Reinsurance Initiatives Lead

Job title:

Reinsurance Initiatives Lead

Company

Royal Bank of Canada

Job description

Job SummaryJob DescriptionWhat is the opportunity?This position is responsible for transformation of the overall administration of the ceded reinsurance business for RBC Insurance, and leading projects, initiatives, and training programs to continuously improve the centre of excellence. This position will work closely with reinsurance administration analysts and key stakeholders to identify operational gaps, risks, and improvement opportunities, and collaborate with cross departmental teams to design, develop, test, and implement process and system changes to optimize the administration and management of the portfolio.This position will also provide leadership and subject matter expertise to projects associated with the reinsurance portfolio, including but not limited to new product launches, new treaties and pricing changes, regulatory changes, system upgrades and implementation, automation and reporting initiatives, etc.What will you do?

• Work closely with the reinsurance administration team and analyze data from reinsurance systems to identify operational gaps, risks, and improvement opportunities. Lead projects and initiatives with cross departmental teams to design, develop, test, and implement process and system changes to optimize the reinsurance administration portfolio

• Responsible for the development, documentation, and maintenance of operational guidelines and procedures to administer the ceded reinsurance business. Develop and implement training plans to ensure reinsurance administration team is cross-trained and enabled

• Collaborate with risk partners, internal, and external audit to ensure processes and procedures are robust, and adequate controls are tested, documented, executed, and reviewed on an ongoing basis

• Develop and maintain relationships with cross department teams (incl. underwriting, pricing, claims, finance, legal) and external reinsurers to understand end of end reinsurance lifecycle and support external projects

• Support the overall administration of ceded reinsurance portfolio as required, which includes (but not limited to) the accurate and timely settlement of reinsurance payments and recoveries, accrual of unsettled premiums and recoveries, reserve adjustments, ensuring overall treaty compliance and per life retention, and escalations to underwriting and reinsurers to resolve complex issues

What will you need to succeed?Must have

• Minimum 8 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 data, processes, and controls including administration, billing, claims, underwriting, valuation, accounting, retention management, treaty interpretation and compliance

• Experience in process reengineering, mapping, and documentation. Familiar with operational risk management and concepts

• Experience in leading projects and initiatives, and strong understanding of Agile and Waterfall project management methodologies

• Experience with insurance system and data flow design, analysis, and implementation. Familiar with software development lifecycle

• Strong communication and leadership skills, with the ability to communicate and present ideas across different levels of management and stakeholders

Nice to have:

• Post secondary degree in business, actuarial science, finance, mathematics, or other relevant field of study

What’s in it for you?

• 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

Job Skills Adaptability, Customer Service, Decision Making, Effectiveness Measurement, Insurance Operations, Process Management, Strategic Thinking, Time ManagementAdditional Job DetailsAddress: MEADOWVALE BUSINESS PARK, 6880 FINANCIAL DR:MISSISSAUGACity: MISSISSAUGACountry: CanadaWork hours/week: 37.5Employment Type: Full timePlatform: INSURANCEJob Type: RegularPay Type: SalariedPosted Date: 2024-08-15Application Deadline: 2024-08-31Inclusion and Equal Opportunity EmploymentAt RBC, we embrace diversity and inclusion for innovation and growth. We are committed to building inclusive teams and an equitable workplace for our employees to bring their true selves to work. We are taking actions to tackle issues of inequity and systemic bias to support our diverse talent, clients and communities.We also strive to provide an accessible candidate experience for our prospective employees with different abilities. Please let us know if you need any accommodations during the recruitment process.Join our Talent CommunityStay in-the-know about great career opportunities at RBC. Sign up and get customized info on our latest jobs, career tips and Recruitment events that matter to you.Expand your limits and create a new future together at RBC. Find out how we use our passion and drive to enhance the well-being of our clients and communities at .

Expected salary

Location

Mississauga, ON

Job date

Sat, 17 Aug 2024 05:34:05 GMT

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