Reinsurance Claims Specialist

Job Description

Reinsurance Claims Specialist

Ready to make a meaningful contribution in the insurance sector for our client? This opportunity places you at the center of reinsurance recovery activities, where your analytical approach, attention to detail, and collaboration with key stakeholders will help drive successful outcomes and support ongoing process enhancements.

What is in it for you:

• Salaried: $75 per hour.

• Incorporated Business Rate: $85.67 per hour.

• 6-month contract with the potential for permanent employment.

• Day schedule, 37.50 hours per week.

• On-site work in a dynamic environment.

• Location: Markham, Ontario.

Responsibilities:

• Conduct detailed reviews of legacy ceded claims portfolios to identify potential reinsurance recovery opportunities under treaty and facultative reinsurance agreements.

• Analyze historical claim files, reinsurance contracts, bordereaux, and supporting documentation to determine coverage applicability and recovery eligibility.

• Validate reinsurance recoverables and quantify recovery amounts in accordance with contract terms, accounting requirements, and internal policies.

• Prepare and present reinsurance claims to reinsurers, brokers, and other counterparties, ensuring submissions are complete, accurate, and supported by appropriate documentation.

• Manage the collection and resolution of outstanding legacy recoveries through proactive follow-up with reinsurers, brokers, claims handlers, and other stakeholders.

• Investigate and resolve disputes related to coverage interpretation, claim allocation, recovery calculations, and settlement amounts.

• Maintain accurate records of claim submissions, recoveries, correspondence, and recovery status within reinsurance systems and tracking databases.

• Support the review and reconciliation of aged balances, outstanding recoverables, and doubtful accounts while working closely with Finance and Accounting to resolve discrepancies.

• Monitor claim and recovery trends within the legacy portfolio and provide analysis, status updates, and recommendations to management.

• Collaborate with Claims, Finance, Actuarial, Underwriting, Legal, and external stakeholders to obtain documentation, verify claim information, and facilitate successful recovery outcomes.

• Assist in evaluating reinsurer counterparty exposures and escalate collection concerns, disputes, or financially impaired counterparties to management.

• Support periodic audits, internal control reviews, and data requests by maintaining appropriate documentation and audit trails.

• Identify opportunities to improve recovery processes, enhance data quality, and streamline legacy claim review activities through process improvements and automation.

• Contribute to the development and maintenance of procedures, guidelines, and best practices relating to legacy reinsurance claim reviews and recoveries.

What you will need to succeed:

Required qualifications

• 5-10 years of experience in reinsurance claims, insurance claims, reinsurance accounting, or recovery operations.

• Experience reconciling recoverables and investigating outstanding balances.

• Experience analyzing large volumes of historical claims and financial data.

• Strong understanding of treaty and facultative reinsurance structures and contract interpretation.

• Proficiency in Microsoft Excel and claims/reinsurance systems.

• Experience supporting data analysis and reporting.

Soft skills

• Strong analytical skills.

• Strong communication skills.

• Strong negotiation skills.

• Strong attention to detail.

Why Recruit Action?

Recruit Action (agency permit: AP-2504511) provides recruitment services through quality support and a personalized approach. As part of the screening process, some applications may be reviewed using artificial intelligence tools. Only candidates who meet the hiring criteria will be contacted.