Central Binder Unit Support - Marine Insurance
- Recruiter
- Massenhove Recruitment Limited
- Location
- London (Greater)
- Posted
- 17 Aug 2018
- Closes
- 17 Sep 2018
- Job role
- Accountant
- Sector
- Accounting - Public practice
Purpose of the role:
To support broking units with day-to-day relationships with underwriters and Coverholders by the servicing all aspects of Binding Authority processing in liaison with TCSD and Claims.
To prepare analytics, statistics to Coverholder, Underwriter and Business Units.
To ensure a standardised approach to the handling of Binding Authority business.
Key responsibilities
1. Binding Authority set up
1.1. Liaise with Brokers and/or Coverholders and prepare and populate Model Binding Authority Agreements and Market Reform Binding Authority Endorsements with appropriate information.
1.2. Prepare Model Binding Authority Agreements and Market Reform Binding Authority Endorsements along with supporting documentation in accordance with template requirements using BSE.
1.3. Prepare analytics and statistics required in order to support the placement of Binding Authorities by the broking units
1.4. Work with TCSD to ensure accurate completion of BSE data fields.
1.5. Work with TCSD to ensure timely set up of FDO signings for Lloyd’s Binding Authorities
1.6. Work with Claims, IBA and other central divisions as required.
1.7. Create and check market documentation and Coverholder documentation (i.e. Binding Authority “Covernote” email with FATCA documentation etc) prior to obtaining authorised signatories.
1.8. Create records of new and renewal Binding Authority Agreements within required systems; bordereaux management system, BARs, Lineage etc.
2. Provide other support to Broker
2.1. To support and work with the broking units in maintaining positive Coverholder relationships
2.2. To provide accurate and effective renewal documentation to the broking units and their teams
3. Binding Authority life cycle roles
3.1. Check and monitor the receipt and content of monthly or quarterly Underwriting or Risk Level Data bordereaux
3.2. Check and monitor the receipt and content of monthly or quarterly Paid Premium bordereaux in conjunction with Offshore team
3.3. Check and monitor the receipt and content of monthly or quarterly Claims paid and Outstanding bordereaux in conjunction with Offshore team
3.4. Input all bordereaux into bordereaux management system for analytics and reporting
3.5. Obtain monthly Lineage reporting for brokerage only processing
3.6. Provide accurate documentation to Offshore team to ensure completion and signing of BSE premium bordereaux transactions for timely brokerage reporting.
3.7. Provide assistance where necessary to Offshore team to ensure accurate completion and collection of BSE claims bordereaux transactions for monthly settlements.
3.8. Work with Offshore team to ensure monthly balance of account payments and any queries therefrom are resolved.
3.9. Create and check Profit Commission Statements prior to passing to broking units for market agreements.
4. Analytics
4.1. Create Excel spread sheets detailing data for in-force risks by Binding Authority Agreement or Coverholder using bordereaux management system or not.
4.2. Manage data to provide analytical graphs and charts based on (for example) Construction, Occupancy Liability Banding etc
4.3. Manage data to provide accurate Aggregate exposure for Catastrophe driven business
4.4. Manage data to provide monthly or quarterly triangulations, Earned to Incurred statistics or year on year comparisons.
4.5. Work with the broking units to develop any additional or new reporting or analytics.
4.6. Manage data available via the MI reporting to maintain production reports by Coverholder or Binder to assist the broking units.
4.7. Work with broking units for any additional ad hoc projects as may be required.
5. Liaise with Coverholders and external parties
5.1. Provide a central point for all market queries relating to Binding Authority Agreements.
5.2. Liaise with Coverholders to chase for late receipt of bordereaux or payment in conjunction with Business units
5.3. Negotiate and liaise with underwriters electronically as required in conjunction with Business Units (PPL for example)
5.4. Service and maintain on-going relationships.
5.5. Provide Coverholders and markets with monthly statistics and analytics
6. Compliance
6.1. Adherence to Group Policies and Procedures
7. Develop self
7.1. Contribute to Professional Development Plan (PDP) and identify training needs.
7.2. Undertake appropriate learning and Continuous Professional Development (CPD) as required for current/future job roles.
7.3. Maintain awareness of relevant external and internal regulatory developments, current market practice and initiatives to ensure opportunities and threats are acted upon.
Qualifications and experience:
Education
Good standard of education
Knowledge of:
Ideally data reporting experience or willingness to learn
Understand the need for accurate and timely management information
IT systems, e.g. Microsoft Office and specific industry systems such as Brokasure, ATLAS, BARs, Lineage, Mocha, Crystal, Risk Locater Tool and Lloyd’s QA tool.
Good understanding of Word, Excel and PowerPoint.
General knowledge of insurance/broker/reinsurance markets and the processes of a London Insurance Broker.
Key Competencies:
Managing effective and constructive working relationships.
Organising and managing workflow.
