Chethan Rao CII, ALMI, ARA, ACS

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.

Work Experience:

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

Account Manager Sr: (Apr'20-Till present)

Key Result Areas:

.Managing reinsurance operations and financial reporting.

.Responsible for the performance and operational status of the claims function in accordance with its management procedures.

.Experienced in establishing best practice process improvements, working with Technicians to provide training, resolving day to day operational issues and monitoring operation efficiency.

.Sound technical knowledge and broad practical experience of post-placement reinsurance operations.

.Review reinsurance reserve on a monthly basis.

.Supporting and being responsible for all the aspects of post placement reinsurance administration and recoveries for reinsurance programs.

.Responsible for reviewing claims to determine whether a claim is acceptable through evaluation of documents presented at the time of the claim. .Conducted complete investigation and claims analysis to identify proper resolution of simple claims.

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

· Support reinsurance financial reporting activities for month and 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 and conduct research.
· Assist in reinsurance system testing and migration and support ad hoc reinsurance project before implementation which impacts claims and key internal claim projects.
· Review of Reinsurance treaty and validate Retention, Auto bind limit, FAC placement.
· Assist team for claims exceeding loss limit.

· Responsible for updating SOPs on regular basis and providing training and knowledge session.

· 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 review/discussions.

Assistant Manager: (Jan'18-Apr'20)

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

. perform reinsurance credit control, ensuring outward recoveries are settled within agreed terms.

· 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.

· Review litigated claims and provide documentation to Reinsurers, book journal entries.

Junior Manager: (May'15-Dec'17)

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

· 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.

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

· 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:

Transitioned Life reinsurance operations from USA to finance center. This involved from claims processing to financial reporting.
Transitioned Aon Benfield Excess of loss business from UK to India. This opportunity provides how to handle Reinsurers/client query to prepare broker file which will be submitted to Lloyd’s office and to process the LIRMA and ILU files.

.Working with multiple reinsurers and collected more than $250M claims which are aged items.

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

· Involved in testing of new SAP 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.

· Responsible for client reports, Team output, SLA management, MOC reviews.

· 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 leadership award and appreciation from the management and clients.

Subject Matter Expert:

.Maintain reinsurance process procedure documentation.

.Processing reinsurance LORS entries and subsequent cash allocation against the ledger.

.compliance with market practice, including Lloyd's key principles and submission of returns.

· 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.

· 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: (Apr'11-Apr'13)

· Analyze and evaluate runoff claim processing.

· Sending claims advice 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:(Jul'08-Apr'11)

· 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.