Deputy Manager Reinsurance

Prepare ceded claim reporting, relevant monthly bordereaux for each line of business, claim recovery advice and reconcile the reinsurance account books at the end of every month as per the treaty guidelines

Coordinate with Finance and IT MIS teams for Reconciliation of premium & claims for both proportional and non-proportional treaties; Ensure the reconciliation of all treaty statements / clauses with the Finance MIS

Prepare the final statement of accounts, negotiating with the reinsurers for early settlement and reconciliations; Prepare the adjustment premium statement annually

Seek TDS certificates from FRBs (foreign reinsurance branch in India) and make revisions based on tax deductions while making payments

Track the credits received from reinsurers / brokers and reconcile with the accounts maintained by the MIS team

Maintain the accuracy of bordereaux for each LOB(line of business) by updating the fields for new and existing reinsurers, claim payments, deviations and exceptions

Evaluate the cessions in the outstanding claims register to ensure claims are processed in line with the treaty agreements

Prepare and maintain the excess of loss (XOL) MDP

• Reporting :

Submit accurate bordereaux lob-wise to the Finance Team on a monthly basis

Submit claims summary of all LOBs to the Actuarial team on a periodic basis

Collate, review and share the treaty summary statistics to Function Heads based on the bordereaux every month

Circulate format of relevant forms with foreign reinsurers; seek and maintain payment documentation from the reinsurers

Provide customized reports and updates as per the specific requirement of the reinsurers

Submit the data required by the Ministry of India pertaining to total premium paid and claims recovered from all affiliated and non-affiliated foreign insurers.

• Reinsurance Renewals :

Scrutinize and update the renewal of each treaty on an annual basis

Make entries for reinsurer portfolio entry and withdrawal and ensure timely settlement of claims, collection of premiums and balance of risk on an annual basis

Share treaty renewal notices to reinsurers, seek revised discount rates, commissions and agree on revised terms

• Audit & Compliance

Coordinate with the Finance team and comply with all regulations for IRDA forms submission on a quarterly and annual basis

Provide all the relevant documentation (FAC slips) for reinsurance accounting to the internal audit team

Maintain and provide all the relevant documentation (FAC slips) for the statutory annual audit to the external auditing agencies; handle the auditors' queries pertaining to reinsurance accounting and books.

Responsible for ensuring that the IRDA regulatory requirements are met

• IT Development :

Monitor and review the reinsurance module for product changes, new treaty requirements.

Coordinate with the IT team for updating entries into the RI module

Collaborate with the IT team for UAT testing for new module developments

• MAJOR CHALLENGES

(Challenges faced on an on-going basis in carrying out the job)

Settlement of accounts in a timely manner by coordinating with various internal and external stakeholders

Internal Clients

Roles you need to interact with inside the organization to enable success in your day to day work

Finance – for reconciliation of accounts, premiums received and claims paid

Actuarial – submission of documents / reports

IT – for MIS data and RI module developments

External Clients

Roles you need to interact with outside the organization to enable success in your day to day work

Reinsurers & reinsurance brokers – for settling reinsurance accounts

IRDA – for compliance with regulatory norms

Statutory auditors – handling audit queries and submission of documents

Skills Required

Reinsurance Accounting, Audit Compliance, Uat Testing