- Role: Senior Reinsurance Analyst
- Location: Mississauga, ON
- Company: Royal Bank of Canada
- Salary: Not Disclosed
- Qualifications: Any Graduate or Postgraduate
- Employment Type: Full Time, Permanent
Job Summary: Senior Reinsurance Analyst
In the sector of reinsurance, the duties are substantial and element-orientated, as this position requires accurate and well-time calculation, agreement of reinsurance payments, and recoveries. The Senior Reinsurance Analyst will recognize the management of reinsurance coverage, ensuring retention is in keeping with business enterprise rules and compliance with treaties. Beyond daily administration, this role additionally presents difficulty depend know-how to numerous projects that can impact reinsurance, which include gadget enhancements, new product launches, and regulatory adjustments.
Senior Reinsurance Analyst Key Responsibilities:
- Day-to-Day Processing: This includes handling the reinsurance commercial enterprise ceded to outside reinsurers, ensuring that ok reinsurance coverage is in place for all guidelines and that the corporation’s retention is treated within coverage guidelines. This includes everything from billing and bills to claims and policyholder benefits, together with Return on Premium (ROP), Cash Surrender Values (CSV), Waiver of Premium (WOP), and extra.
- Accrual and Adjustments: The analyst is responsible for coping with unsettled charges, processing economic journal entries, reserve modifications, and managing reinsurance amounts for agencies administered outside of normal reinsurance systems, inclusive of Modified-Coinsurance (Mod-Co) or Profit Sharing preparations. These duties require a deep expertise in the reinsurance enterprise and its intricacies.
- Claims Management: Collaborating with the claims branch and outside reinsurers is critical to figuring out and resolving any troubles related to claims processing. It also includes ensuring that paid claims are properly recovered and efficaciously accounted for within the device.
- Operational Documentation: The Senior Reinsurance Analyst could be liable for constantly updating and retaining the operational hints and strategies associated with administering the ceded reinsurance ensuring helps keep method consistency and permits for a smoother operational glide.
- Data Analysis: Ongoing records evaluation is critical for ensuring the accuracy and completeness of all reinsurance-related information. The position involves identifying any discrepancies and escalating issues to management or relevant stakeholders to ensure they’re addressed right away.
- Project Support: The Senior Reinsurance Analyst performs a pivotal role in providing know-how and support to numerous projects impacting reinsurance. This can also include the implementation of recent treaties, pricing modifications, regulatory compliance tasks, and system phases aimed at improving efficiency and accuracy in reinsurance operations.
Senior Reinsurance Analyst Skills and Qualifications:
Must-Have Skills:
- Experience: The candidate has to have over 5 years of experience in insurance and reinsurance administration. A thorough information of the reinsurance industry, inclusive of treaties, contracts, and procedures, is essential. These rev-reveals have to embody areas such as billing, claims, underwriting, reinstatements, valuation, and accounting.
- Knowledge of Insurance Products: The role demands a solid knowledge of the existence and residing blessings coverage products and key enterprise principles like CSV, ROP, WOP, NAR (Net Amount at Risk), and MTAR (Maximum Tax Actuarial Reserve).
- Technical Proficiency: Being technologically savvy is crucial, as this role entails running with various systems information techniques, and information flows, as well as how they interact with reinsurance administration.
- Communication Skills: Strong verbal and written verbal exchange abilities are necessary, particularly whilst handling an extensive go-phase of people throughout distinctive degrees in both technical and commercial enterprise settings. The capacity to collaborate correctly and guide clients is fairly valued.
Nice-to-Have Skills:
Post-secondary training: A degree in an applicable area that includes enterprise, actuarial technological know-how, finance, or arithmetic would be beneficial, including depth to the candidate’s capacity to navigate complex reinsurance tactics and calculations.
Senior Reinsurance Analyst Benefits:
1. Profit Sharing
Employees can be eligible to receive a share of the business enterprise’s earnings, offering an economic incentive tied to the overall achievement of RBC.
2. Total Rewards Program
- RBC gives a Total Rewards Program that incorporates a comprehensive range of reimbursements and blessingsincomered to aid the employee’s career increase and work-life balance. This application includes:
- Competitive pay: An income bundle with excessive income capability.
- Career improvement programs: Opportunities for professional boom and talent enhancement through numerous training and gaining knowledge of initiatives.
- Flexible paipaintingternatives: Options to make sure a healthy paintings-existence stable, together with flexible schedules or far-flung running possibilities (in ch app is licable).
3. Retirement Savings Plans
RBC presents investment and retirement financial savings plans, permitting personnel to store for their destiny while operating. This can also encompass alternatives like a pension plan, matching contributions, or different savings gear.
4. Health and Wellness Benefits
RBC is dedicated to supporting’ fitness and well-being through blessings that may cover regions such as scientific, dental, and vision insurance, in addition to being applications aimed toward enhancing bodily and mental health.
5. Work/Life Balance
Employees are encouraged to preserve a healthful painting/lifestyle via bendy scheduling, paid time without work, and other aid mechanisms that assist them manage their professional and personal commitments.
6. Tools and Support
RBC gives petition to superior software program equipment and sources that assist enhance reproductivity strstreamliningintings procedures, enabling personnel to carry out their activity greater efficaciously.
Other More Jobs:
Nutrien Careers: Proprietary Representative
