Reinsurance Buying Manager

Apply now »

Date: 14-Oct-2021

Location: Bellville, Western Cape, South Africa

Company: Sanlam Group

What will you do?

 

The role of the Reinsurance Buying Manager is to ensure that adequate, long-term sustainable reinsurance protection is purchased and optimised between self-retention levels and coverage purchased, for the Group with core reinsurance placements as follows-

  • Conventional
  • Alternative Risk Transfer (ART)
  • Internal Buy-downs
  • Retro 

 

Principle Accountabilities

 

Principle Accountabilities Include:

 

The Reinsurance Buying Manager will provide the following key services: 

 

Reinsurance Buying and Claims

 

  • Ensure group reinsurance portfolio is aligned with the group reinsurance strategy
  • Ensure business units reinsurance portfolio’s are aligned with the specific reinsurance needs of the various business units but at the same time not deviating from the overall group reinsurance strategy
  • Ensure that the group’s stated risk appetite is not breached
  • Ensure that only those reinsurance carriers with the minimum acceptable security status are on the various reinsurance programs
  • Ensure tailor-made business units service programs with the various reinsurance brokers
  • Ensure annual reinsurance budget as accurate and realistic as possible
  • Ensure underlying business unit portfolio premiums as adequately budgeted as possible to ensure minimum negative impact at final portfolio premium determination from a reinsurance premium adjustment pint of view
  • Ensure prudent claims recoveries process , reinsurance premium payment process, accounts liaison process are in place and adhered to
  • Ensure annual review of unit’s roadmap

 

Reinsurance Support:

 

  • Ensure the buying units operates ito agreed SLA’s
  • Ensure interaction with business units are structured in terms of Monthly OpsCo Review Meetings
  • Ensure interaction with reinsurance brokers are structured in terms of Weekly 
  • OpsCo Review Meetings
  • Ensure internal OpsCo Review Meetings are structures as per agreed Agenda’s i.e.
    • Claims Review
    • Buying Review
  • Ensure buying unit aware of business unit escalations/ complaints and ensure attended to with maximum 48 working hours
  • Steer and control ito the so-called “ Triple I” process namely, incidents, issues and icebergs. 

 


People and Budget Management for All Direct Reportees:

 

  • Responsible for performance management of the team
  • Responsible for career development
  • Responsible for team management, leadership and HR related activities 
  • Assist with the growth on performance, capacity and capability within the team through effective knowledge transfer 
  • Constant review work of team members and ensure the adherence to standards and methodologies 
  • Constant provision of training, mentorship and leadership to direct and inspire a high-performance team 
  • Overall monitoring of the team to ensure no adverse deviation from agreed deliverables

What will make you successful in this role?

    

  • Participate in group reinsurance decision making to ensure that the resultant business units’ reinsurance strategies are optimally aligned
  • Participate in business unit reinsurance strategy discussion, agreement and  implementation
  • Provide business with general reinsurance technical information as well as specific reinsurance guidance iro the reinsurance treaties in place for the respective business units
  • Provide first-line steering and support of reinsurance cover notes which contain the reinsurance agreement between the reinsures and the respective units
  • Provide first-line steering and support of reinsurance renewal information packs which contain the underlying  portfolio’s exposure information required by the respective reinsurance brokers for the renewal discussions with the reinsurers
  • Provide first-line steering and support of reinsurance loss recoveries on insurable losses suffered by the respective business units on the applicable reinsurance treaties
  • Provide first-line steering and support of reinsurance accounts and reinsurance premiums payments due 
  • Provide first-line steering and support of reinsurance premiums budgets for ensuing periods of reinsurance
  • Provide first-line steering and support of reinsurance premiums adjustments for prior periods of reinsurance
  • Manage appointed reinsurance brokers
  • Manage SLA (Service Level Agreements) iro appointed  reinsurance brokers
  • Manage audit queries
  • Manage STARR (Statutory Reporting) feedback to the relevant unit within the group
  • Manage MER( Maximum Event Risk) feedback to the relevant unit within the group
  • Manage the internal Reinsurance Summary which serves as a compact overview of reinsurances in place
  • Manage reinsurance renewals with core segments- Time-Lines, Information Packs, Cover Notes, Markets, Pricing, Coverage (Clauses, Conditions, Exclusions, Warranties, Referrals, Escalations)

