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Senior Reinsurance Operations Specialist

2 months ago


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

This position has responsibility for the administration of the ceded reinsurance business for Royal Bank of Canada, 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
  • Responsible for 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 including continuation and conversions, RBC retention is managed and within company policies, and overall compliance with treaties
  • Calculation and processing of reinsurance premium billing, payments, and recoveries, including claims and policyholder benefits such as Return on Premium, Cash Surrender Values, Waiver of Premium, etc.
  • Accrual of 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.
  • Management of 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.
  • Responsible for the ongoing documentation and maintenance of operational guidelines and procedures to administer the ceded reinsurance business.
  • On-going analysis of data to ensure completeness/accuracy and 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