Job Purpose:
The job holder shall look after the various reinsurance arrangements including treaty and facultative reinsurance protection for Life business (Ordinary life, Group Life, Credit Life and Sacco Business) written by the company in Kenya.
Assist in implementation of the company’s reinsurance programme based on overall company’s objectives and maintain a business relationship with the Company’s underwriting and finance department and with the local, regional and international reinsurance market.
Key responsibilities
Analyze the risks accepted and ensure risks are ceded properly.
Ensure that all acceptances are protected by proper reinsurance arrangement on a back to back basis without any gaps in risks accepted and reinsurance protection availed.
Obtain all necessary underwriting information required to place the risk in the local reinsurance market.
Assist in arranging proper reinsurance protection as and when required.
Place reinsurance directly to the market or through the broker whether on facultative or any other basis depending on the need of the situation.
Assist in the administration of the reinsurance program.
Ensure timely submission of closing and accounting documents as well as for settlement of premium recovery of claims from reinsurers.
Ensure accuracy of reinsurance contract with reference to original terms at which reinsurance is accepted.
Maintain efficient communication lines between the company and brokers.
Prepare reinsurance underwriting and claims statistics on a regular basis and update the same at periodic intervals as per requirement.
Review reinsurance payments/recoveries relating to reinsurance premium, commissioning and claims.
Premium adjustments and returns
Ensure prompt claims recovery
Liaise with intermediaries and direct clients on issues relating to their policies for Group Life, Credit Life and Sacco business.
Liaise internally with other members of the team to ensure effective and efficient execution of client’s requests
Delegated Authority: As per the approved Delegated Authority Matrix
Collate underwriting requirements and request for quotations
Discuss the Projections with Reinsurers and ask for quotes
Negotiate Treaty Terms
File Treaties and other Reinsurance Arrangements with IRA
Update Treaties in the insurance system
Facilitate Facultative agreements for the identified risks
Underwriting of New Group life and Credit Life Business
Underwriting of renewal business for Group life and Credit Life
Perform any other duties as may be assigned from time to time
Knowledge, experience and qualifications required
Business related University Degree – insurance, statistics, accounts preferred
Professional Insurance qualification, (FLMI,CII OR IIK) – progress
Must have a minimum of 3 years’ experience in the reinsurance field.
Knowledge of Reinsurance Treaty, Facultative wording and Reinsurance Slips preparation a must
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