To establish and set up a business and operating model for Guardrisk Reinsurance. Develop and manage a strategy and operating model for Guardrisk RE that supports the growth and development of the Guardrisk business through optimising the reinsurance spend by negotiating cost-effective, appropriately structured reinsurance programmes with secure reinsurers.
Requirements
- Completed tertiary qualification
- Post graduate qualification desired
- FIISA or FCII or working towards FIA or FASSA
- And/or an Actuarial degree
- A strong understanding of the South African current and future insurance regulations
- At least 7 10 years experience in the financial sector
- At least 5 -10 years experience in the field of reinsurance
- At least 3 - 5 years experience in the management of people
- Experience in the short-term insurance sector is a prerequisite
- Knowledge of Reinsurance and Government business
- Develop, plan for, implement and take accountability for the strategy and operating model of Guardrisk Re, partnering with the Managing Executive in response to the business model and Guardrisk strategy
- Establish an aligned departmental Balanced Scorecard focused on the implementation, measuring and management of the departmental strategy
- Determine the business value chain for Guardrisk Re and ensure that this value chain is aligned and integrated with the Actuarial, Reinsurance and Underwriting Division value chains
- Develop, implement and manage a leading reinsurance structuring framework that optimises internal value
- Co-design optimal reinsurance structures with assistance from the actuarial modelling team and technical underwriting team
- The initial phase is to limit the amount of ceded ri premium into the open market, following which the latter phase will be to test the feasibility of an international open market reinsurer that acts like a standalone reinsurer
- Negotiate and finalise optimum reinsurance structures and programmes with secure reinsurers
- Develop, implement and manage an optimum reinsurance framework for new and existing products and standalone facilities (UMAs) for all geographies
- Continually assess the feasibility of launching an international-based reinsurance solution which encompasses the framework of a competing standalone reinsurer, seeking to explore growth and profitability via the correct tax mitigating domicile. Linked to RI broker strategy
- Establish a Guardrisk Re policy defining the appetite, in particular, looking at the type of RI (Treaty, Fac)
- Investigate internal solvency and mutual structures to support business growth
- Investigate the applicability of offering solutions
- Design tools and processes to support the strategy for Guardrisk RE
- Provide system specifications for reinsurance transactions and processes
- Communicate with the underwriting technical dept regarding any changes or proposed changes to the reinsurance wordings to ensure no gaps in cover and challenge reinsurers on unacceptable restrictions
- Actively manage and reduce reinsurance counterparty risk, and gaps in cover risk, overexposures
- Provide authoritative, expertise and advice to clients and stakeholders
- Build and maintain relationships with clients and stakeholders
- Contribute to the process of negotiating objective and realistic service level agreements, monitor appropriateness and recommend adjustments
- Deliver on service level agreements made with clients and internal and external stakeholders in order to ensure that client expectations are managed
- Make recommendations to improve client service and fair treatment of clients within area of responsibility
- Participate and contribute to a culture which builds rewarding relationships, facilitates feedback and provides exceptional client service
- Create a positive work climate and culture to energise employees, give meaning to work, minimise work disruption and maximise employee productivity
- Demonstrate exemplary leadership behaviour, through personal involvement, commitment and dedication in support of organisational values
- Drive a culture that guides and directs best practice, fostering an environment of continuous learning, improvement and cohesiveness
- Enable a learning and growth culture whereby information regarding successes, issues, trends and ideas are actively shared between team members
- Identify employee growth and development needs and schedule interventions to enable ongoing development, training and personal growth
- Effectively manage performance within the team in order to ensure business objectives are achieved
- Encourage innovation, change agility and collaboration within the team
- Implement and manage financial risk methodologies, techniques and systems and use to monitor and report on financial activities
- Implement and provide feedback on the effectiveness of financial policy, practice and procedures: preventing illegal, unethical or improper conduct
- Implement risk management, governance and compliance policies in own practice area, to identify and manage governance and risk exposure liability
