Reinsurance Officer at Coronation Insurance Plc

Principal Duties and Responsibilities
Reinsurance Strategy:

• Direct the design, development and implementation of reinsurance programs and products through collaboration with internal business units (investment finance/management, actuaries) and external reinsurance organizations.
• Plan the company’s reinsurance programme to ensure timely negotiations of both treaty and facultative reinsurance with reinsurers and brokers.

Reinsurance Operations:

• Negotiate and update changes or amendments to treaty and facultative agreements approved by company management.
• Verify a variety of reinsurance accounts and liaises with Finance Department for remittance or reinsurance premiums in accordance with the contract requirements.
• Monitor and implement the department’s annual revenue and expenditure budgets to ensure that reinsurance requirements are adequately funded and control expenditure within budget.
• Verify details of claims on the company and submits them to the reinsurers to ensure that they meet their obligations promptly.

Risk Management:

• Review analysis of the company’s risk portfolios presented by primary underwriters and determine risks retention levels for the company.
• Establish and implement reinsurance companies risk acceptance criteria for reinsurance treaties.

Stakeholder Management:

• Review working relationships with and competence of the reinsurers and reinsurance brokers advising management on the need to continue the relationships.
• Liaise with the reinsurers and brokers with the view of securing technical assistance in underwriting and claims handling management.

Analysis and Reporting:

• Oversee analysis and reporting of the company's reinsurance agreements; summarizing errors and provide guidance on settlements made.
• Review research and analysis of reinsurance prices and specifications.
• Analyze and report on reinsurance business financials including loss trends by treaty and facultative placements
• Review and recognize gaps in the quarterly settlement process and propose solutions to improve the process and controls.
• Preparation of reporting reflecting all reviews and findings specific to the review of Coronation ceded reinsurance that directly impacts the net settlement.

Business Development:

• Market and accept inward reinsurance business for the company and secures the appropriate reinsurance protection for the business.

Technical Leadership:

• Serve on reinsurance project as team lead during all phases to include: configuration, conversion, migration, balancing, and testing.
• Reinsurance team lead on issues relating to due diligence and potential onboarding of new claim books with reinsurance attachments.

People Management:

• Recommend learning and development programmes required to build the capabilities of employees within the unit to ensure effective and efficient service delivery.

Minimum Qualifications

• Bachelor’s Degree in Insurance, Finance, Accounting or any related discipline.
• Master’s Degree in Insurance or related discipline would be an added advantage.
• Professional certification such as CIIN, ACCA, ICAN or relevant qualification.
• Minimum of 5-7 years relevant experience in insurance industry.

Competency and Skill Requirements:

• Strong Business Acumen.
• Excellent understanding of the local and global financial services industry.
• Excellent understanding of trends and recent developments in insurance industry.
• Extensive knowledge of MS Office tools.
• Excellent problem-solving skills.
• Strong strategic orientation, creativity and innovation.
• Strong stakeholder management skills.
• Exceptional 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.
• Strong understanding of insurance principles and practices.
• Strong understanding of legal obligations and regulatory compliance.
• Strong leadership and people management skills.
• Strong finance and accounting skills.
• Strong knowledge of IFRS.
• Strong knowledge of Reinsurance.