Reinsurance Officer at CIC Insurance

PURPOSE:

• Reporting to the Reinsurance Manager, the role holder will support the business operations by working closely with the underwriting and claims departments. They will be responsible for placement of risks & recoveries from the reinsurers, reinsurance accounting and also handle reinsurance correspondences.

PRIMARY RESPONSIBILITIES:

SERVICE DELIVERY:

• Ensuring adherence to company reinsurance practices, policy and guideline as per set guidelines
• Responsible for ensuring the reinsurance programmes are arranged within required timelines and is in accordance with the agreed company standards
• Ensuring the monthly budget from new business is achieved by marketing and increasing inward reinsurance business from other companies
• Ensuring reinsurance treaty payments, renewal and making returns to the relevant authorities
• Provision of monthly analysis for the various reinsurance programs and services currently available in the marketplace and administer their use within company
• Timely treaty cessions on the underwriting and claims files when they are due
• Preparing a monthly premium and claims (paid/ outstanding) summaries from reinsurance
• Ensuring reinsurance claims recovery (making provisional loss notification, making cash calls for large claims, recovery of Kenya Re compulsory cessions claims on run off)
• Ensure Production of quarterly payment returns and annual statements as per deadlines
• Travel insurance management
• Custom Bonds underwriting & Management
• Bankers Blanket Bond underwriting & claims Management
• Reconcile funds received from reinsurers vs cash book;
• In liaison with the finance department, clean up the reinsurance recoveries receipts;
• Track payments received from reinsurers;
• Grow inward facultative business and collect premiums, through acquisition of new and retention of existing business;
• Place all risks that are in excess of capacity;
• Any other duty as may be given by the Reinsurance Manager

RECOVERIES ROLE:

• Ensure timely treaty and facultative claims recoveries and as per the set timelines and budgets
• Monitor the claims reinsurance register to ensure claims are correctly allocated into the relevant treaties;
• Ensure new claims payments are immediately documented to the reinsurers;
• Follow up with Treaty and Facultative reinsurers on claims recoverable;
• Following up on receipting of all recoveries to the appropriate accounts and maintain up to date records of the same.
• In liaison with the claims department, ensure claims payable to reinsurers (facultative) are registered and documented.
• FACULTATIVE ROLE:
• Managing facultative inward and outward business and preparing reconciliations for all businesses
• Calling for payments of facultative accounts and calling for reinsurance treaty recoveries.
• Seeking of facultative support for risks not covered under the scope of the treaty arrangements;
• Follow up with facultative reinsurers on claims recoverable;
• In liaison with the claims department, ensure claims payable to reinsurers (facultative) are registered and documented.

Key Skills, Knowledge, Experience and Behavioural Competencies

Academic and Professional Requirements

Education 

• Bachelor’s degree in Business, or a related field.
• Professional Qualification    Diploma in Insurance, ACII/AIIK (Mandatory)

 Experience Required:

•  Description Required years of experience
• Relevant Experience    5 years