Loss Fund Management Specialist - London, United Kingdom - Canopius

Canopius

Verified Company

London, United Kingdom

2 weeks ago

Posted by:

Tom O´Connor

beBee Recruiter

Description

The Role

As a Loss Fund Management Specialist with a focus on the adoption of Faster Claims Payment (FCP), this pivotal role operates within the Claims Operations Function.

At the core of your responsibilities is the proactive delivery and management of the end-to-end loss fund process, spanning Traditional, Vitesse, and FCP methodologies.

Your role is to ensure the adherence to best practice policies and procedures while creating and delivering a robust control and process framework for legacy, current, and future loss funds, including completing operational tasks and providing strategic reporting, which supports the validation and reconciliation of Third-Party Administrator (TPA)/Coverholder held loss funds.

There will be a number of responsibilities, expectations and ad hoc tasks that are an integral part of this dynamic role, which calls for a proactive working style, a can-do approach, and an ability to contribute strategically through regular management reporting, ensuring compliance with regulatory requirements, and engaging effectively with both internal and external stakeholders.

Responsibilities will include:

You will be responsible to drive the development, documentation, and successful adoption of FCP across the organisation, playing a crucial role in reshaping claims processing efficiency. This includes the end to end life cycle of a FCP loss find, from the initial assessment and set up of FCP loss fund accounts, to down stream reporting to key stakeholders.
Managing the end to end loss fund process (legacy, current and future(FCP)), ensuring that they are maintained in accordance with the policy and procedures and where any potential issues are identified, obtain full details prior to reaching a firm decision on resolution.
Assessing current loss fund reconciliation practices with the objective of improving and developing processes to ensure that they meet the business and regulatory requirements
You will be accountable for the visibility of all loss fund across the claim's portfolio and their ongoing financial reconciliation.
Act as a loss fund referral point for TPA/brokers and other external stakeholders
Act as the liaison contact for our internal/external auditors.
Manage your outsource partner team, to provide efficient and consistent oversight to track, coordinate and monitor the flow of work required to meet the loss fund functions objectives e.g. timely loss fund reconciliation, quality output and ensure where performance issues arise corrective action plans are suitably deployed and to assist in the analysis of information received from TPAs in term of loss fund reconciliation.
Ensure that loss funds reconciliation documents requested from TPA's are received in line with reporting requirements and SLAs
You will be responsible for assisting and resolving issues raised by our outsource partners.
Liaise with the finance dept. to verify loss fund have been received
Provide the Head of Claims Operations with the necessary information to ensure smooth operational running of the overall function.
Produce regular (monthly/quarterly) management reporting to drive strategic decision making by delivering actionable insights derived from loss fund data.
Ensure that any regulatory requirements are consistently met.
Act as an effective point of escalation for team members and stakeholders alike.
Maintain excellent communication with team members, the wider management team and stakeholders.
Collaborate with the wider Canopius claims team where there are areas of overlap, to share learns and relevant information and actively contribute to projects.

Skills and experience:

Proactive working style and can do approach.
Experience of working in the London Market.
Must have Insurance Operational experience
Must have understanding of and experience in loss fund processes and procedures
Organised with good attention to detail and a high level of accuracy
Ability to prepare and interpret data meaningfully
Display excellent communication and interpersonal skills
Good knowledge of Word and Excel

_Our benefits_

We offer all employees a comprehensive benefits package that focuses on their whole wellbeing. This includes hybrid working, a competitive base salary, noncontributory pension, discretionary bonus, insurances including health (family) and dental cover, and many other benefits to enhance financial, physical, social and psychological health._

_About Canopius_

Canopius is a global specialty lines (re)insurer. We are one of the leading insurers in the Lloyd's of London insurance market with offices in the UK, US, Singapore, Australia and Bermuda._
At Canopius we foster a distinctive, positive culture which enables us to bring our whole selves to work to flourish as people, and build a business which delivers profitable, sustainable results._
Based in incredible new offices in the heart of the City of London, Canopius op