear instructions, controls and procedures.
Candidate Profile
A good understanding of the general and legal principles applicable to insurance in particular FCA client money rules.
An understanding of the workings of the London bureaux
Ability to compile, analyse and interpret information and data to facilitate decision making
Analytical and problem-solving skills, including research and investigation
Keenness to understand problems, and able to propose appropriate solutions that add value to the process
Able to use knowledge tools and the knowledge and skills of those around them to develop understanding
Ability to build and maintain good business relationships with the business, insurers and associates.
Ability to communicate effectively and professionally both verbally and in writing with stakeholders
Ability to manage time, prioritise and ensure that deadlines are met without compromising quality.
Effective delegation as appropriate.
Excellent presentation skills in both preparation and execution.
Personal presence to interface with management of other businesses, insurers and other third party providers, representing the company in the highest professional manner.
Shows a flexible approach to change.
Ability to achieve set individual and team goals and objectives.
Adopts right first time approach.
Professional and tactful negotiation and persuasion skills to achieve objectives.
Work in support of other team colleagues.
In return, you will receive a generous basic salary that is likely to be £35-40K, but with potential to go higher for truly outstanding candidates. You will also benefit from a superb benefits package and a myriad of professional and development opportunities.
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General Insurance & Financial Services Recruitment