Credit Controller-Underwritting Claims support UK insuarance-Pune

Job Purpose

The Credit Control Manager is responsible for overseeing all aspects of credit control for both Bureau and Non-Bureau accounts within the organization. This includes managing a team of credit controllers, developing and implementing credit policies, ensuring timely collections, and minimizing bad debt. The Manager will play a critical role in optimizing cash flow, maintaining relationships with clients and brokers, and providing strategic insights to senior management.

Key Responsibilities

Strategic Oversight and Policy Development

• Develop, implement, and maintain credit control policies and procedures for Bureau and Non-Bureau operations.
• Set and monitor credit control KPIs, ensuring alignment with the companys financial objectives.
• Conduct regular analysis of aged debt reports and provide strategic insights to the client and senior management.
• Identify and mitigate risks related to credit and collections, ensuring regulatory compliance.

Bureau Credit Control Management

• Oversee premium collections through the London Market Bureau, ensuring timely and accurate reconciliation of accounts.
• Ensure effective use of Bureau systems (e.g., Xchanging and Insurers Market Repository) to manage aged debt and resolve discrepancies.
• Manage relationships with brokers, underwriters, and syndicates, facilitating issue resolution and promoting timely payments.
• Monitor Bureau debt exposure and implement escalation procedures for overdue accounts.

Non-Bureau Credit Control Management

• Oversee collections from direct clients and brokers outside of the Bureau, ensuring adherence to agreed credit terms.
• Manage the reconciliation process for Non-Bureau accounts, promptly addressing payment discrepancies.
• Build and maintain strong relationships with Non-Bureau clients to reduce overdue payments and resolve disputes efficiently.
• Lead efforts to standardize processes for Non-Bureau collections, enhancing efficiency and accuracy.

Team Leadership and Development

• Lead, mentor, and develop a team of credit controllers, fostering a high-performance culture and supporting career growth.
• Conduct regular performance reviews and provide coaching to achieve departmental and individual goals.
• Allocate team resources efficiently between Bureau and Non-Bureau credit control functions.
• Promote a collaborative team environment, encouraging continuous improvement and innovation in processes.

Reporting and Analysis

• Prepare regular reports on aged debt, collections performance, and cash flow forecasts for senior management.
• Provide actionable insights and recommendations to improve collections efficiency and reduce overdue accounts.
• Ensure data accuracy and compliance with regulatory standards across all credit control activities.
• Collaborate with finance and accounting teams for month-end and year-end closing processes.

Process Improvement

• Identify and implement process improvements and system enhancements for both Bureau and Non-Bureau credit control.
• Work closely with IT and operations teams to automate and streamline credit control workflows.
• Stay updated on market developments, regulatory changes, and industry best practices.

Skills and Qualifications

• Education: Bachelors degree in Finance, Business, Accounting, or related field.
• Experience:
• Minimum 10+ years of experience in credit control within the insurance industry, including both Bureau and Non-Bureau experience.
• Proven experience in a managerial or team lead role.
• Technical Skills:
• Proficiency in Bureau systems (e.g., Xchanging, IMR) and Non-Bureau credit control processes.
• Advanced Excel skills and experience with financial reporting and analysis tools.
• Leadership Skills:
• Strong team management and motivational skills, with the ability to mentor and develop a high-performing team.
• Excellent communication and negotiation skills for managing client and broker relationships.
• Analytical Skills: Ability to analyze complex aged debt data and provide strategic insights.
• Other Requirements:
• Knowledge of UK insurance market practices, compliance standards, and regulatory requirements.
• Capacity to work under pressure, manage multiple priorities, and meet deadlines.

Key Performance Indicators (KPIs)

• Reduction in aged debt and improvement in collections timeline.
• Achievement of departmental KPIs related to cash flow, debt recovery, and client satisfaction.
• Team performance in meeting and exceeding credit control targets.
• Process improvements implemented and system enhancements achieved.
• Quality and timeliness of reporting and insights shared with senior management.