Senior Reinsurance Officer Job PACIS Insurance

Looking for an insurance job in Kenya? PACIS Insurance is hiring a senior reinsurance officer to manage reinsurance portfolios and ensure regulatory compliance. The role is based in Nairobi and experience in reinsurance operations and insurance risk management is required.

Job Purpose

The job holder will be responsible for the development and implementation of an efficient reinsurance strategy and execution of underwriting and reinsurance activities aligned to the company’s overall policies and standards.

The role holder is expected to undertake reinsurance program optimization, execute underwriting & reinsurance initiatives to deliver profitability and sustainable growth, enforce underwriting and reinsurance internal controls while maintaining excellent customer service.

Key Responsibilities

Reinsurance Treaty Administration.

• Administer reinsurance treaties, including regular updates and reviews, to ensure alignment with company needs and market conditions.
• Maintain accurate records of reinsurance agreements, premiums, and claims, ensuring timely renewal and updates.
• Ensure correct processing of reinsurance premiums, bordereaux, and recoveries in line with treaty provisions.
• Monitor treaty capacities, utilization levels and proper treaty set up in the system.
• Lead in reinsurance treaty set up and renewal negotiations.
• Ensure compliance to the treaty’s terms and conditions.

Facultative Reinsurance Arrangements.

• Handle facultative reinsurance placements for risks that exceed treaty limits or special cases requiring individual cover.
• Liaise with underwriters to determine the appropriate facultative arrangements based on risk exposure.
• Maintain accurate records of reinsurance placements, recoveries, and correspondence.
• Ensure compliance to the facultative terms and conditions.

Claims Processing.

• Process and manage reinsurance claims, ensuring accurate calculations and timely recoveries from reinsurers.
• Work with the Claims Department to resolve complex reinsurance claims and provide technical support.
• Monitor claims developments and update reinsurers on large claims in line with contractual obligations.
• Reconcile reinsurance claim balances and resolve outstanding issues.

Reinsurance Accounting.

• Reconcile reinsurance statements, ensure accurate premium and claims entries, and manage cash flows between Pacis Insurance and reinsurers.
• Prepare reinsurance reports and statements for internal use and external reinsurers.
• Work closely with the Finance Department to ensure all financial aspects of reinsurance are handled correctly.

Data Analysis and Reporting.

• Monitor reinsurance program performance and analyse data to identify trends, exposures, and financial impacts.
• Prepare periodic reports on reinsurance performance, including risk retention levels, cost analysis, and loss ratios. Provide recommendations for optimizing reinsurance structures based on analysis.

Underwriting Support

• Review risks to determine reinsurance requirements and treaty applicability.
• Advise underwriting teams on reinsurance terms, capacities, and treaty provisions.
• Assist in structuring reinsurance solutions for complex or large risks.
• Ensure compliance with underwriting and reinsurance guidelines.

Corporate Governance

• Stay updated on industry regulations, compliance requirements, and best practices related to claims management.
• Ensure adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry, and all internal company policies and procedures.
• Implement effective risk management strategies, including appropriate internal controls, to mitigate operational, financial, and regulatory risks.

Culture

• Foster a corporate culture that promotes ethical practices and good corporate citizenship.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• Create personalized development plans that align with career aspirations and the organization’s objectives.
• Provide transformational leadership to meet and surpass stakeholder expectations.

Key Performance Indicators (KPIs)

• Turnaround time for facultative placements.
• Percentage of risks correctly ceded.
• Timeliness and accuracy of reinsurance reporting.
• Recovery rate and aging of reinsurance receivables.
• Number of reconciliation discrepancies.
• Compliance with treaty and facultative requirements.
• Timeliness of reinsurer claim notifications and recoveries.

Qualifications:

Minimum Academic Qualifications

• A Bachelor’s degree from a recognized University.

Professional Qualifications

• Diploma in Insurance (ACII /AIIK) or a Member of Ilk professional body is an added advantage.

Experience:

• Minimum Five (5) years relevant working experience in reinsurance.

How to Apply

Click here to apply