Loss Fund Manager

The Team

The Solutions team is responsible for managing clients and related third parties through their implementation and onboarding journey with Vitesse. Sitting within Vitesse’s Commercial function it has a vital, strategic role in delivering on the company’s ambitious growth targets.

The team function is multifaceted with one aspect being the management and delivery of projects to onboard existing client loss funds – funding pools set aside to facilitate claim payments against identified insurance losses. Loss Fund Optimization is a service that we offer to our insurance customers to enable them to streamline their data, recover cash from any dormant funds and migrate the funds that remain to the regulated safeguarded environment offered by the Vitesse service.

The role of the Loss Fund Manager sits within this Solutions team function reporting into the Head of Solutions and Delivery.

What is loss fund optimization?

Loss fund optimization is a critical service that is embedded into Vitesse’s core offering. There are circa $100m sitting idle in legacy accounts across the market. Deploying capital effectively and efficiently is critical in the current climate; loss fund optimization plays a pivotal role in achieving this for our customers. In addition, as part of this process we are able to sanitise an insurers end-to-end data to enable them to take full advantage of the digitalisation of the insurance market.

Responsibilities

• As a Loss Fund Optimization Manager, you will be responsible for delivering across the company’s key priorities, which are outlined below:
• Supporting business development and relationship management to sell the Loss Fund Optimisation (LFO) service.
• Establish and maintain strong relationships and communication between Insurers, Brokers and Third-Party Administrators. Use these relationships to obtain, analyse and validate insurer data.
• Examine the data obtained closely and challenge where appropriate to be able to make recovery, migration and optimisation recommendations keeping in mind company revenue goals in this assessment. Include and record justifications for recommended actions.
• Manage the project tracker and provide first rate reporting to the Solutions Manager to allow them to communicate latest status to all stakeholders and maintain project dashboards.
• Assist Solutions Managers in the execution of LFO projects. Escalate and identify challenges to find resolution. Attend weekly progress meetings.
• Time to revenue is key, be a team player but have the confidence to make independent decisions and recommend solutions to avoid delays or work around issues impeding progress. Escalate where appropriate.
• Support the finance team in the invoicing for fees related to the recovery of funds. Facilitate correspondence with the insurer where invoicing queries arise.

Requirements

• We are looking for a personable, hardworking, logical and diligent candidate with upwards of 2 years’ experience in an analytical data driven role ideally working in the insurance industry (London Market) or a fintech organisation.
• The successful candidate will be organised and structured. They must work well under pressure and be capable of effectively managing multiple time sensitive workstreams simultaneously.
• Excellent communicator. You should be a people person with a proven track record of establishing, building, and maintaining strong, high value relationships.
• A team player, with the ability to relate well with co-workers, customers and other stakeholders.
• Demonstrated ability to be proactive and self-driven.
• Whilst not an absolute requirement the role would ideally suit an individual who is familiar with claims payment administration and understands or is familiar with Market systems.

Benefits

• 25 days Holiday per year + Bank Holidays

• Hybrid working arrangements

• Contributory pension scheme

• Enhanced Parental leave

• Cycle to Work Scheme

• Private Medical Insurance

• Access to Mental Health Therapy

• Discounted Gym membership

• Financial Coaching with Octopus Wealth

• 2 days of volunteering leave per year

• Sabbatical after 5 years’ service

• Ongoing Learning and Development to support you reach your career goals