Job Summary
INSURANCE SYSTEM ACCOUNTING:
- Allocation of cash premium (The candidate should have knowledge regarding the allocation of cash funds to policies and the implication of Gross vs Net allocations)
- Debit order collections (The candidate should have knowledge regarding the process of debit order collections for Insurance companies and general knowledge regarding reconciliation of debit order files to bank collection confirmations)
- Claim payments & allocations of Recovered funds (The candidate should have knowledge regarding the process of claim payments for Insurance companies and general knowledge regarding the allocation of funds recovered from Third parties to said claims.)
- Premium refunds (The candidate should have knowledge regarding the process of refunding premium to clients)
- Broker commission statements and payments (The candidate should have knowledge regarding the process of broker commission and binder fee payments and the reconciliation of said payments back to policy level).
INSURANCE ACCOUNTING:
- System premium to bank reconciliation with cash book capturing (The candidate should have a good understanding of how premium is raised, collected, and distributed to facilitate the reconciliation of system transactions to the bank statement.)
- System claims to bank reconciliation with cash book capturing (The candidate should have a good understanding of how claims are estimated, paid, and recovered to facilitate the reconciliation of the system claims transactions to the bank statement and outstanding claims estimates.)
- Journal processing for premium and claims (The candidate should also have a good understanding of journals and cash book transaction capturing.)
SPECIFIC SKILLS:
- Facultative business placement accounting (Knowledge regarding the facultative placement of policies and the accounting thereof would be a great advantage)
- Reinsurance accounting (Knowledge regarding the workings of Reinsurance accounting would be a great advantage).
GENERAL ACCOUNTING:
- Expense processing & analysis
- Reporting
- Balance sheet reconciliations
