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Reconciliation Officer - Banc Assurance

Closing: Jan 20, 2023

This position has expired

Published: Jan 17, 2023 (13 days ago)

Job Requirements

Education:

Work experience:

Language skills:

Job Summary

Contract Type:

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The ideal candidate must possess the following qualifications:

  • Bachelor’s degree in BCom (Finance/ Accounting)/ Business Management Banking and Finance/ Business related field.
  • CPA Finalist will be an added advantage.
  • Ms office proficiency certificates.
  • Knowledge in accounting and finance.
  • Insurance Industry knowledge in Finance Operations or preferably within Banc assurance Intermediary Model and has proficiency in the use of Banc assurance and accounting systems.
  • At least 2 years’ experience in insurance industry, preferably in Banc assurance.
  • Key Competencies and Attributes:
  • Able to spot weakness in internal controls
  • Builds networks and maintains strong relationships
  • Able to manage and influence others to achieve results
  • Has passion and drive to achieve results under difficult circumstances
  • Pleasant and able to relate well in diverse social set ups and teams
  • Upholds high standard of Professionalism, integrity and respect for others
  • Capable of working both independently and as part of a team
  • Have a strong attention to detail
  • Be results oriented
  • Have strong proactive problem-solving skills


Responsibilities

The ideal candidate must possess the following qualifications:

  • Bachelor’s degree in BCom (Finance/ Accounting)/ Business Management Banking and Finance/ Business related field.
  • CPA Finalist will be an added advantage.
  • Ms office proficiency certificates.
  • Knowledge in accounting and finance.
  • Insurance Industry knowledge in Finance Operations or preferably within Banc assurance Intermediary Model and has proficiency in the use of Banc assurance and accounting systems.
  • At least 2 years’ experience in insurance industry, preferably in Banc assurance.
  • Key Competencies and Attributes:
  • Able to spot weakness in internal controls
  • Builds networks and maintains strong relationships
  • Able to manage and influence others to achieve results
  • Has passion and drive to achieve results under difficult circumstances
  • Pleasant and able to relate well in diverse social set ups and teams
  • Upholds high standard of Professionalism, integrity and respect for others
  • Capable of working both independently and as part of a team
  • Have a strong attention to detail
  • Be results oriented
  • Have strong proactive problem-solving skills


  • Review of monthly underwriter reconciliations for premiums and commissions and ensure that all reconciling issues are resolved on a timely basis
  • Preparation of bank reconciliations and ensuring reconciling issues are properly addressed and closed
  • Ensure that all commissions receivables and premiums receivables are collected on timely basis
  • Monitoring individual Banc assurance officers outstanding debt portfolio
  • Recovery of insurance commissions from payments done directly to the Underwriter/Insurance company
  • Ensuring adherence to insurer credit policies as stipulated in the respective Underwriter SLAs
  • Approve payment receipts in the system
  • Process payments to underwriters on the agreed timelines and as per the SLA
  • Generating of payment schedules to underwriters
  • Generate and share client statements with premium balances
  • Follow up IPF disbursement with credit department
  • Maintain post-dated cheque register and ensure banking of cheques held is done on the due date.
  • Ensure compliance with both external and internal regulatory requirements, i.e. Bank, IRA, CBK guidelines.
  • Ensure compliance with the Data Protection laws, policies and procedures of the Bank.
  • Compliance with AML/CFT laws and ensuring KYC is done for all clients.
  • Provide recommendations for improving procedures and systems for initiating corrective actions.
  • Proposing internal control measures in order to minimize exposure i.e. liaising with underwriters and banc assurance officers to correct errors in the system.
  • Participate in preparation of financial reports and assisting with year-end audits and other reviews by providing relevant schedules and documents.
  • Ensure closure of Audit issues raised within the Finance Department.
  • Preparing outstanding premiums reports per Banc Assurance Officer/Branches.
  • Preparing outstanding premiums reports per Insurer.
  • Recovery of insurance commissions from payments done directly to the Underwriters/Insurance company.
  • Ensure implementation and compliance with operational policies and procedures, i.e. IRA, CBK & AML Policy.
  • To assist in enforcing credit control and debt collection.
  • Ensure excellent customer service and all queries related to Finance Department are attended to as per the stipulated TAT & SLA.
  • To communicate and liaise with both internal & external clients and assist in handling finance related communications where need be.
  • Please note that your job description may be subject to change from time to time in line with the Bank's strategic direction.
  • Any other official duty that may be allocated by the line manager from time to time.


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