Reinsurance Broking Support Assistant. - Minneapolis, MN
The Broking Support Assistant is responsible for coordinating all placement support activities of the account while personally contributing to the creation, review and assessment of data, related exhibits, and light analysis. Provides support to all account team members either onsite and/or remotely on assigned accounts. This role prompts and monitors key activities and tasks throughout the reinsurance placement in order to promote complete and timely compliance with quality and regulatory- driven processes and procedures in accordance with published guidelines. Liaise with others internally to facilitate efficient and effective pre-placement, placement and post-placement activities and services to Brokers and Clients
- Review client data submitted during the placement/renewal process and update annual renewal exhibits as requested, offering relevant analysis of trends and potential data issues.
- Set up / renew program, create submission, select approved markets, send submissions, download quotes, send FOTs, download authorizations/declinations, send signed lines, finalize in GCMP making sure all information is accurately reflected.
- Track placement status of assigned accounts. Follow-up with broker for updates and information as necessary.
- Communicate with client and/or markets during the placement process as requested.
- Using Company templates and disclaimers, when applicable, draft and secure broker sign off of the initial request for renewal information, marketing list, placement process updates, final binding of the reinsurance program and post- placement client books/communications, as requested.
- Provide the broker with assistance including researching financial statements, product lines, geographic exposures, and current reinsurance program information using available resources as required.
- Interface with other Departments to provide client data to be used for modeling, research claim or premium issues and facilitate contract wording negotiation flow as necessary.
- Review, package and transmit contract documents to Reinsurers according to procedure, upon instructions from Contract Analyst/Associate.
- Assist Contract drafters by having primary responsibility for obtaining properly signed contract documents from reinsurers and aggressively pursuing by phone, e-mail, letter, etc., until all executed documents have been received. Escalate in accordance with procedure and input contract status data on the document tracking system as required.
- Provide status reports according to procedure and upon request.
- Scan/upload and name all contract documents as received from reinsurers, Clients and/or Analysts/Associates and transmit completed signatures.
- Utilize Contracts Dashboard and/other legacy tracking tools to manage contract performance.
- Assist with scheduling of reinsurer audits and visits with client, attending if requested.
- Maintain broad understanding of the environment in which the client operates and the marketplace in which the transactions that Guy Carpenter handles take place.
- Using the Market Reference Guide, develop an understanding of the differences between the reinsurer who bears the risk on the contract versus the parent or group entity to ensure proper legal reinsurer name is entered in systems and correct financials and NAIC codes are accurately communicated to clients.
- Participate in team meetings and activities to share opinions, ideas, knowledge and solutions; maintain strong working relationships and participate in initiatives and/or contribute where required to deliver outcomes. Seek opportunities to increase own understanding and improve the services provided.
Compliance and Regulatory Review
- Ensure all records/forms for assigned accounts are properly completed and stored in accordance with policy.
- Understand all best practice procedures and compliance policies. When new procedures are provided, understand and adopt new procedures as rolled out, take required training and speak up with any question or concerns uncovered in your role at Guy Carpenter.
- Follow all best practice procedures and compliance requirements, including but not limited to building a complete placement file as the placement progresses to minimize errors & omissions.
- Provide client and broker with comprehensive meeting book for marketing trips and convention attendance.
- Respond to client requests for information (reinsurer, financial reports, industry issues, etc.), as directed by senior broker, coordinating with Market Information and other departments as necessary, and clearing with senior broker.
- Attend visiting reinsurer meetings, as necessary
Education (degree / diploma)
- Associate's Degree and applicable or transferrable experience preferred.
- 1-3 years in a corporate environment strongly preferred; related experience in data review, scrubbing and comparative analysis a plus, as is exposure to the insurance/reinsurance.
Knowledge and skills (general and technical)
- Mastery of Microsoft Excel (including formulas, charts and graphs)
- Proven success in performing light analysis in a business strategy context, preferably in a reinsurance, insurance or investment environment.
- Ability to analyze results and draw relevant general observations/conclusions
- Knowledge or ability to quickly acquire knowledge of basic insurance/reinsurance concepts and terms.
- Strong interpersonal skills for establishing and maintaining good internal relationships and interactions with clients and reinsurers.
- Strong verbal and writing skills for internal and external communications with clients, reinsurers, Guy Carpenter colleagues at various levels.
- Strong ability to prioritize workload according to volume, urgency, etc.
- Strong organizational skills and the ability to pay attention to detail and multi-task.
- Good problem-solving skills to identify problems and to begin to formulate resolutions and recognize when to escalate to manager.
- Procedural compliance orientation a plus.
- Other requirements (licenses, certifications, specialized training)
- Will be encouraged to begin the Associate in Reinsurance (ARe) designation.
Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist, has over a 90-year history of providing integrated solutions to the (re)insurance industry. With over 2,300 professionals in more than 50 offices around the world, Guy Carpenter delivers a powerful combination of broking expertise, strategic advisory services and industry-leading analytics to help our clients achieve profitable growth. As our clients' most trusted and valuable reinsurance broker and strategic advisor, we leverage our intellectual capital to anticipate and solve for a range of emerging strategic business challenges and opportunities. We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients. Visit www.guycarpenter.com for more information and follow us on LinkedIn and Twitter @GuyCarpenter
Guy Carpenter & Company, LLC and its separately incorporated operating entities around the world are part of Marsh & McLennan Companies, a publicly held company (ticker symbol: MMC).
Marsh & McLennan Companies offers competitive salaries and comprehensive benefits and programs including: health and welfare, tuition assistance, 401K, employee assistance program, domestic partnership benefits, career mobility, employee network groups, volunteer opportunities, and other programs. For more information about our company, please visit us at: http://www.mmc.com/. We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients. For more information, please visit us at: www.mmc.com/diversity.
Marsh & McLennan Companies and its Affiliates are EOE Minority/Female/Disability/Vet/Sexual Orientation/Gender Identity employers.
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