Job purpose:
The job holder shall assist in looking after the various reinsurance arrangements including treaty and facultative reinsurance protection for all classes of business written by the company.
Assist in implementation of the company’s reinsurance programme based on overall company’s objectives and maintain a business relationship with the Company’s underwriting and finance department and with the local, regional and international reinsurance market.
Key responsibilities:
- Assist Analyse the risks accepted and ensure risks are ceded properly.
- Assist in ensuring that all acceptances are protected by proper reinsurance arrangement on a back to back basis without any gaps in risks accepted and reinsurance protection availed.
- Obtain all necessary underwriting information required to place the risk in the local reinsurance market.
- Assist in arranging proper reinsurance protection as and when required.
- Place reinsurance directly to the market or through the broker whether on facultative or any other basis depending on the need of the situation.
- Assist in the administration of the reinsurance program.
- Ensure timely submission of closing and accounting documents as well as for settlement of premium recovery of claims from reinsurers.
- Ensure accuracy of reinsurance contract with reference to original terms at which reinsurance is accepted.
- Maintain efficient communication lines between the company and brokers.
- Prepare reinsurance underwriting and claims statistics on a regular basis and update the same at periodic intervals as per requirement.
- Prepare reinsurance payments/recoveries relating reinsurance premium, commissioning and claims.
- Premium adjustments and returns preparation for approval
- Preparation of all monthly Reinsurance Reports
- Assist the underwriting team in managing Reinsurance cards preparation
- Reinsurance system parameter set up and continuous improvements;
- Ensure prompt claims recovery
- Liaise internally with other members of the team to ensure effective and efficient execution of client’s requests
- Delegated Authority: As per the approved Delegated Authority Matrix
- Perform any other duties as may be assigned from time to time
Knowledge, experience and qualifications required
- Business related University Degree – insurance, statistics, accounts preferred
- Professional Insurance qualification, (CII OR IIK) – progress
- Must have a minimum of 3 years’ experience in the reinsurance field.
- Knowledge of Reinsurance Treaty, Facultative wording and Reinsurance Slips preparation a must