Principal Duties & Responsibilities
- Support the implementation of the reinsurance framework for new and existing products
- Apply organizational policies and procedures for processing a new application, renewal, cancellation and/or an alteration to an existing risk for the class of business being underwritten
- Participate in negotiation with reinsurance partners to derive competitive reinsurance arrangement
- Evaluate company’s portfolios to ensure adequacy of reinsurance against regulatory requirements
- Provide support on reinsurance system improvements through user acceptance testing
- Conduct analysis, improvement, and timely generation of assigned reporting for reinsurance department billing, collection, and reinsurance notification activities
- Validate that reinsurance arrangements are carried out in accordance with company’s reinsurance policies and regulatory requirements
- Manage reinsurer or broker relationships
- Review monthly account and collateral materials for a portfolio of reinsurance arrangements, ensuring a robust control framework and audit trail process is adhered to.
Education and Experience
- First Degree in Insurance or related discipline.
- Minimum of 4-5 years’ experience in the Insurance Industry and experience in a reinsurance function
- Professional membership such as Chartered Insurance Institute of Nigeria is a key requirement
Skills and Competencies
- Able to identify indicators of compliance of reinsurance activities against reinsurance policies
- Able to negotiate with reinsurance partners to derive competitive reinsurance arrangement
- Able to monitor reinsurance activities effectively
- Able to provide accurate details on reinsurance status of the company from time to time.
- Able to identify and analyze factors affecting reinsurance arrangement
- Able to develop reinsurance objectives from company’s risk exposure policies
- Able to establish reinsurance policies for individual business lines
- Knowledge of standard policy wordings, extensions, and limitations
- Knowledge of IFRS 17
- Skilled in using Microsoft Excel and core insurance software
- Communication and Influencing skills
- Data analysis and Interpretation