Senior Executive

Job Purpose

The BDX Processing and LPAN Creation Specialist is responsible for processing and validating Bordereaux data and creating LPANs for accurate premium processing within the London Market. This role involves coordinating with underwriters, brokers, and accounting teams to ensure the accurate and timely processing of premium data and adherence to regulatory requirements. The specialist will play a critical role in maintaining data integrity and facilitating the smooth flow of premium payments.

Key Responsibilities

BDX (Bordereaux) Processing

1. Review and validate Bordereaux data provided by coverholders and brokers for accuracy and compliance with market standards.

2. Analyze and reconcile premium and claims Bordereaux data, ensuring accuracy in reported figures.

3. Address discrepancies and inconsistencies in Bordereaux data by liaising with relevant stakeholders.

4. Process Bordereaux submissions through relevant systems, adhering to deadlines and ensuring correct data formatting.

5. Ensure all BDX processing aligns with regulatory and company standards, particularly around GDPR and data privacy.

LPAN (London Premium Advice Note) Creation

1. Create and submit LPANs, ensuring all premiums and claims transactions are documented accurately for the London Market.

2. Work closely with brokers and underwriters to capture all necessary data for LPANs, facilitating the issuance and approval process.

3. Maintain accuracy in LPAN creation, double-checking policy and premium details to avoid errors in payment processing.

4. Reconcile LPAN records with internal systems and address any discrepancies that arise.

5. Ensure that LPANs are submitted within agreed-upon timelines, minimizing delays in premium collections and claims settlements.

Cross-Functional Collaboration

1. Collaborate with underwriting, finance, and operations teams to improve Bordereaux and LPAN processing workflows.

2. Engage with brokers and clients to address queries and resolve any issues related to Bordereaux submissions or LPAN accuracy.

3. Provide regular reports on BDX and LPAN status to management, highlighting any outstanding items or potential risks.

4. Support the development of training materials or guidelines to improve team understanding of BDX and LPAN processes.

Process Improvement

1. Identify areas for improvement in the BDX processing and LPAN creation workflows and recommend solutions.

2. Support system testing and updates to ensure continued efficiency in BDX and LPAN processing.

3. Stay updated on regulatory changes or market standards impacting BDX and LPAN processing and implement any necessary adjustments.

Skills and Qualifications

1. Education: Bachelor’s degree in Finance, Business, Accounting, or related field preferred.

Experience:

2-5 years of experience in Bordereaux processing and LPAN creation, ideally within the London insurance market.

Strong familiarity with Xchanging/IMR or similar insurance processing systems.

Technical Skills:

Proficiency in Excel and data management tools for processing and reconciling Bordereaux data.

Knowledge of insurance accounting software and Bordereaux management systems.

Attention to Detail:

High level of accuracy and attention to detail, particularly for processing complex data and documentation.

Communication Skills:

Ability to interact effectively with internal teams and external partners to resolve discrepancies or clarify data.

Other Requirements:

Understanding of London Market practices, including BDX and LPAN standards.

Awareness of regulatory requirements, such as GDPR, impacting data handling.

Key Performance Indicators (KPIs)

1. Accuracy and timeliness in Bordereaux data processing.

2. On-time LPAN creation and submission rates.

3. Reduction in Bordereaux and LPAN discrepancies.

4. Effectiveness of cross-departmental collaboration in resolving issues.

5. Contribution to process improvements in BDX and LPAN workflows.