Working at Lockton
At Lockton, we're passionate about helping our people achieve their ultimate potential. Our people are curious, action-oriented, and always striving to make ourselves and those around us better. We're active listeners working to ensure understanding and problem solvers developing innovative solutions. If you can see yourself delivering excellent service to clients, giving back to our communities and being a part of our caring culture, you belong here.
The Reinsurance Technician - Treaty is responsible for the processing and management of Proportional and XOL reinsurance contracts including premiums/adjustments, XOL claims, cash calls, quarterly statements, update contract records, IMR submission, and client/reinsurer/XIS query management. The team works closely with the Brokers, Broker Support, Finance, Compliance, and other operations functions to ensure a seamless and coordinated approach throughout all its activities.
Your Responsibilities
- Process proportional and XOL treaty accounts and premium adjustments in accordance with the slip conditions and company procedures.
- Maintain reconciliations of technical accounts and monitor/review technical position of treaty accounts and premium adjustments.
- Review & check accuracy of closings/documents of rendered accounts, cash calls, premium and loss reserve deposits.
- Process proportional cash calls and XOL claims/reinstatements from first advice and settlement in accordance with the slip conditions, also administer claim until closed.
- Produce and analyze premium, brokerage, claims, renewal and other statistics as may be required by the brokers.
- Inform Line Manager and brokers of potential technical/financial problematical issues that may arise.
- Work with accounts department to assist with collection of funds.
- Promote, build, and maintain relationships with Brokers, Clients and Markets. Understand issues, resolve problems and queries and review working practices.
- Peer review of contract details input into the MRC, premium worksheet and checklist and liaise with the treaty placement team on any queries relating to setup and operation of contracts.
- Preparation and issuance of treaty statements, tax invoices, mid-term amendments and closings.
- Update records on Total Objects / LIBRA (New System) and company systems.
- Liaise with the claims department, when necessary, to resolve any queries that may have been raised by Reinsurers and request loss reports.
- Communicate with reinsurers and clients as directed by either the Account Handler or the Account Executive, mostly in the form of forwarding invoices and supporting documentation.
- Compliance with Lockton procedures and regulatory requirements.
- Prepare renewal lists on a monthly basis and coordinate with relevant account handlers in accordance with the company renewal procedure.
- Producing, maintaining, updating in 'real time' a premium payment and quarterly statement tracker.
- Producing revenue reports identifying invoiced and accrued accounts on a monthly basis.
- Identify opportunities for process improvements in reinsurance processing procedures. Implement efficiency measures to streamline workflows and enhance accuracy.
- Collaborate with IT to troubleshoot and resolve system issues promptly.
Basic Qualifications
- Bachelor's degree, with at least 3-5 years of working experience in Treaty Reinsurance (both Proportional and XOL), preferably having knowledge and exposure of international reinsurance and Lloyd's market.
- Proficient in both Proportional and XOL processing, including ECF and IMR submission (Bureau processing)
- Willingness and ability to continue to develop knowledge of products, procedures and systems and related issues through formal and informal learning, both internal and external to the company.
- Thorough knowledge of the computer desktop software provided by Lockton.
- Working knowledge of Microsoft products (Word, Excel, Outlook) or similar software applications.
- Ability to communicate effectively and professionally both verbally and in writing with clients, insurers and other associates.
- Ability to manage time, prioritize and ensure that deadlines are met without compromising quality.
- Analytical and problem-solving skills, including research and investigation.
- General understanding of Insurance Authority of UAE and guidelines relating to both commercial and retail customers.
- General understanding of Value Added Tax (VAT) and guidelines relating to both UAE and International markets.
- Thorough understanding of and adherence to Lockton standards and procedures.
- General understanding of the broking process.
- Understanding of Lockton cash collection processes including but not limited to general insurance accounting and client invoicing.
- Proven ability to work with office equipment.
- Work in support of other team colleagues.
- An understanding of the general principles of insurance and reinsurance.
Equal Opportunity Employer
Lockton is proud to provide everyone an equal opportunity to grow and advance. We are committed to an inclusive and diverse culture and environment where our people, clients and communities are treated with respect and dignity.
At Lockton, supporting diversity, equity and inclusion is ingrained in our values, and we believe that we are at our best when we fully embrace everyone. We strive to cultivate a caring culture that learns from, celebrates, and thrives because of our breadth of differences. As such, we recognize that recruiting, developing, and retaining people with diverse backgrounds and experiences is vital and enabling our people to thrive personally and professionally is critical to our long-term success.
About Lockton
Lockton is the largest privately held independent insurance brokerage in the world. Since 1966, our independence has allowed us to serve our clients, take care of our people and give back to our communities. As such, our 10,000+ Associates doing business in over 100 countries are empowered to do what's right every day.
At Lockton, we believe in the power of all people. You belong at Lockton.
How We Will Support You
At Lockton, we empower you to be true to yourself in all that you do. Your success is our success, and we provide opportunities to help you grow and create a rewarding career path, however you envision it.
- Competitive Salary and Benefits Package
- Professional experience in a truly global company that is reshaping the industry
- Excellent growth opportunities
- Benefit from a collaborative approach with in-country specialists to assist you in driving growth
- Support, coaching and development to help you to be the best you can be
- Hybrid working model, offering you flexibility and a great working environment
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