Qualification and Experience

 

  • Relevant B Degree 
  • At least 5 to 10 years’ experience-
    • at a reputable reinsurer having exposure to all classes of treaty types and all  
    • lines of businesses; or at a
    • at a reputable insurer having had exposure to all classes of treaty types and 
    • all lines of businesses in a buying scenario having dealt on a direct
    • basis with reinsurance brokers as well as reinsurers; or at a
    • at a reputable reinsurance broker  having had exposure to all classes of treaty  
    • types and being and account executive for a large buyer of reinsurance
  • Experience with dealing with large scale reinsurance changes, placements, alignments and re-structuring
  • Experience with interaction with business units within a large corporate in respect of their respective reinsurance portfolio’s
  • Management experience and the flexibility to deal with people at a variety of levels, across functions

Knowledge

 

  • Detailed  background on all types of reinsurance, on all types of insurances, background on data extraction, formulation, assembling, interpretation and explanations
  • Workable background on Enterprise Risk Management, on Integrated Risk Management, on actuarial interaction iro the buying functions
  • Working knowledge of the various systems and support structures , of the Santam programme/project governance processes , Sound business acumen and in reinsurance pricing and other related tools & mechanisms

Skills

 

  • Outstanding influencing & negotiating skills, influence thinking at senior management level
  • Excellent decision making & organising skills
  • Persuasive with excellent oral & written communication skills: concise, impactful and appropriate with good track record
  • Strategic thinker who can also work at detail level
  • Ability to understand and interpret business strategy from definition into execution; 
  • Ability to think holistically as well as at a detailed level
  • Strong analytical, interpretative and problem solving skills: creative analytical thinking, systems thinking, planning, challenging assumptions and orthodoxies, turning concepts and big picture into detailed actions and targets, ability to look across the business and see inconsistencies in data or strategy
  • Understanding Business Architecture trends & best practice thinking 
  • Behavioral characteristics: ethics, listening, trustworthiness, make things happen, energetic, proactive and positive thinking
  • Interaction skills: facilitation; mentoring; leadership and influencing; negotiation; 
  • Teamwork; build relationships; credible consulting skills
  • Analytical and systems thinker
  • Produce creative solutions to business problems
  • Perform under pressure
  • Challenge current assumptions and beliefs
  • Leadership
  • Building networks and good relationships 
  • Emotional Thinking

Competencies

 

  • Collaboration
  • Client focus 
  • Drives results  
  • Flexibility and adaptability 
  • Cultivates innovation
  • Risk Management
  • Reporting and Administration
  • Business Processes
  • Data Collection
  • Quality, compliance and accreditation
  • Deciding and initiating action
  • Enterprising and commercial thinking

Our commitment to transformation

 

Santam is the market leader in the general insurance industry in Southern Africa. We are a large, diversified, expanding and transforming company and whilst based in South Africa, we are rapidly moving into a number of emerging markets, both in Africa and Asia.

 

Our success is rooted in our passion for our clients and everything we do is centered on our delivery of Insurance Good and Proper. We’re about people. People drive our business so it follows that we want to recruit the best people possible whether they work for us permanently or for a short time as temporary employees.

 

At Santam we are committed to transformation and embracing diversity. This commitment is what drives us to achieve a diverse workplace with employment equity as a key goal to create an inclusive workforce, representative of the demographics of our society. In achieving our employment equity goals we give preference to applicants from the designated groups in alignment with the Divisions Employment Equity targets.