IDB2964 - Specialist, Reinsurance Business Unit: ICIEC Division: Not Applicable Department: Corporate Services Contract type: Conditional Regular (Indefinite) Employment Country: Saudi Arabia Location: Saudi Arabia - Jeddah Closing date: 23-Feb-2023

JOB PURPOSE: The primary mandate is to assist the Head of Reinsurance with respect to claims and underwriting functions related to reinsurance. The role will assist in the engagement with the Treaty and Facultative market for reinsurance support, calculations of the reinsurance premiums, exposures, claims payments and recoveries, maintenance of reinsurance records, perform due diligence on existing, new and renewal contracts, and other routine reinsurance administrative duties such as processing and verifying new reinsurance placements in treaties and facultative.

KEY RESPONSIBILITIES:

Account Maintenance

• Engages in general management of reinsurance contract documentation including drafting slips, cover notes, binders (record of reinsurance arrangements pending the issue of a formal reinsurance contract).
• Assists in ensuring accurate data inputs are promptly uploaded in the reinsurance system modules
• Arranges proper reinsurance protection as and when required.
• Processes and assists in the calculation of reinsurance premiums (provide conditions for a certain predetermined threshold to be met before the reinsurer becomes liable).
• Follows up with broker/ceding company for timely submission of closing and accounting documents as well as for settlement of premium from ceding companies and recovery of claims from reinsurers.

  Client Relationship Management

• Works on Facultative and Treaty Accounts (an agreement between the insurer and the reinsurer, which stipulates technical particulars).
• Negotiates terms with reinsurance companies.
• Provides support to technical team in coordination to the queries from brokers or reinsurers.
• Leads the maintenance of the global treaty programs.

  Coverage Advice

• Coordinates with reinsurance brokers for the placement of each and every declaration to the appropriate reinsurance arrangement.
• Obtains all necessary underwriting information required to place the risk in the international /regional/local reinsurance market.
• Evaluates risks within a portfolio and the potential liability to the reinsurer from indemnifying an insurer.
• Prepares credit and debit notes. Check that the reinsurer is not in breach of the conditions of its reinsurance contracts.
• Processes and records details of reinsurance claims. Produces statistical reports on claims.
• Aids in preparing proof of loss which are to be sent to brokers and reinsurers for collection of payment.
• Assists in the reviewing of reinsurance contract wordings.
• Prepares periodic premium, exposures and commitment report of the Quota Share Treaty to the Brokers.
• Monitors claims when raised by the System.

  
  

  JOB REQUIREMENTS:

  Field of Study

  • Finance/Economics/Business/Commerce/Insurance

    Academic Qualifications and Relevant Experience

    Qualification Level

    High School Diploma

    📚 𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝗛𝗼𝘄 𝘁𝗼 𝗚𝗲𝘁 𝗮 𝗝𝗼𝗯 𝗶𝗻 𝘁𝗵𝗲 𝗨𝗡 𝗶𝗻 𝟮𝟬𝟮𝟯! 🌍🤝 𝗥𝗲𝗮𝗱 𝗼𝘂𝗿 𝗡𝗘𝗪 𝗥𝗲𝗰𝗿𝘂𝗶𝘁𝗺𝗲𝗻𝘁 𝗚𝘂𝗶𝗱𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗨𝗡 𝟮𝟬𝟮𝟯 𝘄𝗶𝘁𝗵 𝘁𝗲𝘀𝘁 𝘀𝗮𝗺𝗽𝗹𝗲𝘀 𝗳𝗼𝗿 𝗨𝗡𝗛𝗖𝗥, 𝗪𝗙𝗣, 𝗨𝗡𝗜𝗖𝗘𝗙, 𝗨𝗡𝗗𝗦𝗦, 𝗨𝗡𝗙𝗣𝗔, 𝗜𝗢𝗠 𝗮𝗻𝗱 𝗼𝘁𝗵𝗲𝗿𝘀! 🌐

    ⚠️ 𝐂𝐡𝐚𝐧𝐠𝐞 𝐘𝐨𝐮𝐫 𝐋𝐢𝐟𝐞 𝐍𝐨𝐰: 𝐏𝐨𝐰𝐞𝐫𝐟𝐮𝐥 𝐓𝐞𝐜𝐡𝐧𝐢𝐪𝐮𝐞𝐬 𝐡𝐨𝐰 𝐭𝐨 𝐠𝐞𝐭 𝐚 𝐣𝐨𝐛 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐍𝐚𝐭𝐢𝐨𝐧𝐬 𝐍𝐎𝐖!

    Bachelor’s Degree

    Master’s Degree

    Doctorate

    Experience

    5-8 years

    2 years

    Nature of Experience

    • Direct experience in reinsurance placement and/or brokerage.
    • Excellent computer skills required, specifically MS Office (Word, Excel, PowerPoint)
    • Strong analytical and communication skills (both oral and written)

      Professional Certifications (as applicable)

      • Those with qualification such as the Chartered Insurance Institute (CII) certificate would be a definite advantage
        

        GENERIC KEY PERFORMANCE INDICATORS:  Timely completion of reports and data as required
         Consistently meeting deadlines as required