Hiring for our client in Insurance domain

Position Title: Deputy Manager / Manager, Insurance Broker Accounting

Location: Gurugram, Noida

What you’ll be doing:

As part of the Insurance Broker Accounting team your roles and responsibilities will include but not be limited to the following:

• Lead and mentor a team/s of IBA professionals, providing guidance and support to ensure high performance and professional development.
• Provide consultation and support in the design, evaluation, and implementation of IBA procedures.
• Provide leadership for IBA operation, ensuring targets are met with quality output within defined turnaround times by having a thorough understanding of London Insurance Market concepts.
• Serve as a business unit technical subject matter expert for IBA systems and applications, including internal data extractions and analysis.
• Solution oriented approach to proactively address issues with clients.
• Prepare, monitor, and analyze various business-enabling reports like AR Aging, Funds in suspense, Write-off, etc., and provide periodical close period support.
• Some of the process activities would include:

1. Bank Reconciliation
2. Release Bureau signings from CASA portal for payments and returns/claims
3. Prepare Cash Receipts and Payment reports to monitor pending actions.
4. Application of cash against transactions for which client or UWR has paid the funds.
5. BSM matching
6. Create daily cash report to check for any unallocated cash.
7. Client Money Calculation
8. Currency Deal
9. Update and send the Funding Report with necessary actions
10. Collect the claims from the Underwriters/ Markets and settle the claim to the client.
11. Payment of Premium balances collected from the client to be paid to the underwriters.
12. Payment authorization with proper approvals.
13. Clearing Contra entries with null effect.
14. Intercompany payment and reconciliations between different business entities.
15. Evaluating the complete ledger for an underwriter/third party/Client to ensure that no items are pending for action.
16. Review PPC/PPW transactions and follow-up with client and track progress.
17. Sanctions review control

• Deliver on the IBA mandates including Key Performance Indicators & Quality Parameters to efficiently handle/accelerate Cash in the books.
• Manage new process transitions and efficiently stabilizing the operational metrics.
• Collaborate with clients and internal stakeholders to resolve premium variances and highlighted issues.
• Drive process improvement initiatives.
• Review procedure manuals, ensuring that processes are documented accurately, and documentation is kept current.
• Exceeding service and quality levels agreed with process Service Level Agreements.
• Customer feedback management, ensuring satisfaction
• Working with different stakeholders on ad-hoc projects and automation/tool development.
• Ensuring that processes are documented accurately, and documentation is kept current.
• Training need identification and execution of process training. Knowledge management deployment – Ensure that all processes follow and maintain the various essential tools – updates tracker, query tracker etc.
• Plan and execute monthly refresher training and Process knowledge test.
• Perform user-acceptance testing.
• Judicious hiring to avoid revenue leakage.
• Selection and up skilling of team members to enable them to perform their roles effectively.
• Regular 1x1 meetings and Performance Management.
• Manage day to day operations activities of the team, including attendance, retention, etc. ensuring zero surprise operations.

What you’ll bring to the team:

• Knowledge of IBA concepts and practices and basics of financials
• 8+ years of experience in London Market Insurance Industry
• Effective client Management
• Ability to lead and direct team
• Proficiency in IBA systems and applications.
• Excellent communication and interpersonal skills.
• Ability to manage multiple tasks and meet deadlines.
• Strong analytical and problem-solving skills.
• Should have change advocacy to improve existing processes and approach to drive solution
• Relevant certifications in reinsurance domain are a plus.