Reinsurance Officer

Reinsurance Operations:

Utilize routine processes and procedures to administer reinsurance and retention process routine claims and validate data files systems procedures and identify discrepancies.
Participate in special projects related to reinsurance administration systems legal contracts/treaties new product launches and other initiatives.
Provide information to enable the preparation of and rendition of statutory statements such as reinsurance premium minimum and deposit premium commissions treaty renewal statistics on various classes etc. and/or paid on a timely basis as applicable.
Obtain analyse and document information required to determine inward facultative acceptances with creditworthy Insurance Companies and follow up with counterparties to ensure premiums are received.
Provide information to enable outward facultative reinsurances with creditworthy Insurance Companies in line with set standards.
Process facultative premium payments on a timely basis in line with laid down policies and processes.
Closely monitor/follow up on treaty and facultative claims recoveries and ensure all identified reconciliation items on facultative accounts are acted upon.

Analysis and Reporting:

Perform entry-level accounting activities and processes reinsurance account transactions such as journal entry preparation and account reconciliations with direct guidance and supervision.
Gather research and offer support to complete audits in a timely manner for internal and external audit and reinsurance business partners.
Acquire and apply maturing knowledge of the business gathering information to support reporting and analysis.
Provide support in the analysis of reinsurance accounts and contractual requirements including but not limited to exposure/cession-based rates/thresholds limits/retentions annual aggregate deductibles/limits loss corridors application of experience adjustments and monitoring large losses.

Team Participation:

Participate in the orchestration of activities to develop and complete business deliverables including developing and documenting project business requirements and translating those requirements into functional system specifications.

Educational Qualification and Work Experience:

Minimum of . Degree in Insurance and other related disciplines.
Minimum of 4-6 years post-NYSC experience in reinsurance.
Must have professional certification in CIIN or be in the process of achieving certification.

Skills and Competencies:

Ability to identify indicators of compliance of reinsurance activities against reinsurance policies.

Ability to negotiate with reinsurance partners to derive a competitive reinsurance arrangement.

Ability to monitor reinsurance activities effectively.
Ability to provide accurate details on the reinsurance status of the company from time to time.
Ability to identify and analyze factors affecting reinsurance arrangements.
Proficiency in the use of the Microsoft Office suite.
Ability to develop reinsurance objectives from the companys risk exposure policies.

Ability to establish reinsurance policies for individual business lines
Knowledge of standard policy wordings extensions and limitations
Excellent organization and management skills.

Knowledge of IFRS 17.

Skilled in using Microsoft Excel and core insurance software.

Data analysis and Interpretation