PURPOSE:
Reporting to the Reinsurance Manager, the role holder will support the business operations by working closely with the underwriting and claims departments. They will be responsible for placement of risks & recoveries from the reinsurers, reinsurance accounting and also handle reinsurance correspondences.
PRIMARY RESPONSIBILITIES:
- SERVICE DELIVERY:
- Ensuring adherence to company reinsurance practices, policy and guideline as per set guidelines
- Responsible for ensuring the reinsurance programmes are arranged within required timelines and is in accordance with the agreed company standards
- Ensuring the monthly budget from new business is achieved by marketing and increasing inward reinsurance business from other companies
- Ensuring reinsurance treaty payments, renewal and making returns to the relevant authorities
- Provision of monthly analysis for the various reinsurance programs and services currently available in the marketplace and administer their use within company
- Timely treaty cessions on the underwriting and claims files when they are due
- Preparing a monthly premium and claims (paid/ outstanding) summaries from reinsurance
- Ensuring reinsurance claims recovery (making provisional loss notification, making cash calls for large claims, recovery of Kenya Re compulsory cessions claims on run off)
- Ensure Production of quarterly payment returns and annual statements as per deadlines
- Travel insurance management
- Custom Bonds underwriting & Management
- Bankers Blanket Bond underwriting & claims Management
- Reconcile funds received from reinsurers vs cash book;
- In liaison with the finance department, clean up the reinsurance recoveries receipts;
- Track payments received from reinsurers;
- Grow inward facultative business and collect premiums, through acquisition of new and retention of existing business;
- Place all risks that are in excess of capacity;
- Any other duty as may be given by the Reinsurance Manager
- RECOVERIES ROLE:
- Ensure timely treaty and facultative claims recoveries and as per the set timelines and budgets
- Monitor the claims reinsurance register to ensure claims are correctly allocated into the relevant treaties;
- Ensure new claims payments are immediately documented to the reinsurers;
- Follow up with Treaty and Facultative reinsurers on claims recoverable;
- Following up on receipting of all recoveries to the appropriate accounts and maintain up to date records of the same.
- In liaison with the claims department, ensure claims payable to reinsurers (facultative) are registered and documented.
- FACULTATIVE ROLE:
- Managing facultative inward and outward business and preparing reconciliations for all businesses
- Calling for payments of facultative accounts and calling for reinsurance treaty recoveries.
- Seeking of facultative support for risks not covered under the scope of the treaty arrangements;
- Follow up with facultative reinsurers on claims recoverable;
- In liaison with the claims department, ensure claims payable to reinsurers (facultative) are registered and documented.
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