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Senior Reinsurance Business Analyst

2 months ago


Mississauga, Ontario, Canada Royal Bank of Canada Full time
Job Summary

This role is responsible for the administration of the ceded reinsurance business for RBC Insurance, including the accurate and timely calculation and settlement of reinsurance payments and recoveries, accrual of unsettled premiums, reserve adjustments, retention management, and treaty compliance.

Key Responsibilities
  • Manage day-to-day processing to ensure accurate and timely administration of reinsurance business ceded out to external reinsurers, adequate reinsurance coverage in place for all policies, and overall compliance with treaties.
  • Calculate and process reinsurance premium billing, payments, and recoveries, including claims and policyholder benefits such as Return on Premium, Cash Surrender Values, Waiver of Premium, etc.
  • Accrue unsettled premiums, financial journal entries, reserve adjustments, and reinsurance amounts for businesses administered outside of reinsurance systems such as Modified-Coinsurance, Lapse Experience Refunds, Profit Sharing, etc.
  • Manage claims processing on reinsurance system, including working with the claims department and external reinsurers to identify and resolve issues, and ensure all paid claims are recovered.
  • Develop and maintain operational guidelines and procedures to administer the ceded reinsurance business.
  • Analyze data to ensure completeness/accuracy and escalate any issues to management and involved stakeholders.
Requirements
  • 5+ years' experience in Insurance and Reinsurance Administration, and an in-depth knowledge of the industry, reinsurance treaties and contracts, insurance products, and related processes.
  • Thorough understanding of reinsurance processes including administration, billing, claims, underwriting, reinstatements, valuation, and accounting.
  • Strong understanding of life and living benefits insurance industry, products, and concepts such as CSV, ROP, WOP, NAR, MTAR.
  • Technologically savvy, with an understanding of process, system, and data flows.
  • Strong client services skills with a collaborative and supportive attitude.
  • Strong verbal and written communication skills, together with a proven ability to effectively communicate with a broad cross-section of people, at various levels, in the business & technical communities.
What We Offer
  • A Total Rewards program that includes flexible benefits, work/life balance and career development programs and investment and retirement savings plans.
  • Competitive pay and high-earning potential.
  • All the tools, training, and team support you need to grow your career.
  • Flexible work/life balance options.
  • Sophisticated RBCI software tools to boost your productivity.