Reinsurance Manager of Insurance Persona

Role of The Reinsurance Manager

Job Title(s): Reinsurance Manager, Senior Reinsurance Analyst, Reinsurance Underwriter
Department: Reinsurance
Reporting Structure: Reports to the Director of Reinsurance or Chief Risk Officer
Responsibilities:

• Developing and managing reinsurance treaties and agreements.
• Analyzing risk exposure and determining appropriate reinsurance coverage levels.
• Collaborating with underwriting and actuarial teams to assess portfolio performance.
• Negotiating terms and conditions with reinsurers and maintaining relationships.
• Monitoring and reporting on the effectiveness of reinsurance programs.
• Ensuring compliance with regulatory requirements related to reinsurance.

Key Performance Indicators:

• Cost savings achieved through reinsurance negotiations.
• Accuracy of risk assessments and coverage levels.
• Timeliness and effectiveness of claims handling with reinsurers.
• Compliance with regulatory standards and internal policies.
• Overall performance of the reinsurance program (loss ratio, recovery rates).

Additional Persona Notes: Focuses on managing risk transfer strategies, requires strong analytical skills, and needs tools for treaty management, analytics, and reporting.

Goals of A Reinsurance Manager

Primary Goals:

• Optimize reinsurance treaty structures to enhance risk management.
• Improve overall profitability through effective risk transfer strategies.
• Strengthen relationships with key reinsurance partners to ensure competitive terms.

Secondary Goals:

• Enhance data analytics capabilities for better decision-making in reinsurance placements.
• Streamline reporting processes to improve transparency and efficiency.
• Develop and implement training programs for staff on reinsurance concepts and practices.

Success Metrics:

• 15% reduction in net loss ratio through optimized reinsurance arrangements.
• 25% increase in efficiency of treaty management processes.
• 90% satisfaction rate from reinsurance partners based on feedback surveys.
• 30% improvement in accuracy and timeliness of reinsurance reporting.
• 100% compliance with regulatory requirements related to reinsurance transactions.

Primary Challenges:

• Managing complex reinsurance treaties and terms.
• Ensuring accurate data reporting and analytics for risk assessment.
• Keeping up with regulatory changes and compliance requirements.

Secondary Challenges:

• Limited collaboration and communication between departments.
• Difficulty in forecasting and modeling risks accurately.
• Pressure to reduce costs while maintaining coverage adequacy.

Pain Points:

• Time-consuming manual processes that hinder efficiency.
• Struggling to find reliable data sources for informed decision-making.
• Challenges in negotiating favorable terms with reinsurance partners.

Primary Motivations:

• Mitigating risk for the primary insurance company.
• Ensuring financial stability and profitability through effective reinsurance strategies.
• Building strong relationships with reinsurers for favorable terms and support.

Secondary Motivations:

• Enhancing the company’s reputation within the reinsurance market.
• Staying compliant with regulatory requirements and industry standards.
• Fostering innovation in risk management practices.

Drivers:

• Desire to protect the financial interests of the organization and its clients.
• Commitment to continuous professional development and industry knowledge.
• Passion for data analytics and its application in risk assessment.

Primary Objections:

• High costs associated with reinsurance premiums.
• Concerns about the reliability and financial stability of reinsurance partners.
• Complexity of treaty negotiations and terms.

Secondary Objections:

• Lack of transparency in reinsurance pricing models.
• Uncertainty regarding claims handling and dispute resolution processes.
• Previous negative experiences with reinsurance providers.

Concerns:

• Maintaining adequate capital reserves while managing reinsurance costs.
• Ensuring compliance with regulatory requirements in different jurisdictions.
• Assessing the potential impact of catastrophic events on reinsurance agreements.

Preferred Communication Channels:

• Email for official communications and updates.
• Video conferencing tools for remote meetings with partners and stakeholders.
• Industry-specific forums and online communities for knowledge sharing.
• In-person meetings for negotiations and strategic planning.

Information Sources:

• Reinsurance market reports and publications.
• Insurance industry news websites and journals.
• Professional associations and organizations in the insurance sector.
• Webinars and online training sessions focused on reinsurance topics.

Influencers:

• Top executives from reinsurance companies.
• Industry analysts and thought leaders.
• Regulatory bodies and insurance commissioners.
• Networking contacts from industry conferences and events.

Key Messages:

• Optimize risk management through strategic reinsurance partnerships.
• Enhance financial stability by leveraging reinsurance solutions.
• Foster collaboration between primary insurers and reinsurers for mutual benefit.

Tone:

• Analytical and data-driven.
• Professional and authoritative.
• Collaborative and solution-oriented.

Style:

• Direct and focused.
• Informative and precise.
• Formal yet approachable.

Online Sources:

• Insurance News Websites (e.g., Insurance Journal, Insurance Business America)
• Industry Blogs and Publications (e.g., Reinsurance News, The Insurance Insider)
• Professional Networking Platforms (e.g., LinkedIn Groups related to Reinsurance)

Offline Sources:

• Industry Conferences and Seminars (e.g., The Reinsurance Association of America events)
• Networking Events with Reinsurance Professionals
• Trade Publications and Journals (e.g., The Journal of Reinsurance)

Industry Sources:

• Reinsurance Companies (e.g., Munich Re, Swiss Re)
• Industry Associations (e.g., The Reinsurance Association of America, The International Association of Insurance Supervisors)
• Consulting Firms Specializing in Insurance and Reinsurance (e.g., Aon, Willis Towers Watson)