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Job Description Summary
National Accounts Finance is seeking a highly motivated individual for our Specialty Group Captive finance team. Under supervision, this individual would be responsible for monitoring and analyzing financial activity for our Specialty Group Captive insurance programs. Responsibilities include the reporting of premium data, analyzing and ensuring the integrity of claim information, recording and managing reinsurance recoverables from captives and maintaining adequate collateral for unauthorized reinsurance. A strong analytical and communication skillset is required.
Primary Job Duties & Responsibilities
Prepare summary reports on status of program premiums, expenses and losses for use by internal and external parties. Requires strong technical and analytical skills to ensure the accuracy of this data.
Prepare cession statements reporting premium received by external Program Managers. Ensure adequacy of premium flow and expense allocation. Understand program binder requirements and reinsurance agreements. Analyze cession statements to ensure cession statements are calculated in accordance with legal contracts.
Responsible for the booking of ceded premium for assigned book of business.
Monitor loss fund balances to ensure proper funding for claims. Involves analysis on history of paid claims as well as status of active claims to calculate proper loss fund balance. For deficits in loss fund, must arrange for additional funding by reinsurer or LOC draw. Requires strong analytical skills to resolve any data errors in information received from external TPA’s.
Responsible for the cash flow aspect of Specialty Group Captive programs, including settling funds with the external TPA, captives and any other parties involved.
Ensure adequate collateral is maintained for unauthorized reinsurance.
Requires strong organizational, interpersonal and communication skills. Must act with urgency and have the ability to recognize unusual numerical relationships in financial data. Strong Excel skills also needed.
Minimum of 1 year of related experience.
Education, Work Experience, & Knowledge
Bachelor’s degree in finance or accounting preferred.
Typically 2+ years of related experience.
General knowledge of Financial Analysis concepts and processes.
General Knowledge: Possesses sufficient knowledge to perform most work in normal situations.
Job Specific Technical Skills & Competencies
Working knowledge of the insurance business.
Intermediate analytic skills.
Working knowledge of accounting practices and principles.
Intermediate data utilization skills to access and gather data, including a basic understanding of what the data represents.
Intermediate written and verbal communication skills.
Intermediate time management/ prioritization skills.
Basic ability to solve problems and suggest solutions to problems.
Takes responsibility for decisions and actions.
Intermediate working knowledge of Microsoft Office (e.g. Excel, Word, Outlook).
Intermediate project management skills.
Ability to identify customers needs and take appropriate action to meet those needs.
Ability to work well in tight timeframes and deadlines.
Intermediate skill/competency level: demonstrates solid knowledge and ability; can apply the competency with minimal or no guidance, in the full range of typical situations. Requires guidance handling novel or more complex situations.
Travelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.
If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.
Travelers reserves the right to fill this position at a level above or below the level included in this posting.
Careers at Travelers
When you work at Travelers, life’s most important moments become your life’s work. That means helping families feel secure, businesses to prosper, knowing that you’ve made a difference, and feeling like you belong to something bigger. It also means being part of a team comprised of 30,000 + talented and passionate people that are evolving to meet changing needs – from customer service to data science and beyond. If that’s more than you imagined in an insurance career, it’s time to join us at Travelers.