Reinsurance Clerk jobs in Maryland

Reinsurance Clerk performs routine reinsurance clerical duties, such as maintaining records, processing, and verifying new business. Performs basic accounting activities such as calculations and preparation of billing statements and financial reports. Being a Reinsurance Clerk verifies the policies of reinsurance clients and reviews company records to determine correct coverage. May coordinate the exchange of underwriting information between the reinsurance market and the underwriting staff. Additionally, Reinsurance Clerk may process monthly premium billing statements and other reports. Requires a high school diploma or its equivalent. Typically reports to a supervisor or manager. The Reinsurance Clerk possesses a moderate understanding of general aspects of the job. Works under the close direction of senior personnel in the functional area. May require 0-1 year of general work experience. (Copyright 2024 Salary.com)

L
Reinsurance Analyst
  • Legal & General America
  • Frederick, MD OTHER
  • Overview

    At Legal & General America, we aim to make a positive difference in the lives of our customers, partners, colleagues, and the communities in which they live.  As a recognized market leader of term life insurance, we’re working to transform our business through innovation and technology to provide products and solutions that help American families secure their financial futures.

     

    We are a future-focused company, passionate about what we do and how we do it. This means working with pace and energy to reach our goals and challenging ourselves to achieve more.  We strive to create a unique environment where balance between work and life is possible. Our employees' passion, dedication and hard work, as well as our career development opportunities, benefits, and employee activities contribute to our positive workplace culture.

     

    The Reinsurance Analyst is responsible for the administration and placement of reinsurance for Banner Life and William Penn as outlined below.

     

    Responsibilities

    Monthly Processing & Analysis

  • Generate and reconcile monthly reinsurance billing extracts
  • Review and correct errors from monthly process
  • Process manual adjustments to billing file
  • Ensure that electronic information is sent to all reinsurers to include billing reporting and inforce policy details
  • Research data to develop trend analysis reports on monthly reinsurance premium payments while collaborating with Actuarial and/or Finance to investigate unusual increases and decreases in premium payments
  • Calculate monthly reinsurance payments to all reinsurers through required systems
  • Reconcile accounting entries generated against general ledger entries
  • Reconcile death claim reporting to ensure correct recoverable amounts
  •  

    Quarterly/Annual Processing & Analysis

  • Calculate and send notices for premium taxes recoverable
  • Create and populate Schedule S template with information relating to reinsurance premiums by reviewing all monthly reports for accuracy against Finance Department data extracts and investigating/correcting discrepancies where necessary
  • Review and process reinsurance payments for indemnity and other specialty treaties
  • Provide detailed information and reports with explanation to internal auditors as required
  •  

    Reinsurance Development & Set Up

  • Collaborate with Actuarial & Product Development teams regarding new products impacting reinsurance, how to administer and how to navigate system constraints
  • Code reinsurance files and tables to allow auto assignment and set up files for facultative policy types to include treaty codes, allowances/rates and segments, retention limit files and treaty selection files
  • Test rate files and issue policies in test environment prior to new changes being moved to production
  • Set up reinsurance for A-List groups
  • Handle daily tasks for policy changes before and after issue
  •  

    Treaty/Amendment Execution

  • Work with Actuarial and Reinsurer, as well as other departments as needed, to create an acceptable treaty or amendment draft for management approval
  • Obtain all final approvals and subsequent signatures from necessary parties for execution
  • Items reviewed include general treaty provisions (across same and different reinsurers) and unusual provisions such as wording changes, retention limit changes and rate/allowance changes which are reviewed with Legal, Underwriting and Claims
  • Maintain finalized electronic records in archive directories along with any related documentation
  • Develop and maintain cross reference documentation to of treaties to system treaty coding
  • Verify or input appropriate treating coding in administrative system
  • Create and maintain list of processed treaties by calendar year for audit purposes
  •  

    External Audit Support

  • Provide support as required for audits by reinsurers and external auditors – respond to questionnaires, provide data samples and procedural documentation as required
  • System training to auditors to review back end data points directly within LGA systems as needed
  • Research and provide written responses to audit findings
  •  

    Retention Management

  • Manage risk amounts and retention levels at regular intervals to ensure compliance with treaty definitions
  • Review each death claim for compliance and accuracy of retention and ceded shares, and calculate manual adjustments as necessary for needed corrections
  •  

