Reinsurance Specialist For A Mutual Insurance Company
Career review from a person working in the job
How I Got The Job
My Education: BA, Management
My Prior Experience: I have worked for the same company in different positions since I graduated from college.
My Job Profile
My Company: I work for a mutual insurance company.
Job/Career Overview: Although my title is "accountant," my primary responsibility is to support the department in the day-to-day use of the reinsurance system. I work in a unique side-industry called "run-off" which handles reinsurance. Reinsurance is insurance which insurance companies purchase to insure themselves. Our main function is to process incoming claims that are being reported to us by the insurance companies that made payment to their clients or the client's insurance company.
Then, on a monthly basis, we report the financial data that describe what we processed in the system. In some cases, we buy insurance to protect us after we've paid the other insurance company. This process is called "retrocession." As an accountant, I have to produce various reports on a monthly, quarterly and annually basis to balance all the financials that were processed via the reinsurance system.
In addition to my monthly responsibilities, I am often asked by either a manager or a user to provide them with special reconciliation reports. I also provide support to the department on any technical issues involving the reinsurance system that we use to record our claims information.
More Insights: I never thought I would end up doing what I am doing now in college. It's not always the job, it's also the company and the atmosphere. Try to be as well-rounded as possible.
Love It? Hate It?
I rate this career 7 out of 10.
What I Love or Hate
The interesting part of this job is that you get to see various processes from beginning to end. However, if you are interested in a certain area, you could speak to the manager and he would make sure that your main responsibility included what you like to do best. Every claim and every case is different, and you are rarely stuck doing the same thing every day.
The worst part for me is reading contract wording and legal briefs as I am not the fastest reader. I typically prefer to do more reconciliation and reporting stuff.
My Career Tips
Be open-minded about the jobs you get offered. Sometimes you think you like or dislike something and you only allow yourself to try the work you like. But you could be surprised if you tried other areas. Don't be unreasonable or rigid when it comes to your first job.
