Manager(us Shift) & Lead Assistant Manager(uk Shift)-reinsurance

Recruiter
Phoenix Human Capital Private Limited
Location
Noida, IN
Salary
Competitive
Posted
22 Feb 2019
Closes
24 Feb 2019
Ref
1083847054
Contract Type
Permanent
Hours
Full-time
Level of qualification
Not qualified, Part qualified, Qualified
Job Description: Manager-Reinsurance Accounting Organization This position reports to the Director, Reinsurance Accounting. The nature of the position will require working cooperatively with the other accounting and actuarial functions normally involved in the processes and financial analysis of reinsurance in general as well as with the legal department for reinsurance related claims in litigation. Duties and Responsibilities Participate in many aspects of reinsurance accounting and reporting, from the initial recording/coding of treaties to weekly/monthly processing and accounting/reporting; Clearing suspended TAI transactions developed from the monthly data feeds from the policy administration system; Billing and collection of resisted claims subject to reinsurance; Work with the manager to facilitate related audits from reinsurers, and for completing audits for reinsurance assumed with 3rd parties; Timely and accurate reconciliation of reinsurance accounts on a monthly basis, making necessary adjustments as appropriate. Prepare the accounting and reporting entries and reports for Annuity type and non TAI treaties. Assist with strategic direction of the Reinsurance Administration Department through active participation in company initiatives, committees and new product implementations. The individual is required to gain a thorough understanding of the underlying reinsurance processes, the types of treaties and arrangements in place, and be analytical, to self review inputs and products of his/her work. Accountable for working within predetermined deadlines, and must keep abreast of appropriate developments in financial reporting and reinsurance software. Perform special projects as assigned Lead Assistant Manager-Reinsurance Accounting Basic Function 1. Process entails review of local GAAP adjustment journals for Re-Insurance accounting. 2. Manage the period end close cycle Month-end/Quarter-end/Annual for local books for Insurance client 3. Expert knowledge on Non Standard RI arrangements Accrual, XOL Premium calculator and UEPR. Update for any changes to treaties, payments, and new schemes. 4. Reconcile the general ledger accounts, calculating appropriate adjustments and provisions and booking them to the ledger upon approval, Environmental Impairment Liability premium journal. 5. Send TM1 Reinsurance cube, claims report to Actuarial, preparation of PPO Adjustments, Gross PPO claims uplift. 6. RI by Reinsurer report. Reconciliation and analysis by reinsurer of the Reinsurance Creditor, Rebate, Premiums and UEPR. 7. XOLAR sox review, check XOLAR journal to TM1 postings life to date Essential Functions Require expert knowledge and ability to manage Re-insurance month close accounting journals, review reconciliations and financial statements and related reports, investigate problems and organize projects Credit Risk Forum Submission. Reconciliation and analysis by reinsurer of the Reinsurance Reserves, IBNR, Bad Debt Provision and Reserves IBNR Allocation on Actuarial basis for credit risk. Flood Re UW Bordereau data cleansing Ability to deliver value working on various activities in statutory/Gaap accounting close cycle and deliver results accordingly. Primary Internal Interactions Manager for the purpose of reporting performance, escalation handling, clarifying concerns, and seeking feedback and support Manager for the purpose of settling issues left unresolved by the Assistant Manager and monthly evaluation of performance Peers (team members) for the purpose of seeking co-operation & clarification on process-related matters & providing assistance and support when required Desired Candidate Profile Candidate should be CA/CA Inter Candidate should have minimum of 8 years of experience. Candidate should have experience in Reinsurance. Process entails review of local GAAP adjustment journals for Re-Insurance accounting. Should have expert level understanding of GAAP accounting principles and Re-Insurance. Job Description: Manager-Reinsurance Accounting Organization This position reports to the Director, Reinsurance Accounting. The nature of the position will require working cooperatively with the other accounting and actuarial functions normal Skills: Finance, Accounting, Financial Statements, Auditing, Financial Reporting, Financial Analysis, General Ledger, Reconciliation, Payments, Provision, Reinsurance Experience: 8-13 Years