Head of IBA

The Head of IBA is responsible for the running of the IBA department, to ensure that the insurance ledgers are updated in a timely manner and that credit control procedures are effectively managed. The role includes responsibility for all members of the IBA team.

The role will require that the manager can critically review individual transactions to ensure they are treated appropriately and to identify wider issues, to propose and implement operational solutions within the department as required. 

The incumbent will work closely with the financial controller to set up procedures and controls that are effective for the management of the IBA function for the existing and any new businesses. 

The Head of IBA is the main day to day contact between the company and the insurance software provider and will be expected to obtain a good working knowledge of all aspects of the Applied EPIC insurance system including processing, reporting and administration.   

Role Responsibilities

• To manage the IBA department and ensure that the insurance ledgers are maintained in accordance with the agreed systems and controls and to support the IBA Accounts team within their specific roles.

• To support the CPD of the team.

• Control, monitor and review outstanding debt liaise with departmental heads to ensure prompt resolution of queries and escalate issues as appropriate

• Develop a suite of credit control reports to include

• A strategic presentation for the board detailing collection trends, performance and specific accounts requiring addition attention.

• An operational report to assist the IBA team in managing day to day collection and allocation of cash

• Monitor the insurance ledger trial balance sheet to ensure that all accounts including introducer accounts are recorded accurately.

• Critically review and approve all client money payments and ensure that

• Payment requests have appropriate supporting documentation to ensure liabilities are settled in a timely manner in accordance with company policies.

• To be responsible for the Applied EPIC system specifically to

• Act as first point of contact on any issues arising within the IBA team on the use of EPIC

• Liaise between Applied and Consilium on all matters and ensure that all queries are dealt with efficiently and resolved

•  Understand and document the impact of any changes arising on the processing within the system

• To liaise with head of operations to ensure that any issues identified with the entry of transactions on the ledger are resolved promptly

• To be the first point of contact for business unit heads to assist in the collection of balances as required

• Manage the efficient response to all questions raised during the company’s annual audit.

• Maintain the IBA procedures manual and demonstrate that they comply with all CASS rules

• Work with the financial controller to ensure that the systems requirements for new business initiatives are

• clearly defined and understood

• proposed solutions are fully tested

• new procedures are robust and understood by the IBA team   

•  Support and assist management in detailed and continued, advice, knowledge and practical input to ensure full delivery of the business processes.

• In consultation with the IBA Accounts Team to provide feedback, comments, and proposed actions to resolve, improve and develop solutions to meet the needs of the business.

• Any other Ad hoc duties as requested by management Experience

• Use formal reporting mechanisms, as defined by Risk and Compliance or Internal Audit, to promptly notify relevant parties of any perceived new risks or failures of existing control measures.

• At all times, consider the effect of any actions taken on the customers of the Company, with the intention of improving their experience.

• All employees must endeavour to provide accurate, complete and appropriate data, in accordance with the Company’s data policy, as part of their roles and responsibilities at all times.

Role Requirements

• Experience working within an Insurance broker

• Possess strong managerial skills and to have previously managed a small team

• Experience in credit control and management of aged debt in an IBA environment

• Experience in managing, processing to and reporting from Insurance broking systems

• Experience working with Xchanging systems

• Ability to manage others and their workloads

• Ability to develop good relationships with all stakeholders

• Ability to develop their own ideas and those of others’ for the continued advancement of the department.

• At least 5 A-C Grade GCSE’s including English, Maths and ICT.

• Insurance qualifications e.g. CII. (Desirable).

Skills & Abilities 

• Proactive & Outcome focused

• Self-motivated & Enthusiastic

• Team worker with the ability to work on own initiative

• Professional approach to relationships

• To have a high level of numeracy

• Excellent people skills and be able to communicate at all levels.

• Excellent general I.T. skills

• Well organised, with good administrative skills

• Management skill