Keeping accurate and up-to-date records.
Clear written and verbal communication.
Taking initiative to maintain and build Coverholder relationships.
Strong analytical skills with attention to detail
To support broking units with day-to-day relationships with underwriters and Coverholders by the servicing all aspects of Binding Authority processing in liaison with TCSD and Claims.
To prepare analytics, statistics to Coverholder, Underwriter and Business Units.
To ensure a standardised approach to the handling of Binding Authority business.
Key responsibilities
1. Binding Authority set up
1.1. Liaise with Brokers and/or Coverholders and prepare and populate Model Binding Authority Agreements and Market Reform Binding Authority Endorsements with appropriate information.
1.2. Prepare Model Binding Authority Agreements and Market Reform Binding Authority Endorsements along with supporting documentation in accordance with template requirements using BSE.
1.3. Prepare analytics and statistics required in order to support the placement of Binding Authorities by the broking units
1.4. Work with TCSD to ensure accurate completion of BSE data fields.
1.5. Work with TCSD to ensure timely set up of FDO signings for Lloyd’s Binding Authorities
1.6. Work with Claims, IBA and other central divisions as required.
1.7. Create and check market documentation and Coverholder documentation (i.e. Binding Authority “Covernote” email with FATCA documentation etc) prior to obtaining authorised signatories.
1.8. Create records of new and renewal Binding Authority Agreements within required systems; bordereaux management system, BARs, Lineage etc.
2. Provide other support to Broker
2.1. To support and work with the broking units in maintaining positive Coverholder relationships
2.2. To provide accurate and effective renewal documentation to the broking units and their teams
3. Binding Authority life cycle roles
3.1. Check and monitor the receipt and content of monthly or quarterly Underwriting or Risk Level Data bordereaux
3.2. Check and monitor the receipt and content of monthly or quarterly Paid Premium bordereaux in conjunction with Offshore team
3.3. Check and monitor the receipt and content of monthly or quarterly Claims paid and Outstanding bordereaux in conjunction with Offshore team
3.4. Input all bordereaux into bordereaux management system for analytics and reporting
3.5. Obtain monthly Lineage reporting for brokerage only processing
3.6. Provide accurate documentation to Offshore team to ensure completion and signing of BSE premium bordereaux transactions for timely brokerage reporting.
3.7. Provide assistance where necessary to Offshore team to ensure accurate completion and collection of BSE claims bordereaux transactions for monthly settlements.
3.8. Work with Offshore team to ensure monthly balance of account payments and any queries therefrom are resolved.
3.9. Create and check Profit Commission Statements prior to passing to broking units for market agreements.
4. Analytics
4.1. Create Excel spread sheets detailing data for in-force risks by Binding Authority Agreement or Coverholder using bordereaux management system or not.
4.2. Manage data to provide analytical graphs and charts based on (for example) Construction, Occupancy Liability Banding etc
4.3. Manage data to provide accurate Aggregate exposure for Catastrophe driven business
4.4. Manage data to provide monthly or quarterly triangulations, Earned to Incurred statistics or year on year comparisons.
4.5. Work with the broking units to develop any additional or new reporting or analytics.
4.6. Manage data available via the MI reporting to maintain production reports by Coverholder or Binder to assist the broking units.
4.7. Work with broking units for any additional ad hoc projects as may be required.
5. Liaise with Coverholders and external parties
5.1. Provide a central point for all market queries relating to Binding Authority Agreements.
5.2. Liaise with Coverholders to chase for late receipt of bordereaux or payment in conjunction with Business units
5.3. Negotiate and liaise with underwriters electronically as required in conjunction with Business Units (PPL for example)
5.4. Service and maintain on-going relationships.
5.5. Provide Coverholders and markets with monthly statistics and analytics
6. Compliance
6.1. Adherence to Group Policies and Procedures
7. Develop self
7.1. Contribute to Professional Development Plan (PDP) and identify training needs.
7.2. Undertake appropriate learning and Continuous Professional Development (CPD) as required for current/future job roles.
7.3. Maintain awareness of relevant external and internal regulatory developments, current market practice and initiatives to ensure opportunities and threats are acted upon.
Qualifications and experience:
Education
Good standard of education
Knowledge of:
Ideally data reporting experience or willingness to learn
Understand the need for accurate and timely management information
IT systems, e.g. Microsoft Office and specific industry systems such as Brokasure, ATLAS, BARs, Lineage, Mocha, Crystal, Risk Locater Tool and Lloyd’s QA tool.
Good understanding of Word, Excel and PowerPoint.
General knowledge of insurance/broker/reinsurance markets and the processes of a London Insurance Broker.
Key Competencies:
Managing effective and constructive working relationships.
Organising and managing workflow.
Keeping accurate and up-to-date records.
Clear written and verbal communication.
Taking initiative to maintain and build Coverholder relationships.
Strong analytical skills with attention to detail