Senior Executive Claims

COMPANY

• Malaysian Reinsurance Berhad

JOB PURPOSE

• Compilation of large losses above RM10mil of Malaysian Re (MRE)'s VC, AFAC, NFAC and Treaty for submission to Finance Department and Actuarial Department for the provision of outstanding claims.
• Analyze development of large losses report for MRE and advise action items to internal and external parties.
• Prepare related large losses information for PORTAL and WEBSITE as required.
• Prepare Large Losses Analysis of Performance for MRE.
• Prepare statistics and renewal information for Retrocession Programme renewal assessments.
• Prepare accurate statistics and timely for the Rating Agency (AM Best, Fitch, RAM, etc.) and submit it to the Corporate & Strategic Planning Department.
• Monitor the exposure of MRE's Inward Business to ensure total exposure is within Retrocession Programme.
• Prepare analysis to enlighten all Underwriters to better understanding of business / claims within deductible and XOL limits.
• Prepare Large Loss reports for Senior Managements/CEO/GCEO.
• Provide an effective process improvement plan and solutions to Claims Department on the existing processes and procedures to encourage smooth procedures and more efficient workflow.
• Spearhead the computerization of various business requirements for the Department with regard to the computer system.
• Assist and provide support to other units of Claims Department.
• Prepare cash calls physical and claims deducted through account for all portfolios including updating claims paid and outstanding position.
• Register and notify Cedant's in writing to Credit Malaysian Re in the event of successful recovery of salvage/subrogation rights.
• Liaise with Finance on reconciliation of claims.
• To carry out any other functions and duties as instructed by Head of Section & Head of Department.

JOB RESPONSIBILITIES

Operational Delivery

• To compile the large loss statistics (above RM10m MRE's net share per accounting policy) for submission to Finance monthly in compliance with Finance's deadline.
• To obtain estimation amount of incurred for large losses from underwriters on quarterly or as and when basis before finalizing the large loss reporting.
• To compile the large losses analysis for MRE for submission to Actuarial Service Department on monthly basis.
• To prepare analysis of large losses for underwriter information on quarterly basis.
• To register, key-in and update the PLA, RLA, CSA and Cash Call received. All claims advice received are registered.
• Timely processing of cash calls and claims deducted through accounts and cashflow advice to Finance.
• Timely and accurate cash call/claims payment made as specified in the Standard Operating Procedure (SOP) guidelines within compliance deadline.
• Timely processing of ex-gratia and special consideration claims request.
• Reconciliation of claims paid details from Cedant's statement (as advised by Finance).
• To check/inquire for clarification and supporting documents (if not available) within the policy coverage and per Treaty Terms and conditions.
• To advise Finance/Investment for fund reserve and ensure timely advice of cashflow and fund adequate to pay cash call payment.
• To prepare and process claims paid with adequate information to ensure the validity of the claim. Establish valid claims and correct settlement amount.
• Preparation and provision of data to the company's actuaries.
• Advises Claims Section of the status of Large Losses on monthly basis.
• Advises Finance Department of the proper compilation of Large Losses monthly.
• Advise Underwriting Department on the status of Large Losses on a quarterly basis.
• Prepare top 10 Large Losses information in Company website on quarterly basis.
• Assist in spearhead the computerization of various business requirements for the Department regarding the computer system.
• Assist in developing strategies, recommendations and provide solutions to complex business, system and reporting issues with regard to the computer system.

Reporting / Regulating / Control

• Prepare and submit the information on large losses to the finance department and actuarial department.
• Timely and accurate compilation, update, and reporting of large losses and catastrophic losses.
• Responds to any queries related to large losses and submits statistics of various requirements from various Departments.
• Prepare analysis to enlighten Underwriters to better understanding of business / claims within deductible and XOL limits.
• Prepare statistics of MRE is prepared for the Rating Agency (AM Best, Fitch and RAM) and submit to CSP Dept. for Rating Review meeting.
• Review and update SOP on regular basis to ensure compliance with current changes in process.
• Review and improve day to day process towards automation process.
• Perform the Department's "User Acceptance Test" (UAT) for the computer system when the department is involved and report findings to the Head of Unit/Department.

QUALIFICATION & EXPERIENCE

Academic

• Bachelor's in insurance, Mathematic, Actuarial Science or any other related studies.

Professional

• DMII, AMII, Any Other Related Insurance Professional Qualification

Experience

• 2 to 3 years working experience in insurance industry preferably handling Claims or Reinsurance