Business Operations Consultant – Reinsurance Administration

Securian Financial • Saint Paul, MN

1d • Hybrid

About The Position

Overview: Our Reinsurance Administration team is responsible for the transfer of risk to our reinsurance partners. Policies can be reinsured for any of our products. Reinsurance may be on an automatic basis, where risks meeting predetermined criteria are accepted without reinsurance underwriting or facultatively where each individual risk is underwritten by the reinsurer. Reinsurance premiums are paid on a coinsurance basis, or yearly renewable term basis. Our retention of each risk can vary by product, by policy type, reinsurance treaty agreement and our retention amount. The reinsurance area must ensure that policies ceded to a reinsurer meet the criteria outlined within the reinsurance treaties, that the appropriate amounts are retained and that premiums paid are accurate and processed in a timely fashion. Also, the reinsurance area must accurately process policy changes, maintain appropriate retention, and be able to communicate such changes and adjustments to the reinsurers.

Requirements

• Ability to critically solve complex problems independently.
• Knowledge to interpret third party treaties/contracts to process business within contract parameters.
• Communication and human relations skills to effectively interact with third party reinsurance companies, vendors, and internal associates.
• Ability to advocate for the Reinsurance Center of Excellence (RCOE).
• Lead projects or workstreams and act as a resource for colleagues.
• Strong analytical, financial, and systems skills including advanced Excel.
• Effective collaboration and leadership skills.
• Professional curiosity – willingness to challenge procedures appropriately and suggest more effective alternatives.
• Strong analytical skills including excellent problem-solving skills.
• Bachelor’s Degree or an equivalent combination of education and directly related work experience required.

Nice To Haves

• 10+ years of relevant industry experience
• Knowledge of individual life/annuity products and market
• Knowledge of reinsurance structures and/or systems (e.g. TAI)

Responsibilities

• Monitors all Individual reinsured policies to ensure the accurate and timely remittance of premium to the third party reinsurers, reimbursement for any claims due, and accurate retention for Securian Financial.
• Understands and interprets reinsurance treaties for each third party reinsurer and procedures required to administer products reinsured by Securian Financial.
• Primary internal and external reinsurance system (TAI) resource for Individual Life.
• Provides information for accurate financial reporting on a monthly, quarterly, and annual basis; proactively reports and communicates potential financial impact situations and/or deviations of anticipated trends.
• Audits reinsurance records to ensure policies are set up correctly in the reinsurance system; summarizes findings, prepares reports, and participates in implementing administrative changes as needed.
• Processes and monitors claim notification and claim reimbursement; ensures appropriate documentation is provided to request reinsurer reimbursement.
• Leads and supports projects and process improvements impacting Individual Solutions reinsurance administration.
• Serves as primary Individual Solutions support resource and advocates on behalf of the Reinsurance team.
• Performs and/or coordinates key controls and compliance activities including FRCC testing.
• Develops and maintains analytical reporting on premiums, in force, and net amount at risk and provides data for quarterly risk reporting.
• Performs high level reinsurance tasks for at least one other Solution Group.
• Identifies and recommends process, system, and reporting improvements.

Benefits

• Paid time off: We want you to take time off for what matters most to you. Our PTO program provides flexibility for associates to take meaningful time away from work to relax, recharge and spend time doing what’s important to them. And Securian Financial rewards associates for their service by providing additional PTO the longer you stay at Securian.
• Leave programs: Securian’s flexible leave programs allow time off from work for parental leave, caregiver leave for family members, bereavement and military leave.
• Holidays: Securian provides nine company paid holidays.
• Company-funded pension plan and a 401(k) retirement plan: Share in the success of our company. Securian’s 401(k) company contribution is tied to our performance up to 10 percent of eligible earnings, with a target of 5 percent. The amount is based on company results compared to goals related to earnings, sales and service.
• Health insurance: From the first day of employment, associates and their eligible family members – including spouses, domestic partners and children – are eligible for medical, dental and vision coverage.
• Volunteer time: We know the importance of community. Through company-sponsored events, volunteer paid time off, a dollar-for-dollar matching gift program and more, we encourage you to support organizations important to you.
• Associate Resource Groups: Build connections, be yourself and develop meaningful relationships at work through associate-led ARGs. Dedicated groups focus on a variety of interests and affinities, including: Mental Wellness and Disability Pride at Securian Financial Securian Young Professionals Network Securian Multicultural Network Securian Women and Allies Network Servicemember Associate Resource Group

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level