Manager, Reinsurance Administration
BMO
Toronto, ON, CAN
2d ago

Job Family Group : Customer Solutions

Customer Solutions

The Manager, Reinsurance administration is responsible for the overall reinsurance operations within BMO Life Insurance, which encompasses life, living benefits and longevity reinsurance treaties.

The role is responsible for ensuring all reinsurance transactions are implemented, maintained, processed and monitored in accordance with all treaties and our internal process and controls.

The role is accountable for the timely accounting, reporting and payments to all reinsurers. This role works closely with Actuarial, New business, Underwriting and Claims in order to process reinsurance transactions, as well as working with Technology to process any changes to our reinsurance administration system (T.A.I)

The position reports to the Director, Reinsurance & Projects within the Actuarial Pricing department and leads a team of 1 to 2 individuals.

Reinsurance Operations

  • Oversee timely, accurate and efficient service delivery in support of general accounting and administrative services for reinsurance operations in accordance with appropriate principles and standards, including but not limited to : Review and sign-off all required reinsurance payments according to established treaties in an accurate mannerProducing monthly and quarterly billing reportsInvestigating queries and resolve outstanding situationsCompleting year end reinsurance activities to close financial yearResponding to administration inquiries from the reinsurers and other stakeholdersFollowing-up with Actuarial, Underwriting and / or New Business for reinsurance data accuracy
  • Review and Sign off on all reinsurance treaties from a Reinsurance Operations perspective
  • Ensure all data meets the needs of key stakeholders including pricing, claims, accounting, corporate actuarial, underwriting and new business
  • Investigate and manage issues and / or exceptions with respect to data, transactions, technology changes and reconciliations
  • Ensure all procedures and process have strong documentation to support effective and accurate reinsurance operations
  • Provide input for continuous improvement of processes and procedures to support more automated and streamlined reinsurance operations
  • Validate and verify the implementation of new treaties and rates
  • Communicate effectively with all internal and external stakeholders to ensure all transaction s
  • Support IFRS project from a reinsurance operations perspective with requirements, subject matter expertise, and implementation support
  • Managerial Leadership

  • Build and sustain a team of direct report(s) who are capable of delivering the performance required for the group, including coaching and the creation and implementation of training and development plans
  • Set appropriate context and establish prescribed limits for direct report(s) when needed, including setting an effective framework of policies and procedures for the work in the group
  • Establish and optimize team integration by articulating the linkages between the accountabilities and authorities of different roles across the group and by establishing the context in which they will work collaboratively with one another
  • Apply the Bank’s performance management system to direct report(s) when needed, including establishing goals and objectives, assessing skilled knowledge gaps, allocating resources to achieve objectives and close gaps, assessing personal effectiveness, and reviewing and recommending base and variable pay
  • Risk Management

  • Follow established process and procedures for reinsurance operations, ensuring accurate transactions and appropriate authority levels
  • Adhere to all aspects of First Principles our code of Business Conduct and Ethics including individual accountability as it relates to potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities
  • Knowledge

  • In-depth knowledge of reinsurance treaties and administration of reinsurance operations
  • Knowledge of T.A.I reinsurance system and strong Insurance and Reinsurance knowledge
  • In-depth knowledge of insurance products
  • Ability to run Access queries and strong familiarity with administration systems and data format
  • 10+ year experience in Insurance / Reinsurance
  • Undergraduate university degree
  • Skills

  • Analytical Thinking (In-depth)
  • Business Numeracy (In-depth)
  • Influence (Working)
  • Relationship Management (Working)
  • Risk Management (In-depth)
  • Communication skills (In-depth)
  • We’re here to help

    At BMO we are driven by a shared Purpose : Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people.

    By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

    As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact.We strive to help you make an impact from day one for yourself and our customers.

    We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

    BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives.

    Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

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