Munich Re Syndicate is one of the major Marine and Specialty Insurance underwriters at Lloyd's of London and has been known in the industry for the quality of its underwriting and claims handling since it began operating in 1977. We have been part of Munich Re since 1997 and operate as an international distribution coompanies of Munich Re Specialty Group Limited.
As a key part of the strategic development of the group and signifying a long-term commitment to capitalise on the potential of the Asia Pacific market, Munich Re Syndicate has established offices in Singapore, China and Malaysia. Munich Re Syndicate in Asia has an experienced underwriting team that excels in a variety of niche insurance product offerings to provide the best services to clients in the region. These include Marine Cargo, Project Cargo, Energy, Financial Lines, Engineering, Marine Liability, Terrorism & Political Violence, Financial Lines, Specie, Contingency, Trade Credit, Cyber and Remotely Operated Vehicles (ROV).
We are looking for accounting students in Singapore who are keen to work either part-time or full-time while pursuing their studies for a period of at least 3 months. Applicants should be studying in a local polytechnic or local university in Singapore.
Job Summary:
Maintains and prepare the day to day operations of the Finance Department having regard to Service Companies and Syndicates in Asia. Functions including; Cash Receivable and Payable, Debtors & Creditors, Expenses and Cash flow management.
Job Requirements:
FINANCE OPERATIONS
- 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.
DEBTOR MANAGEMENT
- Preparation of monthly outstanding premium reports for review.
- Print-out “Statement of Accounts” and distribute it to brokers on a monthly basis.
- Reconcile Statements of Accounts with brokers.
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
Ad Hoc:
- Maintain proper documentations and evidence of Finance processes and controls and responsible in improving the finance operation efficiency.
Knowledge Required:
Intermediate knowledge and understanding of:
- Insurance accounting procedures
- Underlying Principles of Insurance;
- Lloyds regulations;
- Demonstrate clear understanding of all company specific procedures that relate to own role.
- Demonstrate growing understanding of the roles of colleagues and their relationships to the structure and business plans.
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- Company:
Munich Re Syndicate Singapore Pte Limited - Designation:
Accounting Intern - Profession:
Banking / Finance - Industry:
Insurance - Location:
Downtown Core