Reinsurance Officer at Old Mutual Kenya

Job Description

The job holder will assist in the implementation of the company’s reinsurance programme, based on overall company’s objectives, underwriting and reinsurance philosophy. He/she will also manage the expectations of all reinsurance stakeholders.

Principle Acountabilities

• Assist in delivering effective reinsurance services to the business in line with the company reinsurance philosophy.
• Assist in the design, negotiation and renewal of reinsurance treaties in line with the business needs and regulatory guidelines.
• Regular review of the reinsurance premium register to ensure risks are ceded optimally and in line with the reinsurance arrangements in place.
• Ensure timely issuance of reinsurance documentation such as facultative credit notes and any other closings, immediately after risk renewal/inception and ensure sign-off.
• Ensure treaty parameters are correctly set up and are properly functioning.
• Seek for competitive terms and special acceptance for treaty excluded risks from the reinsurers, either directly or through reinsurance brokers
• Support the servicing and growth of facultative inwards business.
• Establish and maintain relationships with reinsurers and reinsurance brokers to cultivate goodwill for business.
• Prepare reinsurance underwriting and claims statistics/proposals on a regular basis.
• Ensure timely preparation and submission of reinsurance periodical returns in line with treaty terms and conditions
• Maintain a good record of treaty contracts and facultative placement slips.
• Any other duties assigned.

Qualifications & Experience

• 1st Degree, ACII/Considerable progression.
• 5 years’ experience in a similar role
• Knowledge and functions on administration of reinsurance (treaty & facultative)

KEY RESULT AREAS & PERFORMANCE INDICATORS

• Claims Recovery - Prepare and forward claims documentation to re-insurers/reinsurance brokers and follow up on timely payment.
• Ensure timely facultative placement of any risks beyond company’s capacity with approved securities
• Ensure compliance with statutory requirements governing risks placements and timely reinsurance data submission to the IRA.
• Ensure compliance to internal company policies.
• Ensure timely settlement of reinsurance premiums, both treaty and facultative.
• Assist in reconciliations of facultative and treaty premiums and claims.
• Ensure that all risks accepted are properly reinsured in line with the reissuance contracts in place and the company reinsurance strategy document