Assistant Reinsurance Manager at Absa Bank Limited

Job Summary

To support the Reinsurance & Underwriting Manager in Execution of ALAK Reinsurance strategy.

Job Description

Accountability: Reinsurance & Underwriting 40%

• Monitoring all finance related functions relating to reinsurance and underwriting including budgeting, reporting, payments, claim recoveries and debt management
• Monitoring reinsurance claims administration including claim notification and facilitating recoveries by monitoring administration of claims for the run-off of inwards reinsurance business
• Prepare treaty statements of accounts for monthly, quarterly and year closing statements and share with lead reinsurer to confirmation. This will include, reinsurance premiums, reinsurance commissions, portfolio transfers and premium adjustments.
• Prepare monthly or quarterly journal entries relevant to reinsurance and ensure general ledger shows all accounting transactions for given period and reconciliations are conducted
• Perform calculation of unjustified premium and audit related treaty provisions following treaty terms and collaborate with accounts statements rendered by lead reinsurer
• Preparing reinsurance renewal market presentations and presents to the board, executive committed, reinsurance commissioner and reinsurers counterparties
• Compiling a defined plan to carry out and apply best practice process to control and improve the reinsurance book by preparing and evaluating reinsurance data and recommend change where applicable to improve on cost and profitability

Accountability: Financial Analytics 20%

• Provide support on data analysis to improve the outward and inward reinsurance book by preparing and evaluating reinsurance data and recommend change where applicable to improve on cost and profitability
• Compiling all claims for the business per product, claim type and treaty for informed decision making on changes on treaty limits also ensure that treaty claims recoveries documents are prepared
• Follow up on all data request from the business and other partners by to ensure preparation on reinsurance monthly, quarterly and yearly closing process
• Ensure to correctly maintain all account complying with agreements terms, all data and statements are safely kept on shared drives
• Create excel based financial models or utilise tools available for all financial reporting requirements and build a data base of accurate financial and non-financial information which can be used to extract historical financial information
• Support the Management Team to understand their Reinsurance performance based on the financial and management accounts on their reinsurance function

Accountability: Stakeholder Engagement 25%

• Prepare quarterly reinsurance submission to the regulator by ensure adherence of all regulatory requirements with regards to reinsurance arrangement using the provided statutory returns templates
• Support individual departments with all reinsurance-related issues by seeking approval on reinsurance contract wordings, rating on risks as well as co-ordinate requests from/to reinsurers on ‘special acceptances’, waivers and fronting
• Prepare requests on reinsurance data from reinsurance manager to ensure accurate reinsurance reports and analysis on reinsurance performance and maximum usage of reinsurance treaties with the market trends
• A good understanding of key value drivers to advice business on appropriate intervention strategies to meet targets
• Communicate reinsurance policies, procedures, standards, and guidelines to the business unit management team.
• Develop and maintain relations with reinsurance partners to search and resolve complicated settlement issues on cover placement and underwriting information

Accountability: People Management 15%

• Oversee the activities of the finance team to ensure effective delivery of the full financial function to the business unit as well as support Group Finance.
• Develop a high performing team by embedding formal performance development and informal coaching.
• Encourage frequent knowledge sharing between team members
• Determine and analyse development needs for the team and ensure that identified training requirements are budgeted for and executed.
• Establish and maintain a succession plan for the team.
• Create effective workforce and recruitment demand plans to ensure that current and future business requirements can be met. Plans should be revised at least twice a year.
• Review and update the department’s organisation structure and role description on at least an annual basis to ensure that they are fit for purpose and contain all the accountabilities of each team member
• Address poor performance of any team member through the formal Performance Accelerator programme and ensure that continued poor performance is appropriately dealt with.
• Motivate team members and ensure that their efforts are recognised.
• Participate in the creation and implementation of Employee Opinion Survey (EOS) actions for the reinsurance team

Education and Experience Required:

• Minimum Bachelor’s Degree In Commerce, Statistics, Actuarial Science or related fields
• AIIK Diploma (Mandatory)
• Excellent analytical skills to enable resolution of unstructured and complex problems
• 5+ years Financial Services experience at similar role (Preferable Life Insurance Sector)

Knowledge & Skills:

• Knowledge of financial record keeping and reconciliations
• Preparation and review of financial statements, monthly reporting packs and management information
• Presentation Skills
• Attention to detail
• Excellent Computer Skills
• Planning and organising Skills
• Analytical Skills
• Negotiation Skills
• Communication Skills
• Aware of World’s R/I trends
• Insurance and R/I market knowledge

Competencies: (Maximum of 8 competencies)

• Deciding and initiating action
• Learning and researching
• Entrepreneurial and commercial thinking
• Relating and networking (bank counterparts)
• Adapting and responding to change
• Persuading and influencingCreating and innovating