Finance Administrator - Hendon, United Kingdom - Go-To Outsourcing
Description
Job Title:
Finance Administrator
Job Location:
Hendon
Core hours:
Mon - Fri 9.00am - 5.00pm
Job Type:
Permanent
SALARY:
£28,000 - £40,000
The Role:
Our client is looking for an exceptional Finance Administrator to join their team in an insurance and finance company, specializing in a range of niche insurance products.
Main Purpose:
To control all allocations of client money to and from clients as well as the settlement of all monies to/from
insurers.
Working as a team, the Finance Administrator will support the FD/Head of Finance along with Directors and Management, in their endeavours to provide high quality advice and service to their individual, corporate, and trust clients.
The Finance Administrator should have an awareness of business flow and maintain high standards of accuracy utilising available software or technological resources wherever possible.
The Finance Administrator must understand the
Insurance and Financial Services advice process, complaint process, business strategy as advised from time to time, and must be able to deliver against agreed timescales.
Skills Required:
- 2+ Years' experience in the Insurance Sector
- Experienced on Sales Force
- Experienced on Novidea
- Minimum of 3 years in Finance and Accountancy
Relationships:
- Responsible to: Head of Finance/Finance Director
- Liaison with: Senior Financial Administrator, Account Handlers, clients, and Insurers
The FA role may be broken down into four key parts:
- Settling GI premiums, refunds and commissions withinsurers and PMI commissions.
- Bank payments to settle premiums as well as other bank payments as directed.
- Investigating unsettled premiums, credit control around outstanding premiums and any other settlement related queries on GI and PMI.
- Support to ensure IFA's and introducers are paid their correct level of commission.
Details of daily work duties:
A.
Settling Premiums, Refunds, and commissions with Insurers.
Insurers set out their terms to our company, through their Terms of Business (TOBA) which typically gives us the permission to collect the premium on the behalf of the insurer which should be passed onto the insurer net of commission as soon as possible.
Credit terms that exist usually vary from 30-60 days and therefore we aim to ensure funds are collected within these agreed terms.
Often, however, clients will need reminders to pay their premiums and the handlers have the use of weekly reports to encourage them to chase clients.
When you receive a statement, you should firstly, claim all return premiums.
The Salesforce/Novidea system does not collect the return premium until we allocate the refund which can only happen when you receive a statement you are going to settle with the return premium on there.
You must make the allocation first before the credit will appear on the settlement document and therefore this simply means searching the entry on Salesforce/Novidea.
The premiums ready to pay should all be available on the settlement document although often there are small discrepancies in rounding numbers resulting in penny adjustments which you can currently make through the settlement process by entering the correct premium to be paid/collected.
There are also some insurers who use I-Markets i.e., Allianz, ARCH and QBE. Again, these must be settled via the portal.
Once you have finalised a settlement, the Bank payment should be set up with the insurer/MGA provided we have verified the bank payment.
However, when using an I-markets insurer, the I Market system generates a unique 12 figure reference number with a second part which our company must make up which should be the Settlement number.
Once settled, the relevant documents need to be saved to Volume under the monthly statements
Relevant documents, includes:
- The settlement document
- ONLY once settled is marked on the system, the Print Settlement document tab will be available for a short period of time to allow the document to be saved fully as a pdf (or the print to volume showing the full margins). After the few days the print function will not be available, and you can only view the settlement which will not print the full margins.
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