Reinsurance Accountant

Company: Arabia Insurance Cooperative Company - AICC

Reporting to: Reinsurance Assistant Manager

Job Purpose

• Perform underwriting activities related to Treaty and Facultative Reinsurance in line with the Company's operating model, principles, and fundamentals.
• Drive continuous improvement in service, employee engagement, and work satisfaction.

Key Responsibilities

Reinsurance Process Management

• Monitor and review the performance of all Treaty accounts, ensuring compliance with general business standards.
• Oversee outward facultative accounts and take necessary measures as needed to maintain compliance.
• Review company records to determine insurance coverage on single or related risks (monitor accumulation).
• Authorize reinsurance of policies.
• Assess potential losses due to catastrophes or excessive insurance, in coordination with the Reinsurance Assistant Manager.
• Calculate premiums, refunds, commissions, and adjustments, ensuring accuracy.
• Review policy reinstatement applications and approve them per company procedures.
• Modify and update existing policies and claims to reflect changes in beneficiary, coverage amount, or insurance type.

Facultative Business Responsibilities & Duties

• Handle new submissions and initiate renewal accounts.
• Review submissions and check treaty capacity along with terms & conditions.
• Assess facultative requirements and review facultative support.
• Approach the reinsurance market on a case-by-case basis.
• Maintain follow-ups with the reinsurance market.
• Share received support/requirements with the Technical Team.
• Convey placement instructions to reinsurers and confirm coverage with the Technical Team.
• Review and approve technical policies before system entry.
• Add facultative reinsurers to the system and issue related closings.
• Review and sign approved closings.
• Coordinate with the Accounting Team for premium settlements.
• Follow up via email for new FAC placements and renewals with the Technical Team and reinsurers.

Claims Responsibilities & Duties

• Notify facultative reinsurers about new claims.
• Authorize the Claims Department to register claims for policies with facultative share.
• Keep reinsurers updated on claim reserves.
• Follow up with reinsurers for final approval and feedback.
• Coordinate with the Claims Department to fulfill reinsurer requirements.
• Share claim invoices with reinsurers upon approval, including accounting notes.
• Manually record motor claims under XOL until automation is implemented.
• Ensure communication between the Claims Department and reinsurers via email.
• Stay updated on reinsurance industry trends, treaty and facultative wordings, and ensure timely communication of key information.
• Identify and correct data entry errors or escalate them as necessary.
• Adhere to and continuously monitor risk management systems to safeguard company information and control threats.

Relationship Management

• Fully coordinate with technical underwriters to address inquiries and requests promptly, ensuring service quality excellence.

Reporting & Documentation

• Provide accurate and updated data for reporting purposes, supporting informed decision-making.
• Strictly comply with the company's policies and procedures to meet quality standards.

Communication & Working Relationships

• Regular communication with internal and external stakeholders using proficient oral and written skills to ensure process efficiency.
• Full coordination with the Reinsurance Assistant Manager on all tasks.
• Operates within established policies and procedures.
• Makes decisions within the scope of responsibility, leveraging technical expertise.
• Refers non-standard cases to the Reinsurance Assistant Manager for guidance.

Role Qualifications

Education:

• Bachelor's degree in insurance or a related field is a plus.
• IFCE Certification.
• Introductory/Intermediate courses or certifications in insurance and reinsurance.
• Enrollment in CII is a plus.

Experience:

• Minimum 3-5 years of proven experience in the insurance and reinsurance industry.

Knowledge, Skills & Abilities:

• General knowledge of insurance industry concepts, practices, and procedures.
• Understanding of financial and operational processes.
• Strong communication skills in Arabic & English (written and spoken).
• Proficiency in Microsoft Excel and Word.

• Mid-Senior level

• Full-time

• Accounting/Auditing, Analyst, and Finance

• Insurance