Insurance Reinsurance Specialist

2 days ago

Riyadh, Ar Riyāḑ, Saudi Arabia Arabia Insurance Cooperative Co Full time

Job Summary:

The Arabia Insurance Cooperative Co is seeking an experienced Reinsurance Accountant to join their team. As a key member of the company, you will be responsible for managing reinsurance processes, maintaining compliance, and driving continuous improvement.

Key Responsibilities:

  • Monitor and review Treaty accounts, ensuring adherence to general business standards.
  • Oversee outward Facultative accounts and implement necessary measures 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 with accuracy.
  • Review policy reinstatement applications and approve them according to 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.

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