Senior Officer Reinsurance

Job Description

Responsible for managing all the existing treaties for General Insurance and Medical & Life Divisions. Coordinate constantly with the respective UW divisions to adhere to their request for any new treaty. Work closely with the Reinsurance Manager to carryout all the activities of Reinsurance function

• The Senior Officer Reinsurance reports to the Reinsurance Manager and confers with the latter on critical and strategic issues.
• The jobholder is expected to implement plans and strategies for the Reinsurance Section.
• Key decisions having significant impact on the Reinsurance function are referred to the Reinsurance Manager for approval before implementation.
• The jobholder exercises financial authority as per the level established by the management.
• Always review Compliance requirements and be Compliant to other regulations.

Reinsurance

• Formulate reinsurance related strategies and arrangements in coordination with Reinsurance Manager.
• Placement of annual reinsurance treaty contracts with reputed reinsurance companies, locally and/or internationally.
• Monitoring performance of participating reinsurers, throughout the year, and conveying any adverse development to the Reinsurance Manager and take appropriate action.
• Maintain accurate physical & electronic storage of all Slips, Endorsements and data/notes relating to Re-insurance
• Compile data related to claims and underwriting to determine reinsurance eligibility.
• Review facultative process, standard slips and sample review to ensure all facultative reinsurance is in line with RI Policy with respective underwriting and claims department periodically in line with RIM instructions and identify any gaps and suggest improvements
• Work with claims to determine eligibility, incorrect processing and correction strategy.

Reinsurance Program / Structure

• Review reinsurance structure to ensure that all risks are covered, shares of risks are divided according to pre agreed set up, and premiums are properly accounted for.
• Evaluate the reinsurance program on a regular basis in order to monitor its strengths and weaknesses and make the necessary recommendations for improvement of the program.
• Reinsurance Treaties
• Gather, analyze and recommend potential reinsurance offers? and treaties.
• Develop reinsurance treaties and manage reinsurance technical/financial data gathering.
• Design the Reinsurance program including treaties, structure and allocation of shares among reinsurers.
• Receiving Special Acceptance requests from various UW teams and passing it on to treaty underwriters for special acceptance.
• Monitoring the treaties during the year to evaluate the performance at quarterly and half yearly basis.
• Preparation of treaty statistics prior to renewal for onward submission to RI Manager.
• Preparation of Quarterly Bordereau for all proportional treaties and any other reports as required by respective treaties
• Setting up all the treaties in the system as and when they are renewed.

Reinsurance Treaties

• Gather, analyze and recommend potential reinsurance offers? and treaties.
• Develop reinsurance treaties and manage reinsurance technical/financial data gathering.
• Design the Reinsurance program including treaties, structure and allocation of shares among reinsurers.
• Receiving Special Acceptance requests from various UW teams and passing it on to treaty underwriters for special acceptance.
• Monitoring the treaties during the year to evaluate the performance at quarterly and half yearly basis.
• Preparation of treaty statistics prior to renewal for onward submission to RI Manager.
• Preparation of Quarterly Bordereau for all proportional treaties and any other reports as required by respective treaties
• Setting up all the treaties in the system as and when they are renewed.

Risk Exposure

• Analyze, evaluate and calculate the risk exposure in terms of catastrophic situations and other situations wherein exposures cannot be absorbed with the existing reinsurance facilities in order to arrange adequate reinsurance protection to manage such exposures.

Coordination

• Closely coordinate with the underwriting section to ensure that all pertinent underwriting information required by the brokers on behalf of the reinsurer companies are provided and relayed.
• Liaise with the IT Department in developing reinsurance system to store, update, and generate reports on the history, performance and trends of the underwriting, claims and risk management in order to be used in future decision making and part of the management information system.
• Adhering to requirements raised by internal stake holders.
• Preparation of necessary management approvals.

Regulatory Requirement

• Ensure the periodic reporting as per regulations
• Ensure all regulatory requirements are met
• Coordinate with Compliance department and ensure compliance.
• Policies, Systems, Processes & Procedures
• Develop, iterate, document and execute Reinsurance strategies taking into account uncertainties, key decisions, potential outcomes and estimated associated costs.
• Establish Reinsurance policies and procedures based on the Company?s business plan and objectives.

Continuous Improvement

• Contribute to the identification of opportunities for continuous improvement of Reinsurance systems, processes and practices taking into account ?international best practice?, improvement of business processes, cost reduction and productivity improvement.
• Statement and Reports
• Prepare sectional statements and reports of Reinsurance section timely and accurately to meet department requirements, policies and standards.

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