Reinsurance Analyst (Centurion) at Land Bank Careers

Key Performance Areas

1. Reinsurance accounting and administration

• Oversee the quartley preparation and submission reinsurance accounts for life and non-life insurance business.
• Prepare term adjustments, sliding scale commission calculations, and profit commission calculations.
• Perform monthly reinsurance reconciliations for all lines of business.
• Ensure timely recovereability and settlement of all reinsurance transactions.
• Prepare monthly reinsurance analysis reports for management review.
• Ensure adherence to all terms and conditions as stipulated in various reinsurance treaties.
• Build and maintain relationships with the appointed reinsurance broker for both existing business and potential business.
• Develop, implement and manage a leading framework that optimises facultative and outside treaty reinsurance placements
• Lead the strategic planning for structuring reinsurance programmes for all lines of business.
• Accountable for the accuracy and completeness of all reinsurance data.
• Prepare annual reinsurance renewal packs.
• Implement analytical tools to provide critical insight on reinsurance performance.
• Work closely with the risk and actuarial function to model Own Risk and Solvency Assessment (ORSA) scenarios and impact on reinsurance.
• Responsible for the reinsurance and risk other forms of risk transfer policy.
• Research all problems and risk related issues by using initiative in problem solving that involves management in decision making as necessary.
• Participate in interdepartmental discussions between Undewriting, Claims, Sales, and Actuarial on renewal business issues and make recommendations regarding policy plan provisions and administrative procedures. 
• Support the underwiting team and drive of profitability and growth according to annual premium volume, profitability targets.

2. Reinsurance structuring

• Actively manage and reduce reinsurance risk, overexposures, counterparty risk, and gaps in cover.
• Communicate with underwriting technical department regarding any changes or proposed changes to the reinsurance wordings to ensure no gaps in cover and challenge reinsurers on unacceptable restrictions.
• Negotiate favourable terms on reinsurance reaties.
• Provide sufficient and detailed reinsurance data to the reinsurance brokers and the reinsurance market as an when required.
• Lead reinsurance optimization efforts.

3. Maintenance of policies in the operating system

• Lead the process to automate routine reinsurance transactions.
• Lead user acceptance testing initiatives across product lines and systems.
• Maintain system in accordance with policies, procedures and legal requirements

4. Quality Assurance

• Determine the quality requirements applicable to the work environment
• Ensure that all work conforms to the quality requirements in terms of delivery
• Initiate corrective actions where required to maintain quality standards
• Ensure that all policies and procedures are maintained to enable compliance measurement
• Preferred Minimum Education and Experience
• Commercial Business Degree
• 5-8 years Life and/or Short term reinsurance experience 
• 5-8 years Insurance operating system experience

Critical Competencies

• Reinsurance accounting and administration
• Reinsurance structuring
• Quality Assurance
• Maintenance of policies and operating system

Additional Requirements

• Extended hours as and when required.