Senior Manager/AVP - Reinsurance - Insurance Broking

This role is responsible for building and maintaining relationships with the various reinsurers in the market to ensure a competitive edge for our client(One of the leading Insurance Broking companies), and for managing the process of placing risk with reinsurers. This involves understanding the classes of risk that reinsurers deal with, seeking quotations for the proposals received from cedents, acting as an intermediary between the cedent and the reinsurer from negotiating terms and conditions to managing the premium payment and the claims process.

- Placement Management for New Business & Renewals. Identify potential reinsurance companies and reinsurance brokers from across the world for business, and verify their ratings or IRDA registration

- Build and maintain relationships with key stakeholders at the reinsurance companies (eg. attending reinsurer conferences) to ensure competitive quotes are received in a timely manner

- Ensure TOBA shared by reinsurance companies is vetted by risk & compliance team and signed to complete empanelment formalities

- Maintain database of reinsurance companies that our client can work with

- Maintain the market datasheet and track upcoming renewals for business won as well as business not won (along with premium amount and sum insured)

- Share upcoming renewals with sales team

- Collaborate with the sales team to identify potentially interested reinsurance companies from this list on the basis of the classes of risk in the proposals received

- Float proposal requirements to these reinsurance companies

- Share quotations received with the cedent, and act as the intermediary for any changes in terms or negotiations

- Generate the reinsurance slip with the policy terms and conditions as shared by the cedent, and get the same signed by the reinsurance company

- Share the signed reinsurance slip with the cedent

- Calculate brokerage amount and get the same approved by the Head - Reinsurance

- Book the brokerage in the internal MIS

- Prepare debit note and get it signed from the cedent, and prepare credit note and get it signed by the reinsurance company

- Ensure follow-up for premium collection from the cedent

- Share collection update with the Head - Reinsurance, and get approval for releasing payment to reinsurance company

- Liaise with the accounts team to release payment to the reinsurance company within the agreed upon warrantee period