• Application Deadline:
• Position: Reinsurance Officer



• Job Type Full Time



• Qualification BA/BSc/HND



• Experience 5 - 7 years



• Location Lagos




• Job Field Insurance 
  
  

Principal Duties and Responsibilities

Reinsurance Operations:

• Utilize routine processes and procedures to administer reinsurance and retention, process routine claims, and validate data, files, systems, procedures and identify discrepancies


• Participate on special projects related to reinsurance administration systems, legal contracts/treaties, new product launches and other initiatives


• Provide information to enable the preparation of and rendition of statutory statements such as reinsurance premium, minimum and deposit premium, commissions, treaty renewal statistic on various classes etc. and/or paid on timely basis as applicable.


• Obtain, analyze and document information required to determine inward facultative acceptances with creditworthy Insurance Companies and follow up with counterparties to ensure premiums are received


• Provide information to enable outward facultative reinsurances with creditworthy Insurance Companies in line with set standards.


• Process facultative premium payments on timely basis in line with laid down policies and processes


• Closely monitor/follow up on treaty and facultative claims recoveries and ensure all identified reconciliation items on facultative accounts are acted upon

Analysis and Reporting:

• Perform entry level accounting activities and processes reinsurance account transactions such as journal entry preparation and account reconciliations with direct guidance and supervision.


• Gather, research, and offer support to complete audits in a timely manner, for internal and external audit, and reinsurance business partners.


• Acquire and apply maturing knowledge of the business and gathers information to support reporting and analysis.


• Provide support in the analysis of reinsurance accounts and contractual requirements, including but not limited to exposure/cession based rates/thresholds, limits/retentions, annual aggregate deductibles/limits, loss corridors, application of experience adjustments, monitors large losses.

Team Participation:

• Participate in the orchestration of activities to develop and complete business deliverables including developing and documenting project business requirements and translating those requirements into functional system specifications.

Minimum Qualifications

• Bachelor’s Degree in Insurance, Finance, Accounting or any related discipline.


• 5 - 7 years’ relevant experience inthe  insurance industry


• Experience in the insurance industry would be an added advantage

Competency and Skill Requirements:

• Ability to demonstrate good understanding of business processes


• General understanding of the local and global financial services industry.


• General understanding of trends and recent developments in insurance industry.


• Extensive knowledge of MS Office tools.


• Good problem-solving skills


• Good communication skills – written, oral, interpersonal, and business presentation skills and the ability to effectively interface with senior management, and staff.


• Demonstrated commitment to ethical standards and high level of integrity.


• Strong risk management skills


• General understanding of insurance principles and practices


• General understanding of legal obligations and regulatory compliance


• Good research and analytical skills


• Good finance and accounting skills


• General knowledge of IFRS


• Good knowledge of Reinsurance.