Senior Reinsurance Analyst

2 months ago

Old Toronto, Canada Reinsurance Group of America Inc Full time

The Senior Reinsurance Analyst role is part of the TAI Reinsurance Services team, which utilizes an in-depth knowledge of North American life insurance products and reinsurance business practices to provide clients with high quality outsourcing services and for the life insurance/reinsurance business in the TAI administration system.

The Senior Reinsurance Analyst independently executes upon established processes within the reinsurance administration outsourcing team with an eye for detail to provide a high degree of effectiveness and quality. These processes include maintaining policy or cession records on the TAI administrative system, managing and collecting ceded claims, preparing and reviewing billing statements and reports, and performing quality assessments of peer/team member work.

The Senior Reinsurance Analyst takes a lead role in the timely and accurate completion of projects, ensuring that downstream processes are not negatively impacted. These projects will require the gathering and analyzing data to provide detailed recommendations that address issues that have no precedent, the preparation of detailed technical procedures to support the recommendations and providing clear communication and guidance to members of the team.

This role provides opportunities for continued career advancement as an individual contributor for analytical problem solvers, or those who aspire to develop subject matter and/or leadership expertise in reinsurance operations.

** The hiring preference is in the Toronto location, but remote candidates will be considered.

Responsibilities
  • Demonstrate accountability for assigned tasks through to completion including ensuring all support and communication is complete and accurate
  • Review and analyze complex reinsurance administration tasks to identify systematic trending issues and data anomalies; provide detailed technical recommendations adhering to best practices for problem resolution and adherence to reinsurance treaties, including processing and tracking reinsurance claims, premium billing and payment, and reinsurance treaty review and maintenance.
  • Ensure data quality and compliance on administration systems; communicate and implement new/revised reinsurance business processes, that account for the needs of downstream processes.
  • Support running of monthly and quarterly administration cycles by reviewing and processing cycle exceptions and reporting, with some accountability for process review and oversight.
  • Execute a variety of reinsurance processes currently done using MS Access databases and/or MS Excel worksheets. Develop and enhance a variety of MS Access databases and MS Excel worksheet processes.
  • Complete assigned projects as required, performing data analysis and prescribed documentation.
  • Ensure that clear and accurate responses to ad hoc internal, reinsurer, and client requests are provided on a timely basis
  • Mentor and train junior team members on standard reinsurance practices, complex life insurance product/business knowledge, and the application of treaty terms.
Requirements

EDUCATION AND EXPERIENCE:

Required:

  • College or University Degree or equivalent experience.
  • Proven in-depth knowledge of insurance and reinsurance concepts.
  • Minimum 3-4 years of experience in a reinsurance administration or direct insurance operations role, with a proven understanding of North American life insurance products and how they are administered.
  • A proven understanding of retention management practices, treaty setup and interpretation, and compliance
  • Proficiency in Microsoft Excel and Word.
  • An understanding of relational databases
  • Experience working with large data sets to perform analysis and recognize systemic trending issues and/or data anomalies.
  • Understanding of various life insurance products written in the North American market.

Preferred:

  • University degree in computer science, actuarial science, finance, accounting or business administration preferred.
  • Previous insurance operations or financial reporting experience preferred.
  • Proficiency in MS Access, SQL, or TAI administration system preferred.
  • Ability to work with large data sets to recognize systemic trending issues and/or data anomalies preferred.
  • Understanding of various life insurance products written in the North American market preferred.
  • Understanding of impacts of operational transactions on accounting, reserve and claims processes
  • FLMI/ACS or ARA designation from LOMA preferred.
  • Knowledge of project management concepts and practices.
  • Previous experience working with external clients and customers
  • Experience in process documentation

SKILLS AND ABILITIES:

Required:

  • Ability to independently manage and execute business processes to completion, while demonstrating best practices, evidenced controls, and quality outcomes. Demonstrated ability to lead, but not supervise, and direct other associates or teams as necessary to complete project work.
  • Independent thinker who is adaptable to a fast-paced and constantly evolving work environment, complete and overall understanding of all aspects related to the functional area.
  • Demonstrated knowledge of all procedures within the immediate team and a working understanding of other functional areas which coordinates with objectives.
  • Leads work efforts or projects guiding other associates and mentoring more junior members of the team.
  • Utilizes data and information to determine solutions related to items encountered, many of which may have not previously been encountered.
  • Responsible for the quality delivery to the client based on the success of each individual and the collective team.
  • Excellent verbal and written communication skills. Creativity, curiosity and a professional demeanor combined with effective negotiation and collaboration skills to successfully manage sensitive issues.
  • Creativity, curiosity, and a professional demeanor.
  • Effective negotiation and collaboration skills
  • Strong problem-solving skills.
  • Results oriented.
  • Quick learner of new processes and technology.
  • Ability to manage multiple deliverables to tight deadlines
Company Overview

About TAI:
In early 2018, TAI was acquired by RGAx. RGAx is the transformation engine and a wholly owned subsidiary of Reinsurance Group of America, Incorporated (NYSE: RGA). A Fortune 500 company, RGA is among the leading global providers of life reinsurance and financial solutions. Today, TAI is the premier provider of life reinsurance solutions in North American, with the capability of expanding to international markets. Reinsurance is global business, and TAI’s base system is flexible and can be customized to meet the needs of these new markets. TAI offers a complete software solution for the life companies to self-report all their reinsurance information; assumed, ceded or retroceded in an electronic format to share with their partners on a cost-effective basis.

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