The position requires the renewal of existing Facultative Reinsurance policies and placement of new Facultative Reinsurance business as required by the Organisation's Risk Desk with the use of local and foreign reinsurers including Swift Re. All Facultative placements to be captured on the software platform (policy administration). Facultative claims recoveries must be made via the Online Claims system (ROC). Monthly technical accounts statements of premium payments to reinsurers to be reconciled and facilitated. Facultative claims recoveries to be made from reinsurers. Relationships with existing Facultative reinsurers to be maintained and developed and where possible, new markets sourced.
Tasks, duties and functions:
- Attend to the following FAC placements/amendments:-
- New business
- Monthly renewals
- Ensure that Branch Managers/Portfolio Managers have completed the Fac. Sum Insured Calculation Sheet correctly.
- Scrutinise monthly exception reports provided by the Business Intelligence Specialist and action queries with branches/portfolio managers where treaty limits are exceeded. Resolution of over-exposure to the business by placing additional facultative reinsurance when required.
- Prepare all relevant documentation:-
- Facultative slip signed by relevant parties
- All renewals, new business, pro-rata endorsements, cancellations updated on Policy Administration Software System
- All supporting documentation uploaded on Nimbis
- All relevant documentation saved on the shared drive
- Ensure Contract Certainty is achieved on all placements whereby all reinsurers have returned signed Facultative Slips timeously.
- Request Portfolio Managers/Branches to provide updated policy and claims information prior to renewal.
- Liaison with Portfolio Managers/Branches with regard to changes in Sums Insured and the corresponding policy documentation being provided and uploaded onto Policy Administration Software System
- Request Risk Desk to obtain Survey Reports where necessary.
- Placement of Facultative risks on Swift Re tool.
- Maintenance and utilisation of Facultative Register on Nimbis to provide monthly premium bordereaux.
- Maintenance and preparation of monthly Premium bordereaux via Policy Administration Software System:-
- Verify Company Statement of Account against reinsurer statement and resolve discrepancies
- Ensure that premiums match the slips and that all slips are signed
- All other Technical Accounting functionalities and reconciliations as per Facultative Standard Operating Procedure document.
- Facilitation of Facultative claims recoveries on ROC.
- Updating Facultative Slips on ROC.
- Ensure that Facultative percentages are correctly reflected on ROC.
- Liaison with Internal Audit in terms of quarterly reports and providing feedback on any queries.
- Assistance with Fac. percentages verification exercise via Nimbis and Fac. Sum Insured Calculation Sheets for Treaty renewal
- Other ad hoc duties as and when required.
- In-depth knowledge of Facultative Reinsurance.
- Facultative Technical Accounting experience is an advantage.
- Client Relationship Management.
- Negotiation skills.
- Knowledge of current industry developments.
- Existing network in the insurance industry.
- Knowledge of industry Regulatory and Compliance requirements.