Reinsurance Analyst

2 weeks ago

Centurion, Gauteng, South Africa Land Bank Careers Full time

Job Advert Summary:


The Land and Agricultural Development Bank of South Africa (Land Bank) is South Africa's only specialist agricultural bank established in 1912, the bank's sole objective is to serve South African commercial and emerging farmers and bring specially designed financial services within their reach.

These services enable farmers to finance land, equipment, improve assets and obtain production credit.

The Land Bank provides financial services that have moved with the times and continues to provide services to agri-business and constantly reviews its offerings to ensure that they match the needs of an industry.

As change has swept across the sector in South Africa the socio-economic makeup of agriculture has altered, bringing new entrants from historically disadvantaged backgrounds on to the land, these new farmers, facing the challenges of establishing sustainable agri-businesses across the agricultural value chain, Land Bank has been a commercial lifeline offering appropriately designed financial products that facilitate personal and commercial viability in a sector that is vital to the sustainability of South Africa and its people.


MAIN PURPOSE OF THE JOB**Maintenance of the life and non-life reinsurance portfolio in line with reinsurance treaties, internal policies and guidelines. Provide critical analysis and reporting of reinsurance transactions.

Key Performance Areas:

1. Reinsurance and Administration

  • Prepare quartley reinsurance accounts for life and nonlife insurance business.
  • Prepare term adjustments, sliding scale commission calculations, and profit commission calculations.
  • Perform monthly reinsurance reconciliations for all lines of business.
  • Ensure timely recovereability and settlement of all reinsurance transactions.
  • Prepare monthly reinsurance analysis reports for management review.
  • Ensure adherence to all terms and conditions as stipulated in various reinsurance treaties.
  • Build and maintain relationships with the appointed reinsurance broker for both existing business and potential business.
  • Place facultative reinsurance as per business guidelines.
  • Participate in strategic planning for the structuring of reinsurance programmes for all lines of business.
  • Accountable for the accuracy and completeness of all reinsurance data.
  • Prepare annual reinsurance renewal packs.
  • Implement analytical tools to provide critical insight on reinsurance performance.
  • Work closely with the risk and actuarial function to model Own Risk and Solvency Assessment (ORSA) scenarios and impact on reinsurance.
  • Responsible for the reinsurance and risk other forms of risk transfer policy.
  • Research all problems and risk related issues by using initiative in problem solving that involves management in decision making as necessary.

2. Maintenance of policies and operating system

  • Receive the information to be captured and analyse to determine the nature of the capturing required.
  • Capture the information accurately on the system.
  • Lead the process to automate routine reinsurance transactions.
  • Lead user acceptance testing initiatives across product lines and systems.
  • Submit captured information for approval where necessary.

3. Quality Assurance

  • Determine the quality requirements applicable to the work environment
  • Ensure that all work conforms to the quality requirements in terms of delivery
  • Initiate corrective actions where required to maintain quality standards
  • Ensure that all policies and procedures are maintained to enable compliance measurement

Preferred Minimum Education and Experience:

  • Commercial Business Degree
  • 25 years Life and/or Short term reinsurance experience
  • 25 years Insurance operating system experience

Critical Competencies:

  • Reinsurance and administration
  • Maintenance of policies and operating system
  • Quality Assurance
  • Comprehensice understanding of reinsurance principles

Additional Requirements:

  • Extended hours as and when required.

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