FAC Reinsurance Accountant at Hollard Insurance

Role Objectives:

The Facultative Re Insurance accountant will be responsible for the preparation & submission of facultative claims statements; collections of fac claims recoveries & allocation of cash; reconciliation of specific fac claims related GL accounts, trial balance and LOB system. This person will need to be both relationship orientated and deadline driven in order to perform successfully in this role.

Key Responsibilities:

• Review of process to ensure that any Fac RI premiums entries, claims entries or documents issues that are identified/queried by reinsurers are resolved monthly
• Review of the completeness of claims documents sent to the reinsurers by the branches and COE’s daily
• Risk Management: Ensure compliance with accounting practice applicable to insurers/reinsurers, good governance and risk management practice as well as laws and regulations.
• RI procedure guide: Responsible for continuous update of the Fac Claims RI standard procedure guide and send it out to and familiarise the claims handlers
• FAC system and process training – provide system and process training to the branches to increase awareness on SOP, ensure accurate data is processed on the system and to improve the quality of documentation that is sent to the reinsurers.
• Trial balance: Prepare and reconcile to the GL on monthly basis
• Monthly Fac RI claims paid statements: review and submit the RI statements to both local and foreign reinsurers. Monthly monitoring & aging of the international debtors’ & creditor’s age analysis report alienated per currency with the aim of reducing the outstanding amounts to 6 months.
• Monthly Fac RI OCR claims statements: review and submit the claims reserves to both local and foreign reinsurers
• Reinsurance data reconciliation: reconcile RI cube to OCR & claims paid statements
• Reporting & Review: Monitoring movements on large losses
• Review: and align all reinsurance FAC claims processes for compliance with Hollard internal processes as well as industry best practise.
• Banks and cash clearing: identifying deposits in the bank statement & allocations of receipts on Ekundu & preparation of allocations (All currencies)
• Reconciliation: RI claims, premiums and the bank
• Ledger posting: Submit the ledger entries
• Write offs: Prepare & submission of write offs on monthly basis for amounts above mandate.

Required Knowledge and Experience    

• 5 years of Reinsurance / Insurance Accounting experience
• PC literate (Advanced MS Office, Great Plains an advantage, Ekundu an advantage)
• Technical insurance accounting, financial and management accounting
• Knowledge of systems and controls

Educational Requirements    

• Matric or NQF4 Equivalent
• B Comm or related qualification would be an advantage
• Re Insurance / Insurance Accounting experience

Closing Date: 13th, May 2022