| Position : BusinessAnalyst Reinsurance, Finance transformation at Remote, Remote, USA |
| Email: [email protected] |
| From: Bharath Kumar, Oncorre [email protected] Reply to: [email protected] Position : Business Analyst Reinsurance, Finance transformation Location : NEW Jersey Hybrid VISA: H4-EAD , GC, GC-EAD, US-CITIZENS Client : AIG Main Skills : Reinsurance And Sapiens Reinsurance Master tool Or Sapiens Master toll Candidate should have: 1. Great communication skills 2. Experience working as a Business Analyst for 6+ years 3. Preferably located in NJC/NYC are and be open to Hybrid Model (2-3 days WFO) Candidate should posses: 1. Strong knowledge of Reinsurance domain 2. Should have worked on at least 1 reinsurance tool (preferably Sapiens Reinsurance Master or SAP FS-RI) 3. Should be aware of Allocation rule used for Ceding premiums Proportional Allocation Vs Excess of loss Allocation 4. Good amount of understanding around Inclusion/Exclusion criterias when setting up reinsurance treaties 5. Should have done calculations of ceded and assumed premiums, reserves, and commissions based on FAC and Treaty reinsurance agreements. 6. Should have understanding of Life cycle of Premium received with respect to reinsurance lens in detailed steps: 1. Premium Assessment 2. Risk Evaluation : The ceding company evaluates its risk exposure and determine the type of treaty and fac to apply to mitigate losses 3. Negotiation with Reinsurer and Reinsurance Agreement Activation: The ceding company engages in negotiations with reinsurers to transfer a portion of the risk. This includes discussions on coverage limits, terms and premium percentage to be ceded 4. Premium Remittance to Reinsurers 5. Reserve setting: A portion of the premium is typically set aside as reserves to cover potential claims. Both the primary insurer and reinsurer may establish reserves based on actuarial calculations and risk assessments. 6. Claim handling: In the event of a covered loss, policyholders file claims with the primary insurer. The insurance company assesses the claims, and if applicable, the reinsurer contributes its share to cover the losses. 7. Loss Recovery: Reinsurers participate in the settlement of claims by reimbursing the primary insurer for their share of covered losses. The reinsurer's involvement helps the primary insurer manage the financial impact of large or catastrophic claims. 8. Renewal or Adjustments and then repeat cycle Mandatory: The one who is applying facultative and treaty contracts as ceding company from placement side and also as a reinsurer (finance/contract side) who will fulfil obligations concerning the risks it has agreed to cover, including premium collection, claims processing, and adherence to the terms defined in the contract Keywords: information technology green card Rhode Island |
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| Sat Feb 03 01:37:00 UTC 2024 |