Reinsurance Accounting Analyst Job Description, Key Duties and Responsibilities

By | September 2, 2023
Reinsurance Accounting Analyst job description, duties, tasks, and responsibilities
Reinsurance Accounting Analyst record customers’ premiums into their companies’ reinsurance accounting systems. Image source:

This post provides in-depth information on the job description of a reinsurance accounting analyst, to help you learn the duties, tasks, and responsibilities they commonly perform.

What Does a Reinsurance Accounting Analyst Do?

The reinsurance accounting analyst is in charge of prompt and precise recording of customers’ premiums, as well as loss affiliated facts, into a company’s reinsurance accounting systems.

This post considers harmonization and research of all accounting issues in relation to customer service, as well as rendering of unsettled accounts.

The reinsurance accounting analyst job description entails ensuring prompt reporting and precise management of all client account statements, handling of reinstatements, premium modifications in line with contract terms, and organizational procedures.

He/ she will properly and promptly identify and act on workflow so as to be filed.

Reinsurance accounting analysts take part in reinsurance organization audits alongside internal auditors and also external reinsurance organizations and self reliant auditors.

Their role also entails offering sequential overview, collecting data, and offering information as demanded.

They will also be required to carry out detailed policy stage audits as appropriate in responding to inquires and questions.

These accounting analysts are also responsible for carrying out precise and timely application of expenditure and cash receipts and guaranteeing settlement of cash inconsistencies through communication and research with the accounting departments, as well as with internal or external customers.

This job will include evaluation of accounts receivable or unresolved cash to guarantee prompt and precise utilization of cash; and to oversee and collect unsettled balances due, in accordance with terms of contract and internal collection procedures, including preparation of client account invoices.

Reinsurance Accounting Analyst Job Description Sample/Example/Template

Below is a job description sample for the position of reinsurance accounting analyst, consisting of important duties, tasks, and responsibilities holders of the position are usually required to perform.

The job description example can also be useful in making a good resume for seeking a vacant accounting analyst reinsurance job.

  • Render assistance in handling cash flow by properly notifying the treasury department of all complex receipts and expenditures and manage disbursements to involve verification of all customer requests for remittance and to guarantee agreement with contract specifications.
  • Organize monthly or quarterly record entries applicable to reinsurance.
  • Render assistance with monthly and quarterly corporate culmination process to guarantee compliance with global reporting prerequisites.
  • Reassess and organize seriously intricate domestic and international insurance and unexplained treaty accounts.
  • Offer assistance in evaluating financial interpretations every month and every quarter.
  • Organize and develop excellent working knowledge of reporting and processing systems and handle and maintain outstanding communication.
  • Keep in touch with issues or complications as they occur.
  • Offer assistance on distinctive projects or other activities as designated by management.
  • Discover and give reports on observations to the management as necessary.
  • Join forces with both external vendors and clients to find resolution to, and prohibit issues.
  • Balance monthly cash statement to validate that amounts are booked accurately for all levels of the business.
  • Reevaluate profit commissions accounts and modify retrospective benefits.
  • Carry out calculations of unresolved premiums and audit relative treaty offers following treaty conditions.

Reinsurance Accounting Analyst Requirements: Knowledge, Skills, and Abilities for Career Success

Highlighted below are some of the qualities required for becoming a successful reinsurance accounting analyst.

  • An associate or college degree in finance, accounting, insurance or in other affiliated fields, with at least a year’s’ experience in handling cash or insurance policies.
  • Unique interpersonal aptitude with written and verbal communication and teamwork skills
  • Impressive technical, analytical, mathematical, and accounting aptitude, in addition to excellent writing skills
  • Commendable experience in utilization of Microsoft office products like Word, Excel etc.