Reinsurance Operations Manager

1 month ago

Mississauga, Ontario, Canada Royal Bank of Canada> Full time

Position Overview

What is the role?

This role is pivotal in reshaping the management of ceded reinsurance operations for RBC Insurance. The incumbent will spearhead projects, initiatives, and training programs aimed at enhancing the center of excellence. Collaboration with reinsurance administration analysts and key stakeholders is essential to pinpoint operational deficiencies, risks, and areas for enhancement. This position will also engage with cross-departmental teams to conceptualize, develop, test, and implement process and system modifications to refine the management of the reinsurance portfolio.

Key Responsibilities


• Collaborate closely with the reinsurance administration team to scrutinize data from reinsurance systems, identifying operational deficiencies, risks, and enhancement opportunities. Lead initiatives with cross-functional teams to design, develop, test, and implement process and system improvements.


• Oversee the creation, documentation, and upkeep of operational guidelines and procedures for managing the ceded reinsurance business. Formulate and execute training strategies to ensure the reinsurance administration team is well-equipped and versatile.


• Partner with risk management professionals, internal, and external auditors to guarantee that processes and procedures are robust, with adequate controls being tested, documented, executed, and reviewed continuously.


• Cultivate and maintain relationships with cross-departmental teams (including underwriting, pricing, claims, finance, and legal) and external reinsurers to gain a comprehensive understanding of the reinsurance lifecycle and support external initiatives.


• Assist in the overall management of the ceded reinsurance portfolio as needed, which encompasses the accurate and timely settlement of reinsurance payments and recoveries, accrual of unsettled premiums and recoveries, reserve adjustments, ensuring compliance with treaties, and addressing complex issues with underwriting and reinsurers.

Qualifications for Success

Essential:


• At least 8 years of experience in Insurance and Reinsurance Administration, with extensive knowledge of the industry, reinsurance treaties and contracts, insurance products, and related processes.


• Comprehensive understanding of reinsurance data, processes, and controls, including administration, billing, claims, underwriting, valuation, accounting, retention management, treaty interpretation, and compliance.


• Proven experience in process reengineering, mapping, and documentation, along with familiarity in operational risk management concepts.


• Demonstrated experience in leading projects and initiatives, with a solid grasp of Agile and Waterfall project management methodologies.


• Familiarity with insurance system and data flow design, analysis, and implementation, along with knowledge of the software development lifecycle.


• Excellent communication and leadership abilities, capable of conveying and presenting ideas across various management levels and stakeholders.

Desirable:


• A post-secondary degree in business, actuarial science, finance, mathematics, or a related field.

Benefits


• A comprehensive Total Rewards program that includes flexible benefits, work/life balance, career development opportunities, and investment and retirement savings plans.


• Competitive compensation with high earning potential.


• Access to all necessary tools, training, and team support to advance your career.


• Options for flexible work/life balance.


• Advanced RBCI software tools designed to enhance productivity.

Core Competencies

Adaptability, Customer Service, Decision Making, Effectiveness Measurement, Insurance Operations, Process Management, Strategic Thinking, Time Management.

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