Reinsurance Officer at Coronation Insurance Plc

Principal Duties and Responsibilities
Reinsurance Operations:

• Utilize routine processes and procedures to administer reinsurance and retention, process routine claims, and validate data, files, systems, procedures and identify discrepancies
• Participate on special projects related to reinsurance administration systems, legal contracts/treaties, new product launches and other initiatives
• Provide information to enable the preparation of and rendition of statutory statements such as reinsurance premium, minimum and deposit premium, commissions, treaty renewal statistic on various classes etc. and/or paid on timely basis as applicable.
• Obtain, analyze and document information required to determine inward facultative acceptances with creditworthy Insurance Companies and follow up with counterparties to ensure premiums are received
• Provide information to enable outward facultative reinsurances with creditworthy Insurance Companies in line with set standards.
• Process facultative premium payments on timely basis in line with laid down policies and processes
• Closely monitor/follow up on treaty and facultative claims recoveries and ensure all identified reconciliation items on facultative accounts are acted upon

Analysis and Reporting:

• Perform entry level accounting activities and processes reinsurance account transactions such as journal entry preparation and account reconciliations with direct guidance and supervision.
• Gather, research, and offer support to complete audits in a timely manner, for internal and external audit, and reinsurance business partners.
• Acquire and apply maturing knowledge of the business and gathers information to support reporting and analysis.
• Provide support in the analysis of reinsurance accounts and contractual requirements, including but not limited to exposure/cession based rates/thresholds, limits/retentions, annual aggregate deductibles/limits, loss corridors, application of experience adjustments, monitors large losses.

Team Participation:

• Participate in the orchestration of activities to develop and complete business deliverables including developing and documenting project business requirements and translating those requirements into functional system specifications.

Minimum Qualifications

• Bachelor’s Degree in Insurance, Finance, Accounting or any related discipline.
• 5 - 7 years’ relevant experience inthe  insurance industry
• Experience in the insurance industry would be an added advantage

Competency and Skill Requirements:

• Ability to demonstrate good understanding of business processes
• General understanding of the local and global financial services industry.
• General understanding of trends and recent developments in insurance industry.
• Extensive knowledge of MS Office tools.
• Good problem-solving skills
• Good communication skills – written, oral, interpersonal, and business presentation skills and the ability to effectively interface with senior management, and staff.
• Demonstrated commitment to ethical standards and high level of integrity.
• Strong risk management skills
• General understanding of insurance principles and practices
• General understanding of legal obligations and regulatory compliance
• Good research and analytical skills
• Good finance and accounting skills
• General knowledge of IFRS
• Good knowledge of Reinsurance.