    In-Force Management & Conversions

  • Collaborate with Actuarial team regarding rate increases and recaptures by identifying blocks of enforce policies to develop and execute a plan to administer
  • Experience Studies
  • Administer by identifying blocks of impacted policies and developing a plan to change to experience study treaty with new rates
  • Report data on a regular basis on the study block
  • Review claims extracts to compile claims liabilities and interest
  • Review reinsurance assignments after any policy changes to make necessary adjustments
  • Set up treaty and rate files for term conversions as needed. Correct policies as necessary, setting retention and adding correct pool of reinsurers and treaty codes with rates and allowances
  • Handle daily tasks for internal replacements
  • Generate service requests, coordinate testing and elevate to production any issues to correct system deficiencies and/or to enhance reporting to reinsurers
  •  

    Other duties/projects as assigned

    Qualifications

    Education

    BS/BA in mathematics, finance or economics

     

    Experience/Knowledge

    2 years of accounting experience

    2 years of life insurance preferred

     

    Skills

    Knowledge of spreadsheet software, specifically access and excel

    Ability to reconcile accounts and data analysis

    Interface with reinsurers on administrative issues via phone, email and in person

    Research and investigation

    Building complex reports with trend analysis investigation and description

     

     

    What’s in it for you?

     

    The expected hiring compensation range for this position is $65,000 - $89,375 annually.  This position currently requires onsite reporting for up to three days per work week with flexibility of work from home days the remaining two.    

     

    The total compensation package for this position may include other elements, such as a sign-on bonus, long term incentives, and annual bonuses.  This role is eligible to participate in the Legal & General America Annual Incentive Plan. The current target payment for the position is 8% of base salary, modified for corporate and individual performance. Bonuses are pro-rated based on start date.  This role has 15 vacation days and 10 sick days that are accrued on a bi-weekly basis. Employees also have 9 paid holidays throughout the calendar year.

     

    We have a competitive compensation and benefits package focused on your overall wellbeing.  Employee benefits include health, life, and dental insurance; 401K with company match up to 6% as well as a pension package; generous time off; and wellbeing initiatives throughout the year (we like doing fun stuff).  We’re big on professional development and we’ll support and mentor you in your career progression and expect you to help us pay it forward by helping us develop tomorrow's leaders and growth-focused professionals. We value our teams and our communities and believe in giving back. Enjoy time off to volunteer for those causes that matter most to you!

     

    If hired, employee will be in an “at-will position” and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors. The Company reserves the right to change benefits plans at any time.

     

    We are an equal opportunity employer and value diversity at our company. We do not discriminate based on race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. Please contact us to request accommodation.

     

  • 21 Days Ago

S
Clerk
  • ShopRite Supermarkets
  • Forest Hill, MD FULL_TIME
  • to bag the orders, pack it in totes, store accordingly, bill the order, transport Clerk, Shop, Online, Dance, Customer Experience, Operations, Retail, Grocery Last updated : 2024-03-06
  • 18 Days Ago

Y
Clerk
  • YesCare
  • Baltimore, MD OTHER
  • Experience & Requirements High school graduate or equivalent with one year experience in a healthcare environment. Subject to initial and ongoing security clearance requirements. A background check, s...
  • 19 Days Ago

D
Clerk
  • Dollar General
  • Savage, MD FULL_TIME
  • Company OverviewDollar General Corporation has been delivering value to shoppers for more than 80 years. Dollar General helps shoppers Save time. Save money. Every day. by offering products that are f...
  • 19 Days Ago

P
Clerk
  • Postal Source
  • Hagerstown, MD FULL_TIME
  • POSTAL CLERK NO EXPERIENCE REQUIRED PAID TRAINING PROVIDED JOB SECURITY The Postal Service is the largest government related agency in terms of employees. The Postal Service currently employs nearly 1...
  • Just Posted

P
Clerk
  • Postal Source
  • Baltimore, MD FULL_TIME
  • POSTAL CLERK NO EXPERIENCE REQUIRED PAID TRAINING PROVIDED JOB SECURITY The Postal Service is the largest government related agency in terms of employees. The Postal Service currently employs nearly 1...
  • Just Posted

C
Accounting Clerk
  • CYNET SYSTEMS
  • Stamford, CT
  • Job Description: Pay Range $20hr - $24hr Responsibilities: Process reinsurance accounting entries: review account statem...
  • 3/27/2024 12:00:00 AM

Maryland (US: /ˈmɛrələnd/ (listen) MERR-əl-ənd) is a state in the Mid-Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east. The state's largest city is Baltimore, and its capital is Annapolis. Among its occasional nicknames are Old Line State, the Free State, and the Chesapeake Bay State. It is named after the English queen Henrietta Maria, known in England as Queen Mary. Sixteen of Maryland's twenty-three counties border the tidal waters of the Chesapeake Bay estuary and...
Source: Wikipedia (as of 04/11/2019). Read more from Wikipedia
Income Estimation for Reinsurance Clerk jobs
$51,310 to $60,176

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Reinsurance Clerk in Evansville, IN
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