Head, Reinsurance - SIIBL at Stanbic IBTC

Job ID: 54244

Job Sector: Insurance

Job Purpose

• To proactively assess risks and provide adequate reinsurance recommendations and cover in order
• to achieve high levels of satisfaction for the insured through high quality underwriting of risks, resolution of customers’ needs and excellent client experience.
• Manages staff responsible for reinsurance conducts and relevant research in the course of customer service.

Key Responsibilities / Accountabilities

• Process all major classes of insurance needs for clients within the agreed timeline through proper assessment/evaluation of risks, documentation and process with reinsurance companies
• Negotiation of Pricing, Reinsurance Treaty Terms And Conditions (Finalising Reinsurance Contract Wordings)
• Engagement with both local lead underwriters & Local and Foreign Reinsurance Market
• Processing of Reinsurance Bordereau- Administration of Reinsurance Contracts and Technical Accounting Preparation-Settlement of Balances (Premiums, Claims, Fees)
• Preparation of Reinsurance Portfolio Adjustment
• Facultative and Retrocession Placement with Local and/or Foreign Reinsurer
• Monitoring and Tracking of Reinsurance Commission, including preparation of profit commission statement
• Ensures that accounts are serviced efficiently and professionally – Document policy wordings from Lead Reinsurer and Underwriter submissions; deals with slip endorsements; negotiates bespoke wordings to meet Clients’ needs.
• Works with Brokers and Directors to identify and qualify opportunities for business development·
• Assists in design of complex programme structures to provide innovative risk transfer alternatives as required.
• Ensures excellent service and compliance using meticulous checking and organisation; keeps internal compliance records updated.
• Maintains up-to-date working knowledge of regulatory requirements.
• Enables and encourages interaction and collaboration with other departmental units.
• Adhere to company and regulatory policies, procedures together with mandatory training requirements.
•  Adhere to financial reporting requirements including monthly phasing of income.
• Demonstrates excellent technical knowledge and ability to communicate this to various audiences (Reinsureds, Overseas Brokers, and Underwriters).
• Reinsurance Claims Recovery: Ensure settlement of claims by reinsurance companies within the agreed timelines after submission of duly executed discharge vouchers
• Analyse and review policies of customers to ensure adequate coverage at inception and at renewal
• Implementation of changes during duration of policy or at renewal based on the review
• Review of existing major policies and communicate to the insurer and clients to prevent repudiation of claims when the unexpected occurs
• Provide training for members of the team on insurance products during the knowledge sharing sessions
• Develop capacities in team members on evaluation of insurance policies through interpretation of terms, conditions, clauses and warranties
• Mentoring team members towards attaining professional certification
• Ensure timely provision of insurance needs within agreed timeline
• Carry out physical inspections of proposed risk sites where required
•  Assess customers risks through profiling of customers and understanding of his business
• Identify inherent risks in customers business or personal needs and recommend appropriate insurance solutions
•  Review periodically the insurance portfolio and make recommendations
• Supervise reinsurance team members in ensuring provision of excellent service
• Ensure underwriting team members have basic knowledge of reinsurance process to ensure accuracy and minimize error
• Maintain close contact with internal stakeholders within CIB, PBB and wealth sectors across all segments(VAF, Credit, IBC, Commercial Banking, Human Capital, Expense Control, Operational loss control by guiding them on underwriting process in ensuring adequate cover and prompt service delivery.
• Facilitate trainings on terms and conditions of insurance policies and claims process/documentation relevant to the respective teams
• Hold regular meetings and provide periodic updates on their policies
• Maintain and improve relationship with external stakeholders which include Local and Foreign Reinsurers NAICOM, insurance companies, co-brokers, Loss Adjusters and others
•  Hold review meetings with Insurance companies on the terms and conditions of their policies to ensure adequate coverage
• Ensure no regulatory breach is recorded against the team.
• Ensure that all premium due to Reinsurer are remitted in line with regulatory guide line
• Hold quarterly meetings with the insurance companies on performance on service delivery.
• Analyse the performance results on service delivery in both underwriting and claims which will form part of the criteria for giving out businesses to the insurance companies.
• Assists in design of complex programme structures to provide innovative risk transfer alternatives as required.
• Ensures excellent service and compliance using meticulous checking and organisation; keeps internal compliance records updated.
• Maintains up-to-date working knowledge of regulatory requirements.
• Enables and encourages interaction and collaboration with other departmental units.
• Adhere to company and regulatory policies, procedures together with mandatory training requirements.
• Adhere to financial reporting requirements including monthly phasing of income.
• Demonstrates excellent technical knowledge and ability to communicate this to various audiences (Reinsureds, Overseas Brokers, and Underwriters).
• Reinsurance Claims Recovery: Ensure settlement of claims by reinsurance companies within the agreed timelines after submission of duly executed discharge vouchers

Preferred Qualifications and Experience

• First Degree in Insurance, Engineering, Finance or related fields
• Associate member, Chartered Insurance Institute of Nigeria or UK

Knowledge / Technical Skills / Expertise

• Reinsurance Knowledge and underwriting management
• Insurance Principles
• Claims Knowledge
• Insurance Products and Services
• Underwriting and pricing risk.