IDB3134 - Specialist, Reinsurance

Business Unit: ICIEC
Division: Not Applicable
Department: Not Applicable
Country: Saudi Arabia
Location: Saudi Arabia - Jeddah
Closing date: 18-Jul-2024

JOB PURPOSE:

The primary mandate is to assist the Head of Reinsurance with respect to claims and underwriting functions related to reinsurance. The role will assist in the engagement with the Treaty and Facultative market for reinsurance support, calculations of the reinsurance premiums, exposures, claims payments and recoveries, maintenance of reinsurance records, perform due diligence on existing, new and renewal contracts, and other routine reinsurance administrative duties such as processing and verifying new reinsurance placements in treaties and facultative.

KEY RESPONSIBILITIES:

           Account Maintenance

  • Engages in general management of reinsurance contract documentation including drafting slips, cover notes, binders (record of reinsurance arrangements pending the issue of a formal reinsurance contract).

     

  • Assists in ensuring accurate data inputs are promptly uploaded in the reinsurance system modules

     

  • Arranges proper reinsurance protection as and when required.

     

  • Processes and assists in the calculation of reinsurance premiums (provide conditions for a certain predetermined threshold to be met before the reinsurer becomes liable).

     

  • Follows up with broker/ceding company for timely submission of closing and accounting documents as well as for settlement of premium from ceding companies and recovery of claims from reinsurers.

     

    Client Relationship Management

     

  • Works on Facultative and Treaty Accounts (an agreement between the insurer and the reinsurer, which stipulates technical particulars).

     

  • Negotiates terms with reinsurance companies.

     

  • Provides support to technical team in coordination to the queries from brokers or reinsurers.

     

  • Leads the maintenance of the global treaty programs.

     

    Coverage Advice

     

  • Coordinates with reinsurance brokers for the placement of each and every declaration to the appropriate reinsurance arrangement.

     

  • Obtains all necessary underwriting information required to place the risk in the international /regional/local reinsurance market.

     

  • Evaluates risks within a portfolio and the potential liability to the reinsurer from indemnifying an insurer.

     

  • Prepares credit and debit notes. Check that the reinsurer is not in breach of the conditions of its reinsurance contracts.

     

  • Processes and records details of reinsurance claims. Produces statistical reports on claims.

     

  • Aids in preparing proof of loss which are to be sent to brokers and reinsurers for collection of payment.

     

  • Assists in the reviewing of reinsurance contract wordings.

     

  • Prepares periodic premium, exposures and commitment report of the Quota Share Treaty to the Brokers.

     

  • Monitors claims when raised by the System.

     

     

 

JOB REQUIREMENTS:

Field of Study

  • Finance/Economics/Business/Commerce/Insurance

Academic Qualifications and Relevant Experience

Qualification Level

High School Diploma

Bachelor’s Degree

Master’s Degree

Doctorate

Experience

 

5-8 years

2 years

 

Nature of Experience

  • Direct experience in reinsurance placement and/or brokerage.

     

  • Excellent computer skills required, specifically MS Office (Word, Excel, PowerPoint)

     

  • Strong analytical and communication skills (both oral and written)

Professional Certifications (as applicable)

  • Those with qualification such as the Chartered Insurance Institute (CII) certificate would be a definite advantage

GENERIC KEY PERFORMANCE INDICATORS:

 Timely completion of reports and data as required
 Consistently meeting deadlines as required