About the Role
Walaa Cooperative Insurance Co. is seeking a dedicated Reinsurance Senior Officer to join its team in Al Khobar, Eastern Province, Saudi Arabia. This full-time position is integral to managing the company's reinsurance operations, ensuring compliance, and supporting departmental efficiency through prompt and professional handling of all reinsurance tasks.
Key Responsibilities
- Manage the timely and professional administration of facultative and treaty reinsurance operations, including correspondence with reinsurers and brokers, and follow-up on counter-signed slips.
- Effectively handle Facultative Reinsurance placements, preparing closings, updating participants on endorsements, and maintaining accurate filing and documentation.
- Coordinate with Underwriting, Claims, Finance/Accounts, and IT Departments to ensure the proper execution of reinsurance functions, including arranging, submitting, and settling balances with reinsurers.
- Provide timely loss notifications to Facultative reinsurers as required.
- Respond to queries from underwriters, brokers, and reinsurers and follow up on pending issues.
- Ensure the timely reporting and settlement of Reinsurance balances for all products, including Individual Life, Group Life, and Credit Life.
- Manage the inward reinsurance business process, covering policy issuance, reporting, premium collection, settlement, and reinsurance slip management.
- Oversee all treaty maintenance processes and renewals.
- Manage and follow up on all claims recoveries.
- Monitor and update the rating records of all reinsurers.
- Prepare and generate required reports.
- Ensure compliance with all local laws and regulations pertaining to reinsurance operations.
Qualifications and Requirements
- Bachelor's Degree in a relevant field.
- A minimum of 3 years of experience in the insurance industry.
- A minimum of 2 years and a maximum of 5 years of experience specifically in reinsurance.
Required Skills
- Strong analytical skills with a solid understanding of mathematical and statistical concepts.
- Exceptional attention to detail to ensure accuracy in all tasks.
- Proficiency in IT skills relevant to reinsurance operations.
- Effective negotiation and interpersonal skills for managing stakeholder relationships.
- Excellent planning and organizing skills to manage multiple tasks and deadlines.
- Proficient report writing skills for clear and concise communication.
Work Environment and Details
This is a full-time position based in Al Khobar, Eastern Province, Saudi Arabia. The role operates within Walaa Cooperative Insurance Co.
