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    Finance Data Analyst - London, United Kingdom - Great Lakes Insurance SE

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    Description

    About Great Lakes Insurance SE:

    As specialty provider of primary insurance services in the UK, Great Lakes London Branch (" GLLB ") is a substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia.

    Great Lakes Insurance UK Limited (" GLLS "), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.

    non-traditional insurances through 6 lines of business; namely, Property, Energy, Casualty, Engineering, Cyber and what we term Special Enterprise Risks. We overlay these underwriting activities with support from our Client Management and Claims & Operations units.

    Our clients are complex, diverse, and domiciled across the world. Therefore, we also need to be global, and we do this by positioning staff in strategic markets and locations as well as travelling to meet clients. Close contacts are very important.

    About the role:

  • As the Finance Data Analyst you will be responsible for gathering, transforming, loading, analyzing and reconciling the detailed claims/premiums/sum insured data (received from third parties) required for the Solvency II Reporting team to prepare the Solvency II Quantitative Reporting temples (QRT) on a quarterly/annual basis.
  • You will work closely with three teams internally (Reinsurance Accounting, the Data Team and the Solvency II Reporting Team) to follow up on outstanding data, cleanse received data) and ensure all data is loaded, reconciled on time for each reporting cycle within our key systems (FSRI, EDWH and DFEnS), with emphasis on data quality.
  • Work with the Solvency II Reporting team with special emphasis on supporting the production, validation and analysis of data to fulfil the Company and Branch's solo & group reporting obligations to both PRA (UK Regulator) & BAFIN (German regulator).
  • Key Responsibilities:

  • Own the data gathering process for insurance transactional data (claims, premiums and sum insured) received from third party agents
  • Control and track the monthly loading of insurance transactional data and reconcile to underlying summary system, investigating and correcting any variances in quality or format required to load
  • Ensure data is up to date and of good quality for Solvency II reporting requirements
  • Maintain data integrity in systems by running queries and analyzing data compared to prior periods for consistency
  • Develop and document guidelines and procedures for data gathering, format & transformations needed
  • Support best practices for system and process change management, documentation of system processes and business practices & the development of standards for processes
  • Identify & design process improvements in end to end data journey
  • Liaise with Reinsurance Accounting Agency Technicians to identify the causes of and reasons for reconciliation differences and data quality issues. This includes proposing solutions as well as escalating such differences and issues when necessary in a timely manner so they can be resolved
  • Prepare data for loading to the Company/Branch's data warehouse, including providing assistance to technician colleagues, developing source to target data mapping solutions using advanced Excel and MS Access functionality
  • Extract the data from the Company/Branch's data warehouse and reconcile it with the summary bookings made in the Company's technical accounting system, and where necessary, to the information provided by the Company/Branch's business partners.
  • Extract data from the Company/Branch's technical accounting system, validate its accuracy and completeness. Liaise with Munich and Australia based colleagues to load the data to central systems. Validate output from central systems against input provided. Report validation results, highlighting exceptions to be reported for resolution.
  • Monitor data submissions from the Company's business partners to ensure they are current, up to date, and of the required quality, liaising with them directly, or via Reinsurance Accounting Agency Technicians to further develop means by which data is provided on a quality assured basis.
  • Support Solvency II Reporting Team during the key year end period if needed
  • Competencies:

    Nimble learning (we think big) – you actively learn by tackling new problems and trying out new solutions, quickly learning from both successes and failures.

    Collaborates (we lead the 'we') – you work together with others in your team, the department and wider business (where relevant) to meet shared commitments.

    Optimises work processes (we grow with our clients) – you know the most effective and efficient processes to get things done and are constantly assessing how they can be improved.

    Resourcefulness (we care and dare) – you find a way to get things done with the best use of the resources available to you, knowing when to ask for support from others, but also offering your support to others where you feel your expertise, knowledge and skills can add value.

    Communicates effectively (we are clear and authentic) – you communicate clearly and appropriately with your audience. You also share ideas, learn from others and keep stakeholders informed about progress, problems, opportunities and solutions, soliciting feedback along the way.

    Key Skills & Experience:

  • Demonstrable data gathering, loading, transforming, accuracy and reconciling skills
  • Ability to analyse the processes and collect relevant data and information, to interrogate the data and identify problems.
  • Knowhow and experience in data requirements gathering and plausibility testing, as well as being able to identify and offer the business improvements in process and assess their feasibility.
  • A good knowledge of problem solving and investigation with unreconciled items.
  • Advanced Excel skills (VBA Macros, SUMIF, INDEX/MATCH, Pivots etc. to analyse, reformat & compare large data sets from different sources and prepare simulations of regulatory reporting outcomes. Power BI knowledge.
  • Strong communication skills with all different types of stakeholders.
  • Good overall business analysis skills
  • Ability to work cross departments (finance and IT) and be an excellent team player who is comfortable to also work independently
  • Motivated individual who will chase data & control data quality
  • Qualifications and Educational Requirements:

  • Graduate with extensive systems experience and/or operational experience
  • Excellent communication and stakeholder management skills
  • Thought Leaders:

    You will demonstrate inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

    You will treat your colleagues and sales and business partners fairly and with respect.

    Regulatory & Conduct Requirements:

    In addition to the responsibilities set out above, the Regulatory Reporting Specialist role is also responsible for:

  • Satisfying all regulatory reporting requirements in collaboration with the reporting function
  • Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship
  • Ensuring compliance with Munich Re's Code of Conduct and the FCA Conduct Rules
  • Benefits

    You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%

    About us

    You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning

    You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders

    We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn

    You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions

    We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged

    Re is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all our employees


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