Assistant Underwriting Officer (Life Business) at African Reinsurance Corporation

Job Details

RESPONSIBILITIES

• The Assistant Underwriting Officer (Life) would be responsible for managing a portfolio of accounts (treaties and facultative) for cedants in Anglophone West Africa.

DUTIES / JOB DETAILS

• Reporting directly to the Assistant Director, Underwriting & Marketing (Life Operations), the successful candidate would have the direct responsibilities of underwriting and development of the portfolio he/she is in charge of.
• As such, the duties of the Assistant Underwriting Officer (Life Business) shall comprise:
• Monitor Premium and Claims Payments: Ensure timely and accurate processing of premium and claims payments.
• Evaluate Life Insurance Risks: Assess, select and rate life insurance risks to maintain a balanced portfolio.
• Manage Cedant Relationships: Build and maintain strong relationships with cedants to enhance business collaboration.
• Compile Performance Reports: Prepare detailed progress reports on performance metrics and objectives.
• Support Life Underwriting: Assist the Life Underwriting Unit in coordinating and executing key activities.
• Underwriting Support: Provide underwriting support by gathering and analyzing information on new businesses, renewals, and mid-term changes.
• Manage Policy Cessions in SICS: Oversee policy cessions and ensure accurate record-keeping within the SICS system.
• Administer Reinsurance Contracts in SICS: Manage life reinsurance contract details, renewals, etc within the SICS system.
• Process Cedant Statements: Record, verify and process cedant statements, premium closings, accounts and CAT excess of loss premiums.
• Prepare Renewal Notices: Draft and send renewal notices for facultative businesses after obtaining the necessary approvals.
• Maintain Business Records: Keep accurate records of all business offers, transactions and concluded contracts.
• Process Treaties/Facultative Contracts: Ensure treaties and facultative contracts are processed, cover notes/slips/wordings are signed and documents are sent to cedants promptly.
• Client Engagement: Respond to client inquiries, attend social and business functions and engage in activities to enhance marketing effectiveness.
• Support Finance Team: Assist in reconciling cedant accounts, follow up on outstanding payments and ensure timely remittance of funds due to Africa Re.
• Portfolio Management: Oversee portfolio management and maintain strong business relationships.
• Perform any additional tasks assigned by Management.

COMPETENCIES AND ADDITIONAL REQUIREMENTS

• Strong command of both written and spoken English.
• In-depth knowledge of Life Assurance, Underwriting, Claims, Reinsurance, and Retrocession.
• Comprehensive understanding of Health Insurance laws and regulations.
• Adequate Understanding of actuarial concepts, including present value calculations, compound interest and amortization schedules.
• Excellent skills in MS Office products (Word, Excel, Office 365, SharePoint, PowerPoint, and Outlook).
• Strong interpersonal abilities, detail-oriented and focused on delivering exceptional customer service.
• Highly self-driven, motivated and proactive in task completion.
• Competent in providing oversight and delivering detailed reports.
• Strong analytical and conceptual problem-solving skills.
• Eagerness and passion for learning and professional development.
• Ability to perform effectively under pressure, independently and within tight deadlines.
• Skilled at managing multiple tasks and adapting to change.
• High level of integrity with a strong sense of responsibility.
• Excellent team player, working collaboratively to achieve organizational goals. 

MINIMUM QUALIFICATIONS AND EXPERIENCE:

• Bachelor’s Degree or Equivalent in Insurance/Actuarial Science or /relevant field
• Minimum of 2 years of relevant work experience in Life Underwriting or Claims or Reinsurance in the Insurance and/or Reinsurance industry.
• Progression or completion of the professional qualifications in insurance
• Relevant Working Exposure in a Multicultural Environment will also be an added advantage.

SALARY AND BENEFITS

• The successful candidate shall have the following benefits:
• Competitive Basic Salary on the Corporation’s Support Staff Grade Level.
• Variable Pay (Annual Performance Bonus).
• Joint contribution to the Provident Fund (7% of the basic salary paid by staff and 14% by the Employer).
• Children Education Subsidy for each child up to 26 years (maximum 4 children).
• Medical Cover for staff and family.
• Housing Allowance.
• Inflation Adjustment (Cost of Living Allowance), that may increase or decrease depending on the economic situation, paid in local currency.