Chethan Rao

Company Profile: American International Group, inc. (AIG), incorporated on June 9, 1967, is a global insurance company. The company provides a range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers.

Profile Summary: Experienced Reinsurance professional with a demonstrated history of working in the insurance industry for broker and ceded reinsurance. A result-oriented professional offering 13 years of a successful career with diverse roles distinguished by commended performance in Reinsurance operations and financial reporting.

Professional Qualification:

· Completed Cert CII(IF4) from Chartered insurance institute UK

· Completed ALMI from Life office management association from USA

· Completed 2 papers in Associate in Reinsurance administration and studying the last paper

Process Transitions:

· Transitioned Reinsurance life operations from USA to finance center. This involved from processing to prepare financial reporting.

· Transitioned Aon Benfield Runoff process from UK to India and trained the team members. This opportunity provides how to handle Reinsurers/client query to prepare broker file which will be submitted to Lloyd’s office. Also process the LIRMA and ILU files.

Work Experience:

Since May’15 with American International Group Bangalore - Now operations Managed by Accenture since 01Jul21

Account Manager Sr:

Key Result Areas:

· Handling Reinsurance claims team and updating SOPs on regular basis and providing training and knowledge session.

· Quality check for the process before sending it to onshore team.

· Supporting internal, PWC and SOX audit; providing documentation for selected sample policies & field follow-up questions.

· Be part of the meetings and participate in monthly/quarterly process discussions

· Reviewing Reinsurers portfolio of the losses they are participating after identifying their exposure to the risk and related coverage.

· Review Balance sheet and Ratio analysis for the QTR end.

· Analyze and assess high profile claims from a quantum as well as liability standpoint.

· Assist team in analyzing claim documents and processing settlements as appropriate after looking into the coverage.

· Work closely with the accounts division in collecting claims by providing necessary documents and clarifications as and when required to ensure a speedy recovery and settlement.

· Ensure and assist the team in meeting management expectations in terms of quality and accuracy including each one’s expertise in domain.

· Analyze the claims to determine the extent of liability and according to policy endorsement/signing slip settles claims and conduct research.

· Handle end to end life cycle, from processing to financial reporting.

· Assist in reinsurance system testing and involved in adhoc reinsurance project before implementation which impacts claims and key internal claim projects.

· Review of Reinsurance treaty and make sure Retention, Auto bind limit, FAC placement, continuation was coded correctly on the system to avoid incorrect billing to reinsurers.

· Assist team for claims exceeding loss limit.

Assistant Manager:

· Monitoring the allocations of policies/endorsement/claims as per treaty wordings.

· Validating FAC acceptance for the special risk in line with underwriting scratch.

· Calculate interest and premium refund as per federal government guidelines.

· Policies are researched and retention is adjusted on the life to not exceed maximum corporate retention on Automatic Reinsurance.

· Identifying and implementing process improvements with a goal of reducing cycle time and improving quality.

· Liaise with Reinsurers on claims recovery/payment with request for payment on aged items and provide documents to collect aged collections on monthly basis.

· Responds to all the reinsurer’s query with supporting documents and explanation.

· Managing US GAAP, SAP, Blackline, Mainframe & Excel reporting.

· Generating global functional data for use in management reporting and ensuring all data produced out of finance center is accurate, timely and reconciled.

· Tracking litigation expense recovery and book journal entries for the legal fee accruals.

Junior Manager:

· Supporting month, QTR and annual closure requirements and all journal entries are booked.

· Review daily claims, process life policies in reinsurance system and make any corrections related to retention.

· Performing daily and weekly claims processing, review, and reporting.

· Reviewing quarterly fluctuations in balance sheet accounts and document variance explanations as part of broader financial reporting analysis of balance sheet accounts.

· Working with multiple controlling teams and regional offices for support provisions and action plans against open items

· Explaining reinsurance claims variances vs. preceding month and quarter.

· Working close with US team to ensure proper analysis of the financial data.

· Updating B/S reconciliations and submitting corrective JEs if needed; comparing SAP and TAI results and research / identify differences, if any, at policy level

· Ensured large claims reflect correct reinsurance net amount at risk in great majority of cases, larger claims drive claims fluctuations and as such, these claims are generally reviewed in more detail to ensure accuracy

· Work together with onshore teams to resolve complex scenario’s and ask for additional information when needed.

Highlights:

· Implemented Robot in a team, involved in testing and handle any issues during the process.

· Involved in testing of new SAP Hana S4 system and validated the financial records flow to the ledger.

· Restructured the internal financial reports for quality department; improved accuracy, developed trend analysis, and reduced generation time.

· Ongoing identification and implementation of process improvements with a goal of reducing cycle time and improving quality.

· Resolving all soft issues that come up in the team and keeping the team Accountable for the productivity and quality targets of the team.

· Handling leaves issues and administrative issues of the team and responsible for client daily reports, Team output, SLA management, ORM reviews.

· Attending conference calls with client to clarify process related doubts and review daily and monthly team output.

· Conducting team hubs on daily basis to have the daily updates and issues.

· Training and process knowledge enhancement of team members and new joiners.

· Updating management on staff requirements if any and interacting with management and put forth queries/concerns of the team.

· Ensuring service levels are met for production, quality and TAT as defined for the process. Prepare KPI’s and involved in Annual performance review process.

· Delivering presentations to clients, management and carrying out calls with the clients to discuss the operational progress.

· Managing customer expectations, relationship management and escalations.

· Received Awards and appreciation from the management.

Subject Matter Expert:

· Follow up of the submitted claims; attend meetings, preparation of response and further substantiation.

· Communicating with onshore counterpart for any process related issues.

· Perform quality check and resolve any process related issues within the team.

· Follow claims settlement procedures in accordance with established procedures.

· Working with client and underwriter accounting in reconciliation of accounts and advising the mismatch if any connected there to.

· Liaise with onshore on the payments/receipts from client and reinsurers and ensure the same is action accordingly.

· Helping finance department in Reconciliation of accounts and advising the mismatch if any connected there to.

· Broker files submission to Lloyd’s/London/ILU market.

· Supervising to make sure that the process and training documentations are prepared and reviewed.

· Updating management on reports like Productivity Report, DSR’s, output tracker etc.

Senior Associate:

· Analyze and evaluate runoff clients processing

· Sending claims advices to the reinsurers upon the receipt of the loss advice/settlement advice from the client and liaising between the clients and Reinsurers for the queries connected with the same.

· Respond promptly to enquiries on reinsurance administration, premium payments, and claim recoveries.

· Comply with claims systems and procedures.

· Update and maintain accurate information and data throughout the life cycle of the claim.

· Responsibility for working in accordance with the Aon UK Limited Risk Management Framework, and compliance with policies, including participation in the management of risks (including completion of mandatory training) that may adversely affect the business.

Associate:

· Process claims in line with defined processes & guidelines

· Finalization of the contracts in system upon the receipt of broker finalization email from treaty brokers.

· Processing of invoices and sending it across to clients and reinsurers.

· Receives assignments, reviews claim and policy information, and evaluates coverage issues.

· Efficient management of high value claims from first advice of loss to ultimate settlement.

· Timely preparation of ceded accounts and FAC bordereau processing.

· Collection and settlement of outstanding balances due to/from reinsurers.

· Review and interpret reinsurance contract and facultative terms.

· Process excess of Loss claims and review.

· Speedy recovery of claims reimbursements from Reinsurers and payment of reinsurance premium.