Summary
Date Posted: Monday, January 27 2025, Base Salary: Not Disclosed

JOB DETAILS:
MAIN PURPOSE OF THE JOB
To plan, organize for and supervise the provision of reinsurance services, in accordance with established policies and standards of the Company

KEY RESULT AREAS AND RESPONSIBILITIES
Result Area 1: Planning and organizing for the provision of reinsurance services
• Participate in the formulation of strategies, work plans and budgets for the provision of reinsurance services
• Organize for the provision of the required facilities and resources for the provision of reinsurance services
• Determine performance targets for staff in the position of Reinsurance Officer, and carry out periodic appraisals of their performance against the set targets
Result Area 2: Provision of reinsurance services
• Participate in the preparation of quarterly reconciliation statements for Insurers and Reinsurers to be submitted to IRA
• Participate in the preparation of quarterly reconciliation statements for brokers to be submitted to IRA
• Prepare Reinsurance Credit/Debit Notes
• Participate in the preparation of monthly business production reports
• Prepare profit commission statements for surplus treaties
• Prepare adjustment accounts under excess of loss treaties
• Prepare risk profiles
• Participate in the preparation of statistical returns to Commissioner of Insurance and reconciling with Accountant
• Participate in the preparation and follow up of remittances of re-insurers
• Follow up on recoveries from re-insurers for claims
• Participate in the preparation of quarterly accounts, brokers’ reconciliation, profit commission statements
• Participate in the preparation of quarterly reports for insurance travel businesses taken on to Mapfre (partner for travel insurance)
• Participate in writing letters i.e. requests for supporting documents to assist in claims processing, cover letters attached to cheques and other documents
• Participate in the preparation of reinsurance credit and debit notes
• Participate in the preparation of preliminary loss advice and final loss advice to reinsurers
Result Area 3: Leadership
• Assign work to the staff supervised
• Supervise the work assigned to the staff in the position of Reinsurance Officer, and provide guidance to them as necessary
• Evaluate the performance of the staff supervised, in accordance with company policy
• Participate in assessing the capacity development needs of the Reinsurance Officers and advise on appropriate programs to address the identified needs
• Foster productive teamwork among the staff supervised
• Monitor the motivation levels of the staff supervised, and propose necessary actions to enable the staff perform to their full potential
Result Area 4: Institutional Management and Development
• Come up with ideas and suggestions for improvement in reinsurance services
• Attend and actively participate in meetings of the Department
• Participate in the preparation of periodic reports on the activities of the Reinsurance Department

PERSON SPECIFICATION: Senior Reinsurance Officer
Minimum Academic and/or Professional Qualifications Necessary
• Minimum of a University Degree in Insurance, Actuarial Science, Business Administration or Social Sciences or Arts

Additional Training/Qualifications/Certification Necessary
• A professional qualification in insurance (CII)

Minimum Experience and Exposure Necessary
• A minimum of 3 years of progressive work experience in Reinsurance, Underwriting or Claims

Key Knowledge Required
• Good knowledge of the insurance industry
o Insurance accounting



Work Hours: 8

Experience in Months: 36

Level of Education: Bachelor Degree

Job application procedure

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