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POSITION SUMMARY
Responsible for the collection of Premiums and Losses due us and preparation of Request for Payment
Responsible for the preparation of the Treaty Statement of Account for the Marine Hull, Cargo & Aviation Quota Share Treaty
Responsible for the monitoring of the Premium Payment Warranty Receivables & Payables
Assists in the monthly Inward & Outward Production
Performs and attends to the daily administrative needs of the Department.
To assist in all other departmental duties and responsibilities other than those especially related to the basic duties and responsibilities of a Reinsurance Technical Staff as herein described.
ESSENTIAL FUNCTIONS:
Acknowledges receipt of Statement of Accounts and all other related documents from Reinsurers/Ceding Companies/Brokers as well as internal documents intended for the Reinsurance Department
Prepares and sends out Statement of Accounts to Insurance Companies and Brokers for Premiums and Losses accounts
Manual postings of Cash Calls to Manual Statement of Accounts sent out to Insurance Companies and Brokers
Ensures that documents for Advance Cash Call accounts after full payments are properly submitted to Insurance Companies & Brokers
Handles the reconciliations and reviewing of figures for:
a. Accounts Receivables from Insurance Companies and Brokers (Premiums & Losses)
b. Accounts Payables to Insurance Companies and Brokers (Premiums & Losses)
Preparation of Request for Payments to Insurance Companies and Brokers and attaching complete supporting documents
Ensures that all Requests for Payment are released by Accounting Department at committed dates to Reinsurers/Insurance Companies/Brokers
Monitors the Premium Payment Warranty (PPW) for Account Receivables and Account Payables:
a. Sends out monthly letter of PPW to Insurance Companies and Brokers for Inward Businesses
b. Sends out email to Marketing and Accounting Departments for the listings of PPW from Insured with Facultative Accounts
c. Checking of direct payments for Facultative accounts
d. Ensures that all accounts are recommended for payment prior to PPW due date
Monitoring of Premiums Written-Off accounts for possible collection from Insurance Companies and Brokers
Preparation of Quarterly Treaty Statement of Accounts for the Marine Hull, Cargo & Aviation Quota Share Treaty
Handles Collection of Premiums and Losses due us from Insurance Companies and Brokers
Assists in the monthly renewal of Inward Facultative accounts 60 to 90 days before expiry period:
a. Pull out files for renewals
b. Verifies with the status of premium payments (i.e. whether account is paid or outstanding)
c. Verifies from Ceding Compann/ies for any Loss Record
d. Submits to Underwriters for approval of renewal terms
e. Prepare letters or emails to Ceding Companies for Provisional Hold Cover of our renewal share
f. Confirmation of approved Inward business to Insurance Companies/Brokers
Assists in the New & Renewal Outward reinsurance facultative cessions on all lines of insurance including preparation of pertinent documentation as required therein
Preparation of the following reports:
a. Daily Collection Report (Premiums & Losses)
b. Monthly Collection Report based on Aging (Receivables, Payables & Recoveries)
15. Immediate implementation of instructions and job assignments by the Immediate
Superior.
16. To perform other duties and responsibilities that may be assigned from time to time by the immediate superior and/or officers of the Company.
PERSONAL SPECIFICATION:
Education:
College Graduate – preferably in Management and Accounting
Experience:
Experience in office administrative systems and procedures and knowledge in insurance and reinsurance would be a plus factor.
KSA (Knowledge, Skills, Abilities):
a) Knowledge in MS Office
b) Typing speed of at least 30 words per minute
c) Detail oriented.
d) Can extend working hours when required
e) Presentable, customer service oriented and a team player
Job Types: Full-time, Permanent
Benefits:
- Additional leave
- Company Christmas gift
- Health insurance
- Opportunities for promotion
- Promotion to permanent employee
Schedule:
- 8 hour shift
- Monday to Friday
Supplemental pay types:
- 13th month salary
- Overtime pay
- Performance bonus
