Finance Administrator

**Job Title**: Finance Administrator

**Job Location**: Hendon

**Core hours**: Mon - Fri 9.00am - 5.00pm

**Job Type**: Permanent

**SALARY: £28,000 - £40,000**

**The Role**:
Our client is looking for an exceptional Finance Administrator to join their team in an insurance and finance company, specializing in a range of niche insurance products.

Main Purpose: To control all allocations of client money to and from clients as well as the settlement of all monies to/from **insurers**.

Working as a team, the Finance Administrator will support the FD/Head of Finance along with Directors and Management, in their endeavours to provide high quality advice and service to their individual, corporate, and trust clients. The Finance Administrator should have an awareness of business flow and maintain high standards of accuracy utilising available software or technological resources wherever possible.

The Finance Administrator must understand the **Insurance and Financial Services** advice process, complaint process, business strategy as advised from time to time, and must be able to deliver against agreed timescales.

**Skills Required**:

- 2+ Years’ experience in the Insurance Sector
- Experienced on Sales Force
- Experienced on Novidea
- Minimum of 3 years in Finance and Accountancy

**Relationships**:

- Responsible to: Head of Finance/Finance Director
- Liaison with: Senior Financial Administrator, Account Handlers, clients, and Insurers

**The FA role may be broken down into four key parts**:

- Settling GI premiums, refunds and commissions withinsurers and PMI commissions.
- Bank payments to settle premiums as well as other bank payments as directed.
- Investigating unsettled premiums, credit control around outstanding premiums and any other settlement related queries on GI and PMI.
- Support to ensure IFA’s and introducers are paid their correct level of commission.

**Details of daily work duties**:
A. **Settling Premiums, Refunds, and commissions with Insurers.**

Insurers set out their terms to our company, through their Terms of Business (TOBA) which typically gives us the permission to collect the premium on the behalf of the insurer which should be passed onto the insurer net of commission as soon as possible. Credit terms that exist usually vary from 30-60 days and therefore we aim to ensure funds are collected within these agreed terms.

Often, however, clients will need reminders to pay their premiums and the handlers have the use of weekly reports to encourage them to chase clients. However, ultimately, there will be clients who will have outstanding premiums beyond 60 days despite reminders.

When you receive a statement, you should firstly, claim all return premiums. The Salesforce/Novidea system does not collect the return premium until we allocate the refund which can only happen when you receive a statement you are going to settle with the return premium on there.

You must make the allocation first before the credit will appear on the settlement document and therefore this simply means searching the entry on Salesforce/Novidea. Once allocated, you must ensure you settle the document the same day to avoid reconciliation issues.

The premiums ready to pay should all be available on the settlement document although often there are small discrepancies in rounding numbers resulting in penny adjustments which you can currently make through the settlement process by entering the correct premium to be paid/collected.

With some insurers, we use an online portal to settle the outstanding premiums e.g., Axa, Aviva, Ageas, and Hiscox. These systems are there to make the process more efficient and must be used.

There are also some insurers who use I-Markets i.e., Allianz, ARCH and QBE. Again, these must be settled via the portal.

Once you have finalised a settlement, the Bank payment should be set up with the insurer/MGA provided we have verified the bank payment. The Bank payment should carry the insurer’s reference for their receipt i.e., our account reference number or statement number.

However, when using an I-markets insurer, the I Market system generates a unique 12 figure reference number with a second part which our company must make up which should be the Settlement number. For example, payment reference generated by I-Market AZ0162100001- and we need to add the final digits so from our settlement process, use the S number S6375 (i.e., real numbers, so no zeros but include the S.

Once settled, the relevant documents need to be saved to Volume under the monthly statements. Relevant documents, includes:

- The settlement document - ONLY once settled is marked on the system, the Print Settlement document tab will be available for a short period of time to allow the document to be saved fully as a pdf (or the print to volume showing the full margins). After the few days the print function will not be available, and you can only view the settlement which will not print the full margins.