Munich Re Syndicate Singapore – Finance and Operations Intern

Please note: Applicants must be students who are currently enrolled in a local education institution in Singapore and able to commit full time.

FINANCE OPERATION

• Responsible for daily cash allocations to premium and claim entries posted in underwriting system, Websure.
• Prepare payments in cheques or telegraphic transfers for settlement of expenses and claims.
• Ensure sufficient funds are maintained in the banks to meet its daily operating cash obligations.
• Manage month-end closings of underwriting system, Websure.
• Maintain cashbooks and perform monthly bank reconciliation.
• Prepare quarterly repatriations to Munich Re Syndicate London.
• Prepare quarterly settlement of surplus binder entries with Munich Re Syndicate London.

DEBTOR MANAGEMENT

• Preparation of monthly outstanding premium reports for review.
• Monitor levels of outstanding premium owed by brokers/policyholders. Arrange meetings with underwriters and underwriting assistants to discuss on debt chasing as and when it’s appropriate.
• Print-out “Statement of Accounts” and distribute it to brokers on a monthly basis.
• Reconcile Statements of Accounts with brokers.

BANKING

• Liaise with banking relationship manager on banking administration needs and issues. 

REPORTING

• Timely report to London Finance for “weekly cash report”
• Timely submission of monthly bordereau i.e. cash received premiums and paid claims to London RIBL broker to be loaded into Lloyd’s Xchanging
• Preparation of GST reports for review.

Ad Hoc:

• Maintain proper documentations and evidence of Finance processes and controls and responsible in improving the finance operation efficiency.
• Provide support to Accountants on monthly and quarterly reporting.
• Provide support to Accountants on ad hoc requests.