Overall Role:
This is a client-facing role in a team environment that involves the placement and servicing of existing accounts and other accounts identified by the line manager, as well as new business production for treaty reinsurance.
The role includes conducting market research and market segmentation to identify ideal segments for pursuit. Identify business opportunities and assist in proposal development. Build relationships through understanding and determining client needs, making excellent sales calls and presentations offering business solutions.
Key Accountabilities/Core Competence Indicators:
Retention of Existing Portfolio
- To assist the HoD in servicing existing treaty portfolio and to provide high level of service level so that renewals are secured.
Expansion of Current Portfolio
- To assist in reviewing ongoing needs of our treaty clients and recommend suitable new treaty program/products to meet their growing needs.
Development of Target Clients
- To research and identify new target treaty clients for business development.
- To identify suitable placement markets / reinsurance markets for such target clients.
- To identify suitable business strategy for such target clients to materialise.
Quoting and Placement
- To identify suitable markets to obtain competitive quotations and terms.
- To identify suitable following markets to place accepted quotes.
- To manage and resolve any subjectivities, warranties or terms for both clients and reinsurers.
- To handle special acceptances after inception or renewal date.
Maintaining Business Relationships
- To cultivate new business and maintain existing business relationships to explore business opportunities for both reinsurers and clients.
Documentation and Broking Records
- To ensure that proper records are maintained for audit purpose and future renewals negotiations.
- Treaty coverages / slips meet with Cedants’ regulatory and markets requirements.
- Markets presentations secure best possible terms for the clients, with full material disclosure.
- Placement submissions meet the requirement of treaty leaders and all queries coming leading and following markets are satisfied.
- Negotiation and obtaining quotations from at least 3 markets for comparison of coverage and pricings to meet clients’ requirements.
- Document and practice quality does not create E & O exposure.
- Achieves retention through planned and coordinated account renewal.
- Maintaining of all proper records for audit examination.
- Maintains confidentiality in systems and procedures.
Knowledge and Skills:
· Generic Knowledge and Skills.
· Fit & Proper with Insurance related qualifications according to MAS 502 such as CGI, Chartered Insurance Practitioner, ACII.
· Familiarity with major markets and industry structure within SEA.
· Able to identify and structure suitable program and solutions for treaty clients.
· Risk analysis and Slip drafting.
· Negotiation with both clients and reinsurers to secure best terms for clients.
· Strong verbal and written communication.
· Client servicing and account development.
· IT literacy in MS Office applications.
· NetReibs knowledge or equivalent broking system knowledge.
