- Company: Old Mutual Kenya
- Location: Kenya
- State: Nairobi
- Job type: Full-Time
- Job category: Insurance Jobs in Kenya
Old Mutual Kenya is based in Nairobi and is part of a larger group that offers solutions in long-term savings, asset management and investment. We offer solutions to individuals and corporates underpinned by our core values which are: Respect, Integrity, Accountability and Pushing beyond boundaries.
The job holder will assist in the implementation of the company’s reinsurance programme, based on overall company’s objectives, underwriting and reinsurance philosophy. He/she will also manage the expectations of all reinsurance stakeholders.
- Assist in delivering effective reinsurance services to the business in line with the company reinsurance philosophy.
- Assist in the design, negotiation and renewal of reinsurance treaties in line with the business needs and regulatory guidelines.
- Regular review of the reinsurance premium register to ensure risks are ceded optimally and in line with the reinsurance arrangements in place.
- Ensure timely issuance of reinsurance documentation such as facultative credit notes and any other closings, immediately after risk renewal/inception and ensure sign-off.
- Ensure treaty parameters are correctly set up and are properly functioning.
- Seek for competitive terms and special acceptance for treaty excluded risks from the reinsurers, either directly or through reinsurance brokers
- Support the servicing and growth of facultative inwards business.
- Establish and maintain relationships with reinsurers and reinsurance brokers to cultivate goodwill for business.
- Prepare reinsurance underwriting and claims statistics/proposals on a regular basis.
- Ensure timely preparation and submission of reinsurance periodical returns in line with treaty terms and conditions
- Maintain a good record of treaty contracts and facultative placement slips.
- Any other duties assigned.
Qualifications & Experience
- 1st Degree, ACII/Considerable progression.
- 5 years’ experience in a similar role
- Knowledge and functions on administration of reinsurance (treaty & facultative)
KEY RESULT AREAS & PERFORMANCE INDICATORS
- Claims Recovery – Prepare and forward claims documentation to re-insurers/reinsurance brokers and follow up on timely payment.
- Ensure timely facultative placement of any risks beyond company’s capacity with approved securities
- Ensure compliance with statutory requirements governing risks placements and timely reinsurance data submission to the IRA.
- Ensure compliance to internal company policies.
- Ensure timely settlement of reinsurance premiums, both treaty and facultative.
- Assist in reconciliation of facultative and treaty premiums and claims.
- Ensure that all risks accepted are properly reinsured in line with the reissuance contracts in place and the company reinsurance strategy document