Credit Controller Contract

NEXTQUEST is partnered with a Global Insurer and Reinsurer, operating within the Lloyd’s market through Syndicates, that is looking to appoint a Credit Controller to its finance team based in Central London.

SECTOR: Insurance (Lloyd’s Syndicate of London)

TYPE: 6-month Contract (extendable) (Inside IR35)

Salary: Per day rate – Competitive

This role entails a deep understanding of reinsurance contracts within external systems, vigilant monitoring of reinsurance premium settlements to brokers and carriers, and the identification of reinsurance recoveries within reinsurance systems. This also involves facilitating cash collection and allocation while considering credit control opportunities in Counterparty Management. The candidate must have experience in Lloyd’s Syndicate Insurance operations.

PRINCIPAL DUTIES AND RESPONSIBILITIES

The successful candidate is expected to comprehend and address the needs of key stakeholders, including Brokers, Reinsurers, the Underwriting team, and Group Finance. They must then demonstrate expertise in reinsurance and organisational acumen to fulfill the responsibilities of the RI Accounting role.

• Assume ownership and accountability for credit control and oversight of counterparty management for brokers and reinsurers to ensure portfolio performance.
• Review and evaluate contract terms to ensure due dates are captured, enabling the timely recovery of reinsurance balances.
• Manage and administer credit control opportunities across all types of reinsurance purchased, including facultative, proportional, and non-proportional treaties.
• Collaborate with RI Account Handlers, underwriting teams, claims, brokers, and clients to resolve inquiries.
• Utilise broker and client meetings to drive cash collection and discuss payment performance.
• Conduct aged debt analysis to reduce debts outstanding for more than 90 days and prevent further deterioration.
• Analyse the reinsurer exposure, and payment performance of reinsurers and brokers, as well as program and line of business performance within the portfolio.
• Contribute to FP&A reporting by providing insights and acumen to Reinsurance financials.
• Provide ad-hoc reporting as needed.

SKILLS/EXPERIENCE:

The ideal candidate should possess knowledge and experience gained from working within an Insurance/Reinsurance Syndicate, Company, or Broker environment.

Desired qualifications and attributes include:

1. Minimum of 4 to 5 years of experience in the Insurance/Reinsurance Market, with a focus on the Lloyd’s Syndicate or broker market perspective and experience of using underwriting systems.
2. Experience in managing credit risk exposures on outward reinsurance recoveries.
3. Strong teamwork and individual task management skills.
4. A customer-focused and service-oriented mindset
5. A methodical approach to problem-solving and decision-making with persistence and a desire to follow issues through to resolution.
6. Excellent verbal and written communication skills. can produce a quality Monthly Information pack that explains results to a range of stakeholders within the business.
7. Proficiency in computer skills, including Microsoft Excel (Pivot Tables, V-Lookups) and MS PowerPoint.
8. Collaboration across RI Accounting, Finance, and key Underwriting stakeholders to achieve common goals.