Insurance Broker - Accounting

What youll be doing:

- Ensure that payments received from clients and payments made to clients reconcile with the client ledger.

- Manage, research, and resolve unallocated cash balances.

- Manage receivables to prevent overdue balances.

- Prepare, monitor, and analyze various business-enabling reports like AR Aging, Funds in suspense, Write-off, etc., and provide periodical close period support.

- Respond to inquiries and requests from internal and external clients on all IBA issues.

- Deliver on the IBA mandates, including Key Performance Indicators & Quality Parameters, to efficiently handle/accelerate Cash in the books.

- Collaborate with clients and Underwriting team to resolve premium variances.

- Participate in initiatives and projects.

- Create or update procedure manuals, ensuring that processes are documented accurately, and documentation is kept current.

- Provide SME support on IBA operations, ensuring accurate, timely, and complete communications with insurers and clients in accordance with contract requirements.

- Some of the process activities would include:

i. Bank Reconciliation

ii. Release Bureau signings from CASA portal for payments and returns/claims

iii. Prepare Cash Receipts and Payment reports to monitor pending actions.

iv. Application of cash against transactions for which client or UWR has paid the funds.

v. BSM matching

vi. Create daily cash report to check for any unallocated cash.

vii. Client Money Calculation

viii. Currency Deal

ix. Update and send the Funding Report with necessary actions

x. Collect the claims from the Underwriters/ Markets and settle the claim to the client.

xi. Payment of Premium balances collected from the client to be paid to the underwriters.

xii. Payment authorization with proper approvals.

xiii. Clearing Contra entries with null effect.

xiv. Intercompany payment and reconciliations between different business entities.

xv. Evaluating the complete ledger for an underwriter/third party/Client to ensure that no items are pending for action.

xvi. Review PPC/PPW transactions and follow-up with client and track progress.

xvii. Sanctions review control

What youll bring to the team:

2-6 years of experience working in IBA domain.

Knowledge of London Insurance Market concepts and practices.

Strong analytical and problem-solving skills.

Proficiency in Insurance Broker Accounting systems and applications.

Ability to manage multiple tasks and meet deadlines.

Relevant certifications in accounting or reinsurance are a plus