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IBA Technician

Nexus Group
Closing date
23 Feb 2021

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Job Details

Nexus Underwriting Management Ltd is seeking to hire an organised and proactive IBA Technician who will be working closely with the Credit Control Team Leader and rest of the Finance team, Underwriting Support team and Brokers preparing and reconciling all premium bank accounts and Bordereaux. As an MGA, Nexus predominantly is an underwriting business. However, over the years the added value of being able to place its own binders (and those of its partner businesses) has reinvigorated the function of the Lloyd's/placing broker.

About the role

IBA Technician will be working within a Placing Broker function within a larger MGA model, this role has accountability for ensuring all finance information is accurate and produced in a timely and efficient manner, including endorsements, LPANs, Binding Authority Agreements etc.

  • Allocating receipts and payments posted, investigating differences and liaising with the technical team and brokers;
  • Responsible for the balancing of cashbooks for bank accounts;
  • Reviewing bank reconciliations on a daily basis and dealing with queries;
  • Maintaining and monitoring the Insurers / Binder log on a regular basis;
  • Producing all appropriate documentation, including Market Reform Contracts, endorsements, cover notes and evidence of cover and ensure that they adhere to the standards set from time to time by the London Market;
  • Producing and submitting LPANs;
  • Processing invoices and accounting entries, processing market closings via Xchanging and managing Binding Authorities and/or line slips as required;
  • Reviewing, monitoring and resolving technical questions from Xchanging, clients, markets, credit control, claims and the business unit, to ensure that the client's best interests are maintained;
  • Obtaining agreement to premium bordereaux, where required;
  • Producing and forwarding documentation to Lloyd's/LIRMA market via A&S;
  • Preparation of Binding Authority Agreements (knowledge of ATLAS and BARS);
  • Weekly calculation and draw down of Nexus income to be monitored and reported in line with the individual binder agreements;
  • Working closely with the technical divisions to perform credit control functions;
  • Ensuring outstanding accounts are chased where necessary by email, and telephone for UK and overseas clients according to Company procedures;
  • Responsible for the management and reporting of aged creditors and unallocated cash;
  • Preparing the Monthly Premium Paid Bordereaux;
  • Agreement and settlement of the bordereaux; including investigating queries and amendments with the technical teams;
  • Maintaining compliance with any applicable UK or International statutory or regulatory obligation as required;

About you
  • Ideally educated to an undergraduate degree, but as a minimum A'Levels with strong results in English and Mathematics
  • Practical hands-on experience in a similar role working in MGA or similar environment
  • Knowledge of the Financial Services sector
  • Use of market systems - IMR, ECF / Class
  • Excellent reading and understanding of Slip & Endorsement placements
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