Reinsurance Officer at Absa Bank Limited

Job Summary

Responsible for efficiently managing Executing the reinsurance strategy for the company through producing of outward and inward reinsurance information for business planning and strategic purposes.

Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise-Wide Risk Management Framework and internal Absa Policies and Policy Standards issued or updated from time to time.

Job Description

Accountability:  Reinsurance Underwriting & Claims - Retail & Corporate Business – 60%

• Processing and negotiation of competitive reinsurance contracts to ensure that the Company’s reinsurance programs are adequate & cost effective.
• Support individual departments with all reinsurance-related issues by seeking approval on reinsurance contract wordings as well as co-ordinate requests from reinsurers on ‘special/unique acceptances’, waivers and fronting.
• Compile a defined plan to carry out and apply best practice process to control and improve the outward and inward reinsurance book by preparing and evaluating reinsurance data and recommend change where applicable to improve on cost and profitability.
• Arrange reinsurance support for risks by working on submissions and looking into methods of risk redistribution as well as maintaining awareness of changing rating requirements.
• Review reinsurance documents for completeness in accordance with negotiated terms and conditions by ensuring that the reinsurance documentation is robust.
• Keep claims up to date with the current reinsurance position and work with claims and reinsurers on contentious claims to ensure a successful outcome and also ensure that treaty claims recoveries are pursued aggressively.
• Review treaty settlements, statistics, related reports and reinsurance details including profit commission calculations, as needed and on timely basis for both treaty and facultative.
• Ensure that the treaty statements of accounts are prepared such as statements of accounts, profit commissions, portfolio transfers, non-proportional treaty premium adjustments etc as an when due.
• Placement of facultative business. Both inward and in line with the guidelines and policies of the company and recommend changes based on their underwriting philosophy and pattern of reciprocity
• Inward and outward co-insurance execution and renewal of existing business

Accountability:  Reinsurance Reporting: 30%

• Ensure adherence of all regulatory requirements with regards to our reinsurance arrangement through timely processing of statutory returns and ensure that adequate treaties are in place every year and all the contract documents lodged with the commissioner of insurance.
• Preparing reinsurance reports and analysis on reinsurance performance for management and advise senior management regarding application and usage of reinsurance and the market trends.
• Following-up on collection of recovery balances and monitoring of debtor balances.
• Prepare Internal and external Audit reports, forecasts and reviews.

Accountability:  Reinsurance Stakeholder Management; 5%

• Ensure that the company maintains successful relationship with local and regional insurance and reinsurance companies and brokers to achieve an optimal reinsurance position on all lines of business.
• Always ensure that the Company deals with reputable reinsurance partners.
• Present the resolution tracker in the quarterly service meetings.
• Reinsurance treaty negotiations with reinsurers who meet minimum requirements set out by IRA.
•  Assist in training of staff on reinsurance procedures.

Accountability:  Control Environment (5%)

• Delivering operational excellence in achieving quality, cost, and service standards on assigned work from time to time.
• Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise-Wide Risk Management Framework and internal Absa Policies and Policy Standards. Understand and manage risks and risk events (incidents) relevant to the role.

Education

• Further Education and Training Certificate (FETC): Business, Commerce and Management Studies (Required)