Reinsurance FAC Accountant at Bryte Insurance Company Limited

About the Job
The role holder will be responsible to ensure facultative collections and payments within the re-insurance department are timeously done in accordance with all legal contracts and obligations and internal processes, policies and procedures.
Key Tasks & Accountabilities 
Effective Administration of Facultative Data (link between RI UWR and Finance)
 Maintain a FAC RI register

•  Ensure that the FAC register is in line with what has been recorded on the Production system
•  Monitor the Production system for potential issues and inform RI UW dept to correct
•  Prepare and maintain month Facultative Reinsurance results
•  Prepare payment schedules for FAC payments, ensure the Banking team is aware of large cash payments to be made, so cash can be reserved

Facultative RI Premium payments

•  Verification of Gross Premiums, Commissions, Brokerage,etc 
•  Preparation of FAC Premium payment requisition - ensure that Renewal /Endorsement/ Refund Bordereau received matches Fac RI Slip
•  Capture information accurately and generate payment requisitions and authorizations 
•  Ensure accuracy of payments and forward to Re-insurance manager for review, authorization and final sign-off, Ensure that all supporting documentation is attached to Facultative Reinsurance Statements
•  Follow up to ensure that Facultative payments have been received

Facultative RI Claims recoveries

•  Identify FAC claim recoveries to be made
•  Ensure in line with FAC UW policy
•  Ensure the claim recovery is taken into account in the monthly quarterly statement of account from the Reinsurer
•  All supporting documentation to be attached to Net payment requisition (See point 2 above)

Reconcile Facultative re-insurance sub ledger with the general ledger through the insurance system- on a monthly basis

•  Reconcile Facultative re-insurance general Ledger balances monthly to the underlying source system
•  Reconcile Facultative reinsurance payments on a monthly basis:
•  Premium reconciliations -to be performed to ensure data intergrity between i90 and Fac slips
•  Claims reconciliation -to be performed to ensure that the claim is in line with the underwriting on the policy.
•  Reconciliation per reinsurer-to enable clearing of "old items" on both claims and premiums.

Analyse Age analysis Reports to use as a basis for the collection or payment of outstanding balances

•  Draw age analysis from I90 to identify long outstanding payable and receivables
•  Reconcile age analysis to GL
•  Follow up on long outstanding items
• Forward claims notifications and assessors reports to Reinsurers/ Reinsurance Broker
•  Monitory large claims for facultative recoveries
•  Claims reconciliation -to be performed to ensure that the claim is in line with the underwriting on the policy.
•  Forward to reinsurers the appropriate notification on large claims and determine if any cash calls are required
• Perform credit control functions for International programs business
•  In addition to perform the FAC RI payment / receivable function on the Zurich International Programs business, the credit control on this business is to be performed as well
•  Monitor Age analysis for long outstanding premium receipts, recon age analysis to G/L
•  Follow up on follow up on long outstanding premium
•  Before FAC settlements can be made on this business, the gross premium needs to be collected.

Qualifications and Experience 

•  Appropriate Bachelors degree in accounting  
•  Minimum 3 years’ experience in finance roles in the insurance industry, preferable in reinsurance 
•  Completed articles in Short Term Insurance  
•  Beneficial : Newly qualified CA

Capabilities :

•   Analytical 
•  Financial management 
•  Collaboration 
•  Initiative 
•  Problem solving 
•  Strategic thinking 
•  Knowledge sharing 
•  Effective communication with internal and external stakeholders 
•  Detail oriented, accurate and organized 
•  Prioritize tasks and complete duties within a specified time frame 
•  Strong Microsoft Excel skills