Job Description
The Role
As a Senior Loss Fund Coordinator with a focus on the adoption of FCP (Faster Claims Payment), this pivotal role operates within the UK Operations Function. At the core of your responsibilities is the coordination of the end-to-end loss fund process, spanning traditional, Vitesse, and FCP methodologies. Your role is to ensure the adherence to best practice policies and procedures while creating and delivering a robust control and process framework for legacy, current, and future loss funds, including completing operational tasks and providing strategic reporting, which supports the validation and reconciliation of Third-Party Administrator (TPA)/Coverholder held loss funds.
There will be a number of responsibilities, expectations and ad hoc tasks that are an integral part of this dynamic role, which calls for a proactive working style, a can-do approach, and an ability to contribute strategically through regular management reporting, ensuring compliance with regulatory requirements, and engaging effectively with both internal and external stakeholders.
Key Responsibilities
You will be responsible to drive the development, documentation, and successful adoption of FCP across the organisation, playing a crucial role in reshaping claims processing efficiency. This includes the end to end life cycle of a FCP loss find, from the initial
assessment and set up of FCP loss fund accounts, to down stream reporting to key stakeholders.
- You will be responsible for the managing the end to end loss fund process (legacy, current and future(FCP)), ensuring that they are maintained in accordance with the policy and procedures and where any potential issues are identified, obtain full details prior to reaching a firm decision on resolution.
- You will be accountable for the visibility of all loss fund across the claim’s portfolio and their ongoing financial reconciliation.
- You will act as a loss fund referral point for TPA/brokers and other external stakeholders
- You will act as support for the liaison contact for our internal/external auditors.
- You will coordinate and monitor the flow of work required to meet the loss fund functions objectives e.g. timely loss fund reconciliation, quality output and ensure where performance issues arise corrective action plans are suitably deployed and to assist in the analysis of information received from TPAs in term of loss fund reconciliation.
- You will be responsible for assisting and resolving issues raised by our outsource partners.
- Produce regular (monthly/quarterly) management reporting to drive strategic decision making by delivering actionable insights derived from loss fund data.
- Ensure that any regulatory requirements are consistently met.
Skills And Experience
- Experience of working in the London Market.
- Must have Insurance Operational experience
- Must have understanding of and experience in loss fund processes and procedures
- Familiarity with Faster Claims Payments (FCP) an advantage
- Ability to prepare and interpret data meaningfully.
- Ability to respond to changing requirements
- Good knowledge of Word and Excel
- Knowledge of Vitesse Loss Fund Management Platform, Subscribe Underwriting System and DOCOsoft claims system an advantage
- Familiarity with Xchanging’s processes an advantage
Canopius Competencies
Stakeholder engagement
Cultivates and maintains positive relationships with relevant internal or external stakeholders, effectively involving and communicating with them to drive collaboration, support, and alignment towards shared goals.
Collaboration And Teamwork
Works effectively with team, project or other work groups or those outside formal line of authority to accomplish goals. Actively participates as a member of a team; develops and builds cohesive team relations to produce required outputs; possesses knowledge and understanding of colleagues work.
Adapting To Change
Adjusts thoughts, feelings, and behaviours to handle new, challenging, or complex situations; embracing change as a growth opportunity when working within new work structures, processes, regulations, or requirements.
Continuous Improvement
Analyses current and future state business requirements and identify strategies to continuously improve products, services or processes. Guide and inspire others to achieve results to enhance efficiency, quality and consistency.
Innovation
Creates, develops and implements new ideas to enhance new or improved processes, systems, solutions, products or services; tries different and novel ways to deal with problems and opportunities.
Resilience
The ability to cope with and recover from setbacks, challenges or difficulty. Persevering even under pressure or crisis situations and uses ways that foster strength and growth, often emerging stronger than before.
Future Focused
Anticipates changes in regulations, technology and client needs, proactively responding to key trends happening in the industry. Thinks about the future through identifying opportunities and obstacles whilst planning effectively.
Our Benefits
ABOUT US
We offer all employees a comprehensive benefits package that focuses on their whole wellbeing. This includes hybrid working, a competitive base salary, non-contributory pension, discretionary bonus, insurances including health (family) and dental cover, and many other benefits to enhance financial, physical, social and psychological health.
About Canopius
Canopius is a global specialty lines (re)insurer. We are one of the leading insurers in the Lloyd’s of London insurance market with offices in the UK, US, Singapore, Australia and Bermuda.
At Canopius we foster a distinctive, positive culture which enables us to bring our whole selves to work to flourish as people, and build a business which delivers profitable, sustainable results.
Based in incredible new offices in the heart of the City of London, Canopius operates a flexible, hybrid working model and is committed to providing an environment that challenges employees to be their best and where everyone's unique contributions are recognised, valued and respected.
We are fully committed to equal employment opportunities for all applicants and providing employees with a work environment free of discrimination and harassment. All employment decisions are made regardless of age, sex, gender identity, ethnicity, disability, sexual orientation, socio-economic background, religion or beliefs, marital or caring status, or any other status protected by the laws or regulations in the locations where we operate. We encourage and welcome applicants from all diverse backgrounds.
We make reasonable adjustments throughout the recruitment process and during employment. Please let us know if you require any information in an alternate format or any other reasonable adjustments.
