Reinsurance Officer at Coronation Insurance Plc

Key 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 in 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 statistics on various classes, etc., and/or paid on a timely basis as applicable.
• Obtain, analyse, 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 a 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, gathering 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, and monitoring 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.

Requirements

• Interested candidates should possess a Bachelor's Degree with 5-7 years work experience.