Coronation Insurance Plc has been in operations for over half a century, offering a comprehensive range of insurance coverage. Established in 1958, Wapic has built a strong franchise in the largest economies in Sub-Saharan Africa and operates two subsidiaries; Coronation Life Assurance Limited and Coronation Insurance (Ghana) Limited.
The Company has a history of delivering efficient and transparent insurance solutions to discerning clients; a culture reflective of the strength and leadership which underpins the company’s foundation. Principal Duties and Responsibilities
Reinsurance Operations:
Utilize routine processes and procedures to administer reinsurance and retention, process routine claims, and validate data, files, systems, procedures and identify discrepancies
Participate on special projects related to reinsurance administration systems, legal contracts/treaties, new product launches and other initiatives
Provide information to enable the preparation of and rendition of statutory statements such as reinsurance premium, minimum and deposit premium, commissions, treaty renewal statistic on various classes etc. and/or paid on timely basis as applicable.
Obtain, analyze and document information required to determine inward facultative acceptances with creditworthy Insurance Companies and follow up with counterparties to ensure premiums are received
Provide information to enable outward facultative reinsurances with creditworthy Insurance Companies in line with set standards.
Process facultative premium payments on timely basis in line with laid down policies and processes
Closely monitor/follow up on treaty and facultative claims recoveries and ensure all identified reconciliation items on facultative accounts are acted upon
Analysis and Reporting:
Perform entry level accounting activities and processes reinsurance account transactions such as journal entry preparation and account reconciliations with direct guidance and supervision.
Gather, research, and offer support to complete audits in a timely manner, for internal and external audit, and reinsurance business partners.
Acquire and apply maturing knowledge of the business and gathers information to support reporting and analysis.
Provide support in the analysis of reinsurance accounts and contractual requirements, including but not limited to exposure/cession based rates/thresholds, limits/retentions, annual aggregate deductibles/limits, loss corridors, application of experience adjustments, monitors large losses.
Team Participation:
Participate in the orchestration of activities to develop and complete business deliverables including developing and documenting project business requirements and translating those requirements into functional system specifications.
Minimum Qualifications
Bachelor’s Degree in Insurance, Finance, Accounting or any related discipline.
5 – 7 years’ relevant experience inthe insurance industry
Experience in the insurance industry would be an added advantage
Competency and Skill Requirements:
Ability to demonstrate good understanding of business processes
General understanding of the local and global financial services industry.
General understanding of trends and recent developments in insurance industry.
Extensive knowledge of MS Office tools.
Good problem-solving skills
Good communication skills – written, oral, interpersonal, and business presentation skills and the ability to effectively interface with senior management, and staff.
Demonstrated commitment to ethical standards and high level of integrity.
Strong risk management skills
General understanding of insurance principles and practices
General understanding of legal obligations and regulatory compliance
Good research and analytical skills
Good finance and accounting skills
General knowledge of IFRS
Good knowledge of Reinsurance.
