Business Operations Analyst (hybrid) (Minneapolis, MN)

| Minneapolis–Saint Paul, MN
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Position Summary

Computes, reviews and approves operational data factors for system generated reinsurance premium calculations. Performs, reviews and approves reinsurance premium and claims administration functions. Assists with Reinsurance Center of Excellence quarterly financial reporting function, and compiles and audits data for the analysis of reinsurance information. Performs administration functions for all reinsured policies in accordance with treaty guidelines.

Develops and maintains professional and positive relationships with assuming reinsurance companies.

Ceded Reinsurance Administration is responsible for the transfer of risk to our reinsurance partners. Policies can be reinsured for any of our products. Reinsurance may be on an automatic basis, where risks meeting predetermined criteria are accepted without reinsurance underwriting or facultatively where each individual risk is underwritten by the reinsurer. Reinsurance premiums are paid on a coinsurance basis, or yearly renewable term basis. Our retention of each risk can vary by product, by policy type, reinsurance treaty agreement and our retention amount. The reinsurance area must ensure that policies ceded to a reinsurer meet the criteria outlined within the reinsurance treaties, that the appropriate amounts are retained and that premiums paid are accurate and processed in a timely fashion. Also, the reinsurance area must accurately process policy changes, maintain appropriate retention, and be able to communicate such changes and adjustments to the reinsurers.

Responsibilities include, but are not limited to:

  • Monitors all reinsured policies to ensure the accurate and timely remittance of premium to the assuming reinsurer, reimbursement for any claims due, and to ensure accurate retention for Securian Financial.
  • Understands and interprets reinsurance treaties for each assuming reinsurer and understands procedures required to administer various products reinsured by Securian Financial.
  • Provides information for accurate financial reporting on a monthly or quarterly basis (e.g., premium tax information, DAC tax information, etc.) Proactively reports and communicates potential financial impact situations and/or deviations of anticipated trends.
  • Audits reinsurance records to ensure life policies are set up correctly in the reinsurance system. Summarizes information and prepares reports regarding the findings of any reinsurance audits. Participates in implementing administrative changes as necessary.
  • Processes and monitors claim notification and claim reimbursement.When the claim is approved and paid by Securian Financial, sends appropriate documentation to the reinsuring company requesting reimbursement for their portion of the claim.
  • Provides project support as needed; the scope of projects will vary as the needs of the department changes.
  • Ensures that Securian Financial's professional and positive image is upheld with each assuming company by providing efficient service, accurate reporting data and reinsurance expertise.
  • Identifies and recommends changes to procedures to improve cost effectiveness, quality, or service.

  • Analytical and problem-solving skills to interpret contract/treaty provisions and respond to policy discrepancies and procedural inquiries.
  • Financial systems acumen, proficiency in Excel including the ability to create, run and analyze data queries and proficiency in other Microsoft programs.
  • Self-motivated to meet deadlines and proficient in ability take comprehensive notes and operationalize as required.
  • Communication and human relations skills to effectively interact with assuming reinsurance companies and internal associates.
  • Organizational skills and the ability to adapt to changing priorities in a fast-paced service environment while ensuring service standards are met.
  • Ability to work both independently and as part of a team.

Preferred Qualifications:
  • Knowledge of Securian Financial products, riders and benefits.
  • Knowledge to interpret each client treaty/contract to process business within contract parameters.
  • Professional curiosity - willingness to challenge procedures appropriately and suggest more effective alternatives.

#LI-hybrid **This position will be in a hybrid working arrangement.**"

  • Ability to utilize keyboard, mouse, and computer for up to 8 hours per day
  • Ability to work at least 40 hours per week.
  • Ability to utilize telephone for 1-2 hours per day.

The physical job requirements described above are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

New hire associates, regardless of work location or job responsibilities, must be vaccinated before beginning employment; exceptions considered for medical or religious reasons provided alternative reasonable accommodations do not create an undue hardship on the business.

Securian Financial has been around for 140 years. We're committed to giving back to our community, donating 15,000 employee volunteer hours this past year. We also provide extensive resources to our employees for professional development and growth and a number of diverse professional and social opportunities throughout the company. There's a reason our employees have voted us as a best place to work year after year! In addition:
  • Generous paid time off. We want you to take time off for whatever matters most to you!
  • Tuition reimbursement program. We value continuous learning at Securian!
  • Company-funded pension plan as well as 401K retirement plan - great resources to secure your financial future.
  • Continuous opportunities for new challenges.
  • Variety of health plan options as well as dental and vision plans.
  • Paid maternity/paternity leaves.

Securian Financial Group, Inc. does not discriminate based on race, color, creed, religion, national origin, sex, gender identity, sexual orientation, age, marital or familial status, pregnancy, disability, genetic information, political affiliation, veteran status, status in regard to public assistance, status in a local human rights commission, or any other status or condition protected by local, state or federal law. If you are a job seeker with a disability and require an accommodation to apply for one of our jobs, please contact us by telephone 651-665-5522 (voice), 711 (telecommunications relay), or by email at [email protected]

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More Information on Securian Financial
Securian Financial operates in the Financial Services industry. The company is located in St. Paul, MN. Securian Financial was founded in 1880. It has 5001 total employees. It offers perks and benefits such as Flexible Spending Account (FSA), Dental Benefits, Vision Benefits, Health Insurance Benefits, Life Insurance and 401(K). To see all 48 open jobs at Securian Financial, click here.
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