OLUWAMAYOWA OWOYEMI
Fort Worth,TX
Summary
Reinsurance risk analyst with highly competitive market experience. About 10 years of experience involving the insurance industry. Worked to achieve organizational goals and objectives by working with existing staff and facilities by contributing the best of ability and quota; challenges not withstanding while enjoying job satisfaction.
Overview
10
10
years of professional experience
1
1
Certification
Work History
HEAD, Reinsurance & Statistics (Commercial Insurance Underwriting)
Coronation Insurance Plc
Lagos
2022.02 - Current
- Responsible for all reinsurance functions whilst reporting to the Executive Director, Operations and Managing Director/CEO
- Analyzing Commercial Insurance and Reinsurance risks and contracts in line with best practice
- Analyzing risks to determine quotation in compliance with approved rating guide
- Leveraging Brokers relationship in order to achieve reinsurance cost optimization
- Synergy with Sales Unit and agents for product spread to achieve market penetration
- Propose recommendation on risks especially on risks with high loss ratio
- Overseeing of company’s reinsurance claims recovery on surplus treaty and excess of loss
- Supervision of all reinsurance functions (Energy and Special Risks inclusive)
- Negotiation of Energy & Special Risks reinsurance treaty terms
- Negotiation of Non-Energy & Special Risks reinsurance treaty terms
- Ensuring the optimization of reinsurance cost; achieving the best reinsurance terms at the most optimized cost
- Preparation of periodic reinsurance technical report to the ED for presentation at the Board Technical Committee
- Ensuring that all risks above the company’s capacity is placed on FAC and also ceded into the treaty
- Supervision of the analysis of the company’s customer database to ensure cross selling
- Ensure that the Reinsurance unit contributes largely to the Gross Premium Written
- Ensuring the use of market analysis and business reciprocity to drive business growth.
- Cultivated interpersonal skills by building positive relationships with others.
- Developed and maintained courteous and effective working relationships.
- Managed time efficiently in order to complete all tasks within deadlines.
- Developed strong communication and organizational skills through working on group projects.
- Gained extensive knowledge in data entry, analysis and reporting.
LEAD Reinsurance Specialist (Non-Energy)
Heirs Insurance Limited (Subsidiary of Heirs Holdings Ltd)
Lagos
2020.10 - 2022.01
- Responsible for all non-special risks reinsurance functions whilst reporting to the Executive Director, Operations and Managing Director/CEO
- Arranged Heirs Insurance Ltd’ 2020/2021 treaty reinsurance contract in line with the company’s goal as a start-up
- Mapped out the reinsurance functions/operational manuals and SLA as a startup
- Negotiation of the company’s Treaty Reinsurance contracts in line with best practice as well as achieving best terms
- Preparation of all reinsurance accounting templates (Risk Profiles, Statistics, Triangulation, Adjustments, Profit and Sliding Scale Commission)
- Overseeing of all Non-Special risk reinsurance functions.
TEAM Lead, Reinsurance (Non-Energy)
Sanlam Nigeria General Insurance
Lagos
2017.07 - 2020.09
- Overseeing of all reinsurance operations whilst reporting to the Head, Underwriting
- Ensuring team members are prompt in procedures aimed at reducing the company’s risk exposure in line existing processes and risk contracts
- Redefined the company’s Facultative Outwards Reinsurance output in order to reduce error in the processing of Facultative Outwards payment upon resumption
- Negotiation of Treaty Reinsurance contracts during renewals which in turn increases the company’s Gross Capacity on various classes of business
- Preparation of Risk profile, quarterly bordereaux, Statement of Account and Loss Bordereaux for Treaty Reinsurance negotiation
- Processing of Non-Special risk FAC Oblig arrangements, Quarterly Accounts, Annual Accounts (Adjustments inclusive) and maintenance of regulatory documents for Reinsurance.
Reinsurance Team Member (Aviation and Non-Energy)
LINKAGE ASSURANCE PLC
Lekki Lagos
2014.05 - 2017.07
- Processing of Reinsurance (Facultative, Proportional and Non-Proportional Treaty) on various classes of business
- Increased the unit’s premium income on Facultative Inwards Reinsurance basis by over 52% within a year (2014/2015)
- Became a contributor/member of the Standard Operation Procedure (SOP) team that successfully worked with Price Water House Coopers (PWC) SOP team members to define and propose a standard organizational structure for the company
- Preparation of Risk profile, Bordereaux, Statement of Account and Loss Bordereaux for Aviation Treaty Reinsurance negotiation and renewals especially on Excess of Loss basis
- Assisted by updating General Treaty Reinsurance analysis and data (Risk Profile, Treaty Statistics and XOL adjustment account)
- Maintained a good customer relationship with contemporaries in order to successfully maintain large inflow of businesses which in turn increases unit’s income
- Made recovery of claims based on Facultative Reinsurance arrangement and ensure the notification of claim to Reinsurers in the case of Outstanding claims
- Prompt response to regulatory expectations (Submission of reports, returns, Board’s resolution on Aviation Treaty Reinsurance and renewal documents) in order to avoid sanctions
- Prompt response to the placement of businesses on Facultative Reinsurance arrangement based on company’s risk appetite and treaty limit to minimize exposure and protect shareholder’s fund.
Education
Bachelor of Science - Demography and Social Statistics
Covenant University
06.2012
Senior School Certificate (S.S.S.C.E) -
Honey Spring High School
07.2006
Skills
- Aviation Insurance/Reinsurance
- Facultative Reinsurance
- Relationship Building
- Commercial Insurance/Reinsurance
- Report & Analysis
- Claims Management
- Staff Training & Leadership
- Project Management
- Business Communication
- Interpersonal Communication
- Research
- Problem-Solving
- Data Entry
- Organization and Time Management
- Team Management
- Collaboration
- Written Communication
Affiliations
- CHARTERED INSURANCE INSTITUTE OF NIGERIA - APRIL 2017
- PROJECT MANAGEMENT INSTITUTE - OCTOBER 2020
- RISK MANAGERS SOCIETY OF NIGERIA - OCTOBER 2021
Certification
- Associate of the Chartered Insurance Institute of Nigeria (ACIIN), 01/2021
- Associate Member of the Risk Management Society of Nigeria, 10/2021
- Certified Business Analysis Professional (Ongoing)
Work Availability
monday
tuesday
wednesday
thursday
friday
saturday
sunday
morning
afternoon
evening
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Quote
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Timeline
HEAD, Reinsurance & Statistics (Commercial Insurance Underwriting)
Coronation Insurance Plc
2022.02 - Current
LEAD Reinsurance Specialist (Non-Energy)
Heirs Insurance Limited (Subsidiary of Heirs Holdings Ltd)
2020.10 - 2022.01
TEAM Lead, Reinsurance (Non-Energy)
Sanlam Nigeria General Insurance
2017.07 - 2020.09
Reinsurance Team Member (Aviation and Non-Energy)
LINKAGE ASSURANCE PLC
2014.05 - 2017.07
Bachelor of Science - Demography and Social Statistics
Covenant University
Senior School Certificate (S.S.S.C.E) -
Honey Spring High School
- Associate of the Chartered Insurance Institute of Nigeria (ACIIN), 01/2021
- Associate Member of the Risk Management Society of Nigeria, 10/2021
- Certified Business Analysis Professional (Ongoing)
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