Part Qualified Accountant-Insurance

  • Sector: LMA UK Finance & Accounting
  • Contact: Juneid Razzak
  • Contact Email: juneid.razzak@lmarecruitment.com
  • Duration: 12 Months
  • Client: LMA
  • Location: London
  • Salary: £40000.00 - £45000.00 per annum + Plus Bonus
  • Expiry Date: 06 November 2021
  • Job Ref: BBBH188598_1633617790



Main purpose and objective of the role


The principal purpose of the role is to undertake a range of tasks related to the timely settlement of receivables and payables and minimise the Company's overdue debt and unallocated cash receipts

Key responsibilities

  • Review and understand Global (underwriting system) endorsements processed by the underwriting team and associated contractual documentation, invoices etc
  • Review and understand Global (claims system) entries processed by the Claims team - in particular outwards reinsurance recoveries
  • Monitor the due dates of pending items (receivables/payables) and contact the relevant counterparty ahead of the due date to obtain a timely settlement
  • In the even that the pending item becomes overdue, engage with the counterparty to expedite settlement as soon as practicable
  • Collaborate with the underwriting team if endorsements are required to reconcile the original pending items to updated values advised by the policyholder
  • Investigate cash receipts to ascertain which pending items have been settled in the eyes of the counterparty
  • Recommend cash payment/receipt offsetting against pending items to other members of the Accounting team
  • Advise other Accounting staff if the offsetting triggers any related activity (eg, IPT payable)
  • Produce MI for the CFO, other teams, the Board, Head Office as appropriate
  • Develop a database to record actions on overdue items and unidentified cash to make it easier to follow what actions have been undertaken
  • Investigate historical uncleared pending items with a view to collecting, paying or writing them off
  • Assist the CFO with his MI for (i) pending item management (ii) Global contracts (iii) Global claims and (iv) reinsurer database
  • Any other tasks that the company may reasonably assign from time to time, according to business needs


Required Qualifications, Skills and Experience

Qualifications:
  • Accounting/Finance degree or equivalent desirable
  • Progression towards a professional qualification such as ACCA, ACA or CIMA

Skills & Experience
  • Knowledge of accounting practices and principles including thorough practical experience of bookkeeping or maintaining accounting ledgers. Comfortable with debits and credits. Can relate the technical features of the work to the trial balance and accounting outputs
  • Non-life insurance accounting experience essential

Key Competencies
  • Attention to detail and accuracy
  • Ability to digest technical documents and the impact on accounting entries
  • Planning and organising; can be flexible about priorities according to business demands; awareness of demands on the Company's staff
  • Good communication skills - many counterparties will be based abroad
  • Problem analysis and problem-solving skills
  • Use own initiative; inquisitive
  • Perseverance
  • Collaborative and supportive of co-workers
  • Confidentiality
  • Awareness of the importance of performing financial controls and various compliance expectations within a financial services firm
  • Confident in using spreadsheets. Has the ability to critique functionality and adapt/create better solutions
  • Excellent work ethic; accepts the job role necessarily has a mix of routine and more complex tasks but applies high professional standards to both