Reinsurance Manager

SBI General Insurance; Mumbai; On-site; INR 800,000 - 1,200,000; Full time

Job summary

SBI General Insurance in Mumbai seeks an experienced Reinsurance professional focused on facultative placements and market engagement. You will send proposals, negotiate terms with reinsurers and brokers, and coordinate with underwriting and sales to align on strategy.

The role requires careful data verification, timely documentation, audit readiness, and adherence to IRDAI guidelines, with a focus on maintaining high-rated reinsurer relationships and accurate PPW reporting.

Responsibilities

• Send proposals to reinsurers considering market dynamics to reach relevant partners.
• Interact with reinsurers/brokers to secure competitive terms and resolve queries.
• Collaborate with underwriting and sales to plan RI market interactions.
• Verify and analyze data from underwriting before sending to reinsurers/brokers.
• Support auditors with documentation and resolve facultative audit queries.
• Identify reinsurers with A- and above ratings for facultative placements.
• Maintain facultative placement data (Premium, Commission, Reinsurer, PPW).
• Keep Treaty slips/agreements and REMS & RCRMP with reinsurers for regulator submission.
• Monitor remittance of Facultative Premium per PPW clause.
• Place facultative contracts per IRDAI guidelines and maintain complete database.

Skills

Reinsurance knowledge

Facultative placement

Data analysis

Stakeholder management

Job description

Role & responsibilities

• Send proposals to the market considering market & direct side dynamics to reach out to relevant reinsurers
• Interact with Reinsurers / Brokers on a continuous basis to ensure competitive contract terms, improve facultative commission and effective query resolution
• Collaborate and discuss with the underwriting & Sales teams about current market trends and business strategy to accordingly plan interactions with the RI market.
• Verify & analyze data provided by underwriting team before sending it to the re-insurers / brokers
• Interact with various stakeholders and provide necessary documentation and resolve queries for facultative as and when requested by auditors to assist in early audit query resolution
• Identify reinsurers while ensuring the placement of Facultative contracts are only with A- and above rated securities.
• Maintain facultative placement data base including data points such as Premium, Commission, Reinsurer, PPW etc to ensure effective monitoring and analysis
• Maintain signed Treaty slips / agreements, Reinsurance Program, REMS & RCRMP from the re-insurer for submission to the regulator, third party assessment review, audit of Risk allocation, accounts & processes in a timely manner
• Monitor process for remittance of Facultative Premium to ensure adherence to the PPW clause
• Placement in accordance with IRDAI laid guidelines and maintenance of complete database for facultative palcement.