Careers rarely develop the way we plan them. Our career path often takes many twists and turns, with particular events, choices and people influencing our direction.

We asked Richard Storey from McDonald's to give some advice for people considering this job:

 

Richard Storey

Shift Manager

McDonald's

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  Richard Storey

The initial couple of days can be tough as you are in training and it can make people rethink about working here, but I would have to say persevere, as there are rewards at the end of the tunnel.

McDonald's put their people first and never leave them doing the same job all the time. To work in McDonald's you requires patience, a good personality with a willingness to learn something new everyday.

Showing an interest in other peoples interests would help as you have to work as a team so interpersonal skills are ESSENTIAL!!

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Occupation Details

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Reinsurance Technician

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Education
Most of these occupations require qualifications at NFQ Levels 7 or 8 (Ordinary / Honours Degrees) but some do not.

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At a Glance... header image

Provides support in the undewriting of reinsurance risks, identifying new business opportunities and developing and maintaining client relationships.


The Work header image

Reinsurance companies are the insurance industry’s own insurers, enabling insurance companies to off-set their own exposures to large claims or a series of claims occurring at the same time.

The Reinsurance Technician provides support in the undewriting of reinsurance risks, identifying new business opportunities and developing and maintaining client relationships.  

Reinsurance technicians play a pivotal role in this process and will normally specialise in a particular area such as aviation or marine risks.

The range of risks is diverse, so insurance specialists will exist in every area from catastrophe risk, to aviation risk to entertainment.

In taking a risk onto its books the re-insurer has to make a judgement call as to the statistical likelihood of a claim being made and also future developments which may fundamentally change the nature of the risk. A reinsurance technician may be involved in this process or may be responsible for looking at and processing claims. There are several facets to the role:

Technical Analysis - Reinsurance technicians may assist underwriters and work with a variety of other professionals such as lawyers, statisticians and scientists, to develop views on the current and future risk probabilities. Their role is to assist in the evaluation of existing and new business including negotiating with insurers about terms, conditions and prices. Their role is to help underwriters and brokers to build bespoke insurance programmes to protect the re-insurer and meet the objectives of their clients based on price and other technical factors.

Legal Analysis - There are a variety of legal restrictions that may apply and these may vary across countries. Reinsurance technicians may be expected to work with lawyers in order to draft documentation and create policy wording as appropriate, or amend policies for renewals.

Actuarial and Pricing Analysis - Reinsurance Technicians work with actuarial professionals to monitor the pricing of re-insurance contracts, typically drafting initial pricing.

Processing - Reinsurance Technicians are expected to process claims and renewal policies, and to monitor policies to make sure that their technical provisions are being met. They may also be responsible for collecting debts on existing policies.

 


Personal Qualitiesheader image

Skills

  • Technical knowledge of the insurance industry.
  • Attention to detail - ability to ensure all conditions of a claim are met so that the claim can be processed and validated
  • Ability to work to tight deadlines.
  • Good organisational skills.
  • Numeracy and literary skills.
  • IT skills.
  • Excellent interpersonal, customer care and communication skills.
  • For specialist areas, very specific skills may be required

Knowledge of specialist programmes such as IRIS and LORS may be required for certail specialist roles.


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Contactsheader image

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Organisation: Insurance Institute of Ireland
  Address: Insurance House, 39 Molesworth Street, Dublin 2
  Tel: (01) 677 2582
  Email: Click here
  Url Click here

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Organisation: Insurance Ireland
  Address: Insurance House, 39 Molesworth Street, Dublin 2
  Tel: (01) 676 1820
  Email: Click here
  Url Click here

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Organisation: LIA
  Address: LIA House, 183 Kimmage Road West, Dublin 12
  Tel: 01 - 709 9850
  Email: Click here
  Url Click here

 

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This occupation is popular with people who have the following Career Interests...


...and for people who like working in the following Career Sectors:

Banking, Insurance & Financial Services

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