Senior Reinsurance Analyst

Job title:

Senior Reinsurance Analyst

Company

Royal Bank of Canada

Job description

Job SummaryJob DescriptionWhat is the opportunity?This position has responsibility for the administration of the ceded reinsurance business for RBC Insurance, including the accurate and timely calculation and settlement of reinsurance payments and recoveries, accrual of unsettled premiums, reserve adjustments, retention management, and treaty compliance.The position will also provide subject matter expertise and support to projects impacting reinsurance such as new product launches, new treaties or pricing changes, regulatory changes, system upgrades and implementations, and overall initiatives to continuously improve the reinsurance centre of excellenceWhat will you do?

• Responsible for day-to-day processing to ensure accurate and timely administration of reinsurance business ceded out to external reinsurers, adequate reinsurance coverage in place for all policies including continuation and conversions, RBC retention is managed and within company policies, and overall compliance with treaties

• Calculation and processing of reinsurance premium billing, payments, and recoveries, including claims and policyholder benefits such as Return on Premium, Cash Surrender Values, Waiver of Premium, etc.

• Accrual of unsettled premiums, financial journal entries, reserve adjustments, and reinsurance amounts for businesses administered outside of reinsurance systems such as Modified-Coinsurance, Lapse Experience Refunds, Profit Sharing, etc.

• Management of claims processing on reinsurance system, including working with the claims department and external reinsurers to identify and resolve issues, and ensure all paid claims are recovered.

• Responsible for the ongoing documentation and maintenance of operational guidelines and procedures to administer the ceded reinsurance business.

• On-going analysis of data to ensure completeness/accuracy and and escalate any issues to management and involved stakeholders

What will you need to succeed?Must have:

• 5+ 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 processes including administration, billing, claims, underwriting, reinstatements, valuation, and accounting

• Strong understanding of life and living benefits insurance industry, products, and concepts such as CSV, ROP, WOP, NAR, MTAR

• Technologically savvy, with an understanding of process, system, and data flows

• Strong client services skills with a collaborative and supportive attitude

• Strong verbal and written communication skills, together with a proven ability to effectively communicate with a broad cross-section of people, at various levels, in the business & technical communities

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 Active Learning, Adaptability, Business Appraisals, Critical Thinking, Customer Service, Decision Making, Effectiveness Measurement, Operational Delivery, Process ImprovementsAdditional Job DetailsAddress: MEADOWVALE BUSINESS PARK, 6880 FINANCIAL DR:MISSISSAUGACity: MISSISSAUGACountry: CanadaWork hours/week: 37.5Employment Type: Full timePlatform: INSURANCEJob Type: RegularPay Type: SalariedPosted Date: 2024-09-16Application Deadline: 2024-10-08Inclusion 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

Wed, 18 Sep 2024 04:26:28 GMT

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