Account Manager - Reinsurance Claims

Purpose for the Job

Account Manager – Reinsurance Claims is tasked with providing comprehensive claims analysis and technical advisory services for defined account portfolios. Both treaty and facultative claims. They will further provide an end-to-end assistance and guidance in the claims handling and processing of claims from the time of notification to payment and including post settlement activities such as subrogation, risk management and training in conjunction with the lead reinsurers.

This role requires relationship building and engaging with cedants, multiple reinsurers and multiple reinsurance brokers. The ideal candidate will be required to advocate and Champion Cedant’s needs in terms of service delivery.

Duties and Responsiblities

Operational Roles and Responsibilities

• Providing effective claims accounts management services, while fostering relationships with cedants and multiple reinsurers, whilst promoting the understanding of Claims procedures, processes and service delivery standards for the mutual benefit of all stakeholders involved.
• Cultivating effective relationships with the external claims value-chain partners and suppliers, ensuring that cedants receive effective and excellent services.
• Acknowledge and review claim notifications received from cedants and retrocedants.
• Ensure prompt reporting/notification of claims as received.
• Promptly raise the requisite debit notes and credit notes and submit to reinsurers and clients accordingly.
• Keep an audit trail/maintenance of all reported claims. Maintain proper records of all claim notifications, follow up with clients for reserve updates and documentation, and follow up to logical conclusion.
• Promptly request claim supporting documents from cedants and retrocedants such as policy wordings, adjuster’s reports, cession bordereaux, debit notes, etc.
• Respond promptly and accurately to cedants and retrocedants queries.
• Review and flag off contentious claims issues such as wrong cessions to treaty/facultative contracts and establish the attaching liability.
• Promptly process reported reinsurance claims recoveries and ensure reinsurance shares are correctly calculated.
• Review and process cash calls in a timely manner, as well as manage the follow-up and reconciliation of cash call credit refunds.
• Assist in the reconciliation of accounts with outstanding balances.
• Promptly process and monitor the development of the outstanding claims provision.
• Generate and prepare progress claims reports(monthly/quarterly/annual) and any other management claim reports.
• Play an active role in treaty renewal and negotiations in preparing or verification of performance statistics/loss profiles submitted by Cedant before market circulation for terms.

Key Result Areas

• Work on complex issues where analysis of situation or data requires evaluation of a variety of factors, including an understanding of current market trends.
• Develop and implement new systems/procedures which will have an impact on functional area as well as on operations of internal and external clients.

Key Competencies

• An in-depth knowledge of appropriate insurance and reinsurance principles, practices and laws as applicable to different lines of business.
• Advanced claims resolution skills and knowledge of insurance/reinsurance and claims principles, practices and procedures.
• Deep understanding of long tail/Excess of Loss Claim indexation.
• Good analytical skills in interpreting clauses in insurance and reinsurance contracts.
• Excellent oral and written communication, including negotiation and presentation skills.

Knowledge And Skills Required

• 3 years’ experience and proven track record in a busy reinsurance environment within the industry.
• People management
• Analytical skill
• Team player and good communicator

Professional and Academic Qualifications

• Bachelor’s degree in a business related field.
• Diploma in Insurance ACII or AIIK