High-Value Reinsurance Operations Specialist

5 days ago

Toronto, Ontario, Canada Reinsurance Group of America Full time

Job Overview

The Senior Reinsurance Analyst plays a pivotal role in the TAI Reinsurance Services team, leveraging an in-depth understanding of North American life insurance products and reinsurance business practices to deliver high-quality outsourcing services for clients.

This position independently executes established processes within the reinsurance administration outsourcing team, with a keen eye for detail to ensure effective and high-quality outcomes. Key responsibilities 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 assumes a lead role in timely and accurate project completion, ensuring downstream processes are not negatively impacted. Projects require gathering and analyzing data to provide detailed recommendations addressing issues without precedent, preparing technical procedures to support recommendations, and providing clear communication and guidance to team members.

This role offers opportunities for career advancement as an analytical problem solver, or those seeking to develop subject matter expertise and leadership skills in reinsurance operations.

Key Responsibilities

  • Demonstrate accountability for assigned tasks through completion, ensuring all support and communication is complete and accurate.
  • Analyze complex reinsurance administration tasks to identify systematic trending issues and data anomalies, providing detailed technical recommendations adhering to best practices for problem resolution and reinsurance treaties.
  • Evaluate data quality and compliance on administration systems, communicate and implement new/revised reinsurance business processes that account for downstream processes.
  • Support monthly and quarterly administration cycles by reviewing and processing cycle exceptions and reporting, with some accountability for process review and oversight.
  • Execute various reinsurance processes using MS Access databases and/or MS Excel worksheets, developing and enhancing processes as needed.
  • Complete assigned projects, performing data analysis and prescribed documentation.
  • Provide clear and accurate responses to ad hoc internal, reinsurer, and client requests on a timely basis.
  • Mentor and train junior team members on standard reinsurance practices, complex life insurance product/business knowledge, and treaty terms.

Requirements

Education and Experience:

  • College or University Degree or equivalent experience.
  • 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 their administration.
  • Understanding of retention management practices, treaty setup and interpretation, and compliance.
  • Proficiency in Microsoft Excel and Word.
  • Knowledge 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 Qualifications:

  • 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.
  • Developed client service skills.
  • Knowledge of project management concepts and practices.
  • Previous experience working with external clients and customers.
  • Experience in process documentation.

Essential Skills and Abilities:

  • Independent thinking, adaptability, and problem-solving skills.
  • Ability to lead and direct other associates or teams as necessary to complete project work.
  • Demonstrated knowledge of all procedures within the immediate team and a working understanding of other functional areas coordinating objectives.
  • Aptitude toward mathematics.
  • Effective negotiation and collaboration skills.
  • Strong problem-solving skills.
  • Client-driven attitude.
  • Attention to detail.
  • Results-oriented mindset.
  • Quick learner of new processes and technology.

Salary Range: $80,000 - $110,000 per year, depending on location and experience.

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