Sr Reinsurance Tech

Principal Financial Group • Des Moines, IA

17h

About The Position

As a Sr Reinsurance Tech, you will perform reinsurance maintenance, recordkeeping, and new business functions. You will provide technical assistance and coordinate the preparation of annual statement memos. This role serves as the primary contact for assigned reinsurance companies, involves building new reinsurance cessions, and may include processing "tiebreakers" to ensure appropriate reinsurance arrangements. Key responsibilities include reconciling and paying monthly premium billing statements, preparing monthly consolidated premium reports, and maintaining accurate and orderly records of premium payments. You will also prepare annual statement memorandums, which may include the completion and reconciliation of DAC tax calculations. The position requires performing maintenance operations such as processing changes/amendments, reinstatements, terminations, adjustments, extension schedules, death and disability claims, and researching all cases identified on extract reports. You will verify the accuracy of reports from reinsurance companies and maintain accurate records. Additionally, you will check cessions and maintenance work performed by others, train new employees in technical functions, research and resolve complex casework not covered by written rules, and provide guidance on advanced casework. Regular auditing of all records to ensure accuracy of retained and ceded amounts is required, along with participation in external audits with reinsurers, state Insurance Department auditors, and Corporate auditors. You will complete various projects as requested by the department manager and initiate recommendations for administrative, procedural, or treaty changes resulting from new or existing products, including testing. Other job-related duties and special projects may also be assigned.

Requirements

• Bachelor's degree or equivalent
• Strong math skills
• Extensive knowledge of reinsurance guidelines and procedures
• Ability to analyze and resolve complex situations not covered by established procedures
• In-depth understanding of various plan provisions and impact of various changes/adjustments to reinsurance accounts
• Computer knowledge and proficiency with Microsoft Excel and Microsoft Access
• Exhibit quick judgment
• Strong organizational skills
• Strong written and oral communication skills
• Exhibit good decision making when working on complex casework
• Be an effective team player and a positive influence within the organization
• Ability to multi-task in a fast-paced changing environment with high accuracy and within established turnaround times

Nice To Haves

• Participation in industry continuing education is strongly recommended

Responsibilities

• Perform reinsurance maintenance, recordkeeping and new business functions
• Provide technical assistance and coordinate preparation of annual statement memos
• Act as primary contact for assigned reinsurance companies
• Build new reinsurance cessions, may include the processing of "tiebreakers" to ensure appropriate reinsurance arrangements
• Reconcile and pay monthly premium billing statements
• Prepare monthly consolidated premium reports
• Maintain accurate and orderly records of premium payments
• Prepare annual statement memorandums
• Complete and reconcile DAC tax calculations (may be included)
• Perform maintenance operations including processing of changes/amendments, reinstatements, terminations, adjustments, extension schedules, death and disability claims
• Research all cases identified on extract reports
• Verify accuracy of reports from reinsurance companies
• Maintain accurate records
• Check cessions and maintenance work performed by others
• Train new employees in technical functions
• Research and resolve complex casework on situations not covered by written rules
• Provide guidance to others on advanced casework
• Regularly audit all records to ensure accuracy of retained and ceded amounts
• Participate in external audits with reinsurers, state Insurance Department auditors, Corporate auditors, etc.
• Complete various projects as requested by the department manager
• Initiate recommendations for any administrative, procedural, or treaty changes as a result of new products or changes in existing products, including testing
• Perform other job-related duties and special projects as required

Benefits

• Personal Time Off (PTO) is provided to hourly (non-exempt) employees and provides a set amount of accrued time earned each pay period. Employees can use their PTO for vacation, personal or short-term illness.
• Non-sales positions have the opportunity to participate in a bonus program.
• Sales positions are eligible for sales incentives, and in some instances a bonus plan, whereby total compensation may far exceed base salary depending on individual performance.
• Pension Eligible
• Comprehensive, competitive benefit offerings crafted to protect their physical, financial, and social well-being.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Number of Employees: 5,001-10,000 employees