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Reinsurance Technician

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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.


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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.


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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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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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Career Guidance

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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