Notice of Cancellation Specialist

Job Description

Notice of Cancellation Specialist

AXA XL is an Equal Opportunity Employer. 

Ipswich, United Kingdom

We invent the new to help the world move forward. Combining powerful analytics and deeper insights with bigger ideals and innovative solutions, we free up our clients’ potential, thereby fulfilling our own.

Following implementation of an industry-leading Notice of Cancellation process in September 2022, the operation is now fully embedded and adding significant value on behalf of UK&L Underwriting Teams. The successful candidate will support the Senior Notice of Cancellation Specialist at a critical time as we look to increase scope and further tighten controls on premium collection (holding brokers to contracted terms of trade) whilst demonstrating discretion to support clients where genuine reasons for premium payment delays occur. The NOC operation plays a key role in improving broker service levels and thus improving revenue into the organization enabling positive P&L impact and mitigation against aged debt accumulation.

You will be based in our newly refurbished Ipswich office; however, we are excited to have implemented our Smart Working initiative offering a hybrid way of working, combining both remote and office working.

What you’ll be doing

What will your essential responsibilities include?

• Full understanding of the end-to-end NOC process and associated ‘rules of engagement.’ The successful candidate will contribute towards the evolution and documentation of an industry-leading service offering.
• Utilise reporting tools to identify risk, meeting defined criteria for NOC issuance (specified days past due date, presence of a relevant cancellation clause for non-payment within the Market Reform Control/slip and nil paid). The intention is to add subsequent premium instalments to the scope of the operation.
• Structured engagement and liaison with UK & Lloyd’s Underwriting Assistances regarding issuance and, where applicable, with the relevant UK & Lloyd’s Underwriter to ensure visibility of risks falling under the Underwriter’s remit where AXA XL have issued Notice of Cancellation. Also dialogue and management of expiring/expired NOC’s
• Creation, use of existing macros, of Notice of Cancellation letters for issuance to brokers by e-mail advising of AXA XL’s intent to cancel our participation should premium not be received within 30 days.
• Updating the Premium Accounting System (the-Frame for Syndicate business and Genius for company business) and internal NOC Monitor Tracker to reflect issuance (to include recording the date the NOC will expire) and uploading a copy of the NOC letter to the relevant document library.
• Monitoring and actioning requests from brokers in response to NOCs issued. These will typically be payment confirmation requesting the NOC is rescinded or a request for an extension where broker is not in receipt of client funds.
• Establishing and maintaining professional relationships and correspondence both internally and externally

You will report to (UK&L Credit Control & TQM Manager)

What you’ll bring

We’re looking for someone who has these abilities and skills:

Required Skills and Abilities:

• Effective communication skills in both verbal and written prose
• Sound organizational skills.
• Knowledge/experience of Microsoft Office applications
• Highly organized and able to work to tight deadlines.

Desired Skills and Abilities:

• Confidence to challenge the status quo.
• Analytical capabilities and the ability to identify process efficiency opportunities.
• Identify and execute opportunities for process automation.
• Industry knowledge. Understanding the risks AXA XL’s Underwriters write

What we offer

Inclusion

AXA XL is committed to equal employment opportunity and will consider applicants regardless of gender, sexual orientation, age, ethnicity and origins, marital status, religion, disability, or any other protected characteristic. At AXA XL, we know that an inclusive culture and enables business growth and is critical to our success. That is why we have made a strategic commitment to attract, develop, advance, and retain the most inclusive workforce possible, and create a culture where everyone can bring their full selves to work and reach their highest potential. It is about helping one another — and our business — to move forward and succeed.

• Five Business Resource Groups focused on gender, LGBTQ+, ethnicity and origins, disability, and inclusion with 20 Chapters around the globe.
• Robust support for Flexible Working Arrangements
• Enhanced family-friendly leave benefits
• Named to the Diversity Best Practices Index
• Signatory to the UK Women in Finance Charter

Learn more at axaxl.com/about-us/inclusion-and-diversity.  AXA XL is an Equal Opportunity Employer.

Total Rewards

AXA XL’s Reward program is designed to take care of what matters most to you, covering the full picture of your health, wellbeing, lifestyle, and financial security. It provides competitive compensation and personalized, inclusive benefits that evolve as you do.

We are committed to rewarding your contribution for the long term, so you can be your best self today and look forward to the future with confidence.

Sustainability

At AXA XL, Sustainability is integral to our business strategy. In an ever-changing world, AXA XL protects what matters most for our clients and communities. We know that sustainability is at the root of a more resilient future. Our 2023-26 Sustainability strategy, called “Roots of resilience”, focuses on protecting natural ecosystems, addressing climate change, and embedding sustainable practices across our operations.

Our Pillars:

• Valuing nature: How we impact nature affects how nature impacts us. Resilient ecosystems - the foundation of a sustainable planet and society – are essential to our future. We are committed to protecting and restoring nature – from mangrove forests to the bees in our backyard – by increasing biodiversity awareness and inspiring clients and colleagues to put nature at the heart of their plans.
• Addressing climate change: The effects of a changing climate are far-reaching and significant. Unpredictable weather, increasing temperatures, and rising sea levels cause both social inequalities and environmental disruption. We are building a net zero strategy, developing insurance products and services, and mobilizing to advance thought leadership and investment in societal-led solutions.
• Integrating ESG: All companies have a role to play in building a more resilient future. Incorporating ESG considerations into our internal processes and practices builds resilience from the roots of our business. We’re training our colleagues, engaging our external partners, and evolving our sustainability governance and reporting.
• AXA Hearts in Action:  We have established volunteering and charitable giving programs to help colleagues support causes that matter most to them, known as AXA XL’s “Hearts in Action” programs. These include our Matching Gifts program, Volunteering Leave, and our annual volunteering day – the Global Day of Giving.

For more information, please see axaxl.com/sustainability.

Who we are

AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we do not just provide re/insurance, we reinvent it.

How? By combining a comprehensive and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business − property, casualty, professional, financial lines, and specialty.

With an innovative and flexible approach to risk solutions, we partner with those who move the world forward.

Learn more at axaxl.com