Reinsurance Officer at Coronation Insurance Plc

Principal Duties & Responsibilities

• Support the implementation of the reinsurance framework for new and existing products
• Apply organizational policies and procedures for processing a new application, renewal, cancellation and/or an alteration to an existing risk for the class of business being underwritten
• Participate in negotiation with reinsurance partners to derive competitive reinsurance arrangement
• Evaluate company’s portfolios to ensure adequacy of reinsurance against regulatory requirements
• Provide support on reinsurance system improvements through user acceptance testing
• Conduct analysis, improvement, and timely generation of assigned reporting for reinsurance department billing, collection, and reinsurance notification activities
• Validate that reinsurance arrangements are carried out in accordance with company’s reinsurance policies and regulatory requirements
• Manage reinsurer or broker relationships
• Review monthly account and collateral materials for a portfolio of reinsurance arrangements, ensuring a robust control framework and audit trail process is adhered to.

Education and Experience

• First Degree in Insurance or related discipline.
• Minimum of 4-5 years’ experience in the Insurance Industry and experience in a reinsurance function
• Professional membership such as Chartered Insurance Institute of Nigeria is a key requirement

Skills and Competencies

• Able to identify indicators of compliance of reinsurance activities against reinsurance policies
• Able to negotiate with reinsurance partners to derive competitive reinsurance arrangement
• Able to monitor reinsurance activities effectively
• Able to provide accurate details on reinsurance status of the company from time to time.
• Able to identify and analyze factors affecting reinsurance arrangement
• Able to develop reinsurance objectives from company’s risk exposure policies
• Able to establish reinsurance policies for individual business lines
• Knowledge of standard policy wordings, extensions, and limitations
• Knowledge of IFRS 17
• Skilled in using Microsoft Excel and core insurance software
• Communication and Influencing skills
• Data analysis and Interpretation