Reinsurance Associate - Life Insurance
Job Purpose:
- The
job holder shall look after the various reinsurance arrangements including
treaty and facultative reinsurance protection for all classes of life
business written by the company, namely Ordinary life, Group Life, Credit
Life and Sacco.
- Assist
in implementation of the company’s reinsurance program 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:
- Analyze
the risks accepted and ensure risks are ceded properly.
- Ensure
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.
- 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.
- Review
reinsurance payments/recoveries relating reinsurance premium,
commissioning and claims.
- Premium
adjustments and returns
- Ensure
prompt claims recovery
- Liaise
with intermediaries and direct clients on issues relating to their
policies for Group Life, Credit Life and Sacco business.
- Apply
the credit control policy by ensuring that debit/credit notes raised are
mailed and that they reach the clients/intermediaries within the shortest
time possible.
- Collate
underwriting requirements and request for quotations.
- Discuss
the Projections with Reinsurers and ask for quotes.
- Negotiate
Treaty Terms.
- File
treaties and other Reinsurance Arrangements with IRA.
- Update
treaties in the insurance system.
- Facilitate
facultative agreements for the identified risks.
- Underwriting
of renewal business for Group life and Credit Life.
- Underwriting
of New Group life and Credit Life Business.
- Liaise
internally with other members of the team to ensure effective and
efficient execution of client’s requests.
- Perform
any other duties as may be assigned from time to time.
Key Performance Measures:
As described in your Personal Score Card
Knowledge, experience and qualifications required:
- Business
related University Degree – insurance, statistics,accounts preferred.
- Professional
Insurance qualification(ACII, FLMI or AIIK).
- Must
have a minimum of 3 years’ experience in Underwriting & Reinsurance
fields.
- Must
have Knowledge of Reinsurance Treaty, Facultative wording and Reinsurance
Slips preparation.
- Must
have Knowledge of Group Life, Credit Life and Sacco Business.
Technical/ Functional competencies:
- Knowledge
of insurance regulatory requirements.
- Knowledge
of insurance products.
- Sales
and marketing management skills.
- Underwriting,
Service or Claims background is an added advantage.
How to Apply
Unposting
Date: 13-12-2022