Corporate Business Underwriting and Reinsurance Officer at Sanlam Kenya
4 weeks ago
Live with confidence. It’s more than a motto. It’s our promise to you. And as a leading financial services provider, we’ll do everything in our power to help you live with the financial confidence that can make a real difference in your life.
Purpose:
The role is responsible for the timely and efficient operation of the Corporate Business operations function, for both existing and new life businesses, based on the company's policies, guidelines and quality standards, insurance principles and practice and regulatory requirements, as well as provision of superior standards of service to customers and intermediaries on a day-to-day basis.
The role is also responsible for ensuring timely preparation and submission of reinsurance accounts, reconciliations and obtaining sign-offs. This requires liaison with the Underwriting Team Leaders, Claims, Finance, and the reinsurance partners.
Primary responsibilities:
Corporate Business Underwriting
Ensure the business acceptance process conforms to and is aligned with all regulatory and company guidelines, including but not limited to actuarial and underwriting guidelines of Group Life schemes.
Ensure renewal invites are prepared accurately and sent promptly within the set timelines.
Ensuring effective administration of the line of business, including but not limited to preparation of scheme costing schedules, debit/credit notes, and reconciliation statements, in a timely manner, for new and renewal business.
Ensuring proper management of medical requirements compliance by schemes by sending for medical examinations or any other application insurability requirement clients who exceed the Free Cover Limit, whose sum assured has increased beyond the set policy/treaty thresholds or whose medicals have expired.
Ensuring medical invoices are settled within agreed timelines. Coordinate all reinsurance management processes.
Identifying customers in schemes who have attained the expiry age for benefits. adjusting the costing schedules appropriately and advising the policyholder or intermediary of their exclusion from cover.
Ensuring all scheme data is captured accurately and in a timely fashion in the line of business system as well as in the scheme register, and that it is properly managed in line with company guidelines and standards.
Ensuring scheme data is prepared in the required format to support the computation of reinsurance.
Accurate preparation of policy documents, endorsements etc. for signature by authorised officials of the company.
Accurately prepare commission schedules for submission and settlement within agreed timelines.
Provide superior customer service to external as well as internal clients, with the aim of ensuring retention of existing business and profitability.
Ensuring premium reconciliation is conducted with the clients/intermediaries as well as the internal stakeholders within set timelines.
Assist in the preparation of all required reports, regular or ad hoc, required by external as well as internal clients; these include but are not limited to Premium Income, Actuarial Data, Reinsurance etc.
Receipting and allocation of premiums in the line of business system.
Ensure complete and timely testing of relevant systems, without gaps or scope creep, and provide feedback.
Preparation of the consolidated premium income report on a weekly and monthly basis.
Preparation of the SCB premium income and individual life commission report within the set timelines.
Reinsurance
In Liaison with the Team leaders, prepare and maintain monthly, quarterly, half- yearly and yearly re-insurance reconciliations and obtain timely sign-offs internally and with reinsurance partners as operationalized in the SOPs/SLAS.
Prepare statistics for treaty renewal and IRA returns and share them with the team leader for sign-offs.
Ensure profit commission, portfolio entry and adjustment statements are done and availed on a timely basis by the lead partner.
Notify reinsurers and follow up on premium remittances from them and reconcile with claims for any cash calls.
Ensure that the reinsurers we onboard are well-rated and reputable with the financial capability to meet their obligations.
Maintain records of all outstanding balances due to and from Reinsurers and timely settlement of balances.
Person Specifications
Academic Qualification
Bachelor's degree in insurance/ actuarial/ Boom/Finance/business-related field or its equivalent from a recognized institution. Professional Qualification
At least 2 professional exams completed in life Insurance e.g., ACII, LOMA, Actuarial
Experience
Minimum 4-year experience
Skills and Attributes
Knowledge of underwriting and reinsurance operations, processes, procedures, and concepts
Knowledge of Reinsurance Treaty, Facultative wording, & Reinsurance Slips preparation
Knowledge of the industry's rules and regulations.
Excellent communication and interpersonal skills.
Team player with strong collaborative skills.
Organized with exceptional follow-through and detail-oriented.
Flexible in various challenges and quick to learn new skills.
Excellent planning and organization skills.
Excellent problem-solving and decision-making skills and
Results-driven, and customer-focused.
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