Reinsurance Claims Technician

Job title: Reinsurance Claims Technician

Salary: £50,000

Location: London 

Purpose of role:

You will be offering assistance to Senior Claims Advocates and Claims Manager as needed. Effectively managing workload and time to optimise efficiency and meet deadlines and targets. Maintaining continuous communication with claims colleagues, accounts, and other divisions within the business to ensure timely and accurate production of documentation and maintenance of systems and records.

Key responsibilities:

Operational:

• Supervising and finalising the production of new claims files, ensuring they adhere to established standards.
• Upon receiving claim notifications, assessing risk, reviewing details alongside coverage/wording provided, acknowledging receipt to clients/intermediaries, and promptly and accurately preparing claims files, maintaining both in-house and external computerised claims records.
• Evaluating and anticipating potential issues/queries regarding claims, determining necessary actions.
• Reviewing received claims and offering feedback to placing brokers/management as needed to mitigate future issues.
• Alerting management to any potential issues before presenting to underwriters.
• Generating claims information and presenting to reinsurers, using written or networked formats like CLASS or LORS, and addressing any resulting instructions, queries, or inquiries.
• Monitoring reinsurers’ agreements and payments, ensuring timely disbursement to appropriate beneficiaries.
• Maintaining effective communication with accounting colleagues regarding fund collection/payment, addressing queries, and subsequently clearing accounting entries.
• Identifying potential errors and omissions in arising situations.
• Promptly reporting any claims difficulties to management.
• Notifying clients/principles of relevant insurer instructions.
• Resolving problems efficiently and promptly, leveraging broad experience.
• Cultivating meaningful relationships with clients, experts, and insurers, consistently demonstrating prompt, friendly, and professional conduct.
• Managing claims filing.
• Monitoring workload and providing appropriate reports to management.
• Crafting accurate and high-quality correspondence, filtering information to ensure relevance to the recipient.
• Providing regular updates to the Claims Manager on the status of claims portfolios, current conditions in the market, and their potential implications.
• Attending internal/client meetings as required.
• Ensuring compliance with FCA Guidelines and Group rules and procedures, including maintaining meticulous records.

Relationship Management:

• Continuously nurturing and fostering relationships with peers and colleagues within the Division and throughout the Group.
• Persistently cultivating and overseeing relationships with underwriters, adjusters, attorneys, clients, and industry peers.
• Engaging actively in routine team discussions and updates.

Generic Knowledge Requirements:

• Adequate comprehension of fundamental insurance concepts to execute Principal Tasks effectively.
• Solid familiarity with Underwriters, markets, including their practices, documentation, and customs.
• Proficient understanding of reinsurance class and other pertinent insurance and regulatory procedures.

If you have the relevant experience or know someone that does please contact us now on 0203 411 8430 or email us at admin@lawesgroup.co.uk