Work Environment
This occupation is typically found in the following Career Sector(s):
Videos on the Web
- Reinsurance Technician- from: Youtube Search
Most commonly reported Work Activities
- Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
- Selling or Influencing Others Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
- Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- Organising, Planning, and Prioritising Work Developing specific goals and plans to prioritise, organise, and accomplish your work.
- Evaluating Information to Determine Compliance with Standards Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
- Making Decisions and Solving Problems Analysing information and evaluating results to choose the best solution and solve problems.
- Performing for or Working Directly with the Public Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
- Processing Information Compiling, coding, categorising, calculating, tabulating, auditing, or verifying information or data.
- Developing Objectives and Strategies Establishing long-range objectives and specifying the strategies and actions to achieve them.
Working Life
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.
Most commonly reported Work Tasks
- Customise insurance programmes to suit individual customers, often covering a variety of risks.
- Sell various types of insurance policies to businesses and individuals on behalf of insurance companies, including automobile, fire, life, property, medical and dental insurance, or specialised policies, such as marine, farm/crop, and medical malpractice.
- Explain features, advantages, and disadvantages of various policies to promote sale of insurance plans.
- Perform administrative tasks, such as maintaining records and handling policy renewals.
- Seek out new clients and develop clientele by networking to find new customers and generate lists of prospective clients.
- Call on policyholders to deliver and explain policy, to analyse insurance program and suggest additions or changes, or to change beneficiaries.
- Confer with clients to obtain and provide information when claims are made on a policy.
- Interview prospective clients to obtain data about their financial resources and needs, the physical condition of the person or property to be insured, and to discuss any existing coverage.
- Contact underwriter and submit forms to obtain binder coverage.
- Select company that offers type of coverage requested by client to underwrite policy.
Qualities - Reinsurance Technician
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.
Interests - Reinsurance Technician
This occupation is typically suited for people with the following Career Interests:
Administrative
Administrative people are interested in work that offers security and a sense of being part of a larger process. They may be at their most productive under supervisors who give clear guidelines and while performing routine tasks in a methodical and reliable way.
They tend to enjoy clerical and most forms of office work, where they perform essential administrative duties. They often form the backbone of large and small organisations alike. They may enjoy being in charge of office filing systems, and using computers and other office equipment to keep things running smoothly. They usually like routine work hours and prefer comfortable indoor workplaces.
Enterprising
Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and are drawn to commerce, trade and making deals. Some pursue sales and marketing occupations. Many will eventually end up owning their own business, or in management roles in larger organisations. They tend to be very goal-oriented and work best when focused on a target. Some have an entrepreneurial inclination.
Investigative
The Investigative person will usually find a particular area of science to be of interest. They are inclined toward intellectual and analytical activities and enjoy observation and theory. They may prefer thought to action, and enjoy the challenge of solving problems with sophiscticated technology. These types prefer mentally stimulating environments and often pay close attention to developments in their chosen field.
Entry / Progression - Reinsurance Technician
There are many pathways to develop a career in Insurance.
Sample Education and Training Pathways
A number of courses are available throughout the country that focus on learning and skills that may be useful for this career. The examples and links below may guide you in your research.
Further Education (FET)
Further Education & Training (FET) Courses are delivered by local ETBs, ranging in duration from several weeks up to 20 months. Courses are designed to meet the labour market needs and often include a large element of work experience.
Example search terms include: business, office admin, accounting technician.
Search for FET Courses
PLC Courses (FET)
PLC courses are full-time courses, one or two years duration, with awards at Level 5 and 6 on the NFQ. They are offered nationally in Schools and Colleges of Further Education.
Example search terms include: business administration, financial services, accounting, insurance, pre-apprenticeship, banking, financial services, business with insurance, e-business studies with banking and insurance.
Search for PLC Courses
Apprenticeships:
Apprenticeships are structured work-based training programs that combine on-the-job training with classroom instruction. They run from 2 – 4 years and are open to individuals of all ages, including school leavers, those seeking a career change, and existing employees who wish to upskill.
Examples: Insurance.
Search for Apprenticeships
Higher Education CAO (Undergraduate)
Higher Education courses at Levels 6 to 8 on the NFQ, delivered in Universities and Technological Universities & Institutes. Courses run from 2 – 5 years and places are allocated on a points-based system, processed by the Central Application Office.
Example search terms include: insurance, life and general, data scientists, risk management.
Search for CAO Courses
Higher Education (Postgraduate)
Postgraduate courses are courses at Levels 9 and 10 on the NFQ and usually last 1 – 2 years full time, or longer if a PhD or part time. Entrants typically require an undergraduate award (Level 8).
Example search terms include: insurance, life and general, data scientists, risk management.
Search for Postgraduate Courses
Professional Development
Professional development (CPD) courses are specialised training, formal education, or advanced professional learning that improves skills, professional knowledge, competency, and overall effectiveness in the professional world.
If you want to progress into management it is usually necessary to pass the Associateship examination of the Chartered Insurance Institute (CII).
The CII also offers training leading to an insurance foundation certificate a diploma of insurance practice and an advanced diploma in insurance. The representative body for the CII in Ireland is the insurance institute of Ireland which also offers additional Irish law and practice focused programs alongside the Associateship.
Check the Useful Contacts tab on this page to see if there are any professional bodies listed who may provide training related to this career.
Pay & Salary - Reinsurance Technician
Salary Range (thousands per year)* €35k - €65k
Salaries vary based on employer, location, experience, duties, and role.
Data Source(s):
Azon/ Morgan McKinley/ Brightwater/ Sigmar/ Lincoln/ Osborne/ Clark
Last Updated: July, 2024
Labour Market Updates - Reinsurance Technician
Note: The following information relates to occupations that include: Brokers; Insurance underwriters; Finance and investment analysts; Finance and investment advisers.
This information has been derived from the Solas National Skills Bulletin (2023).
Employment levels have grown annually since 2018, with particularly strong growth between 2021 and 2022 of an additional 5,500 persons. Almost all employment is concentrated in the financial activities sector. The share of non-Irish citizens employed, at 23%, was above the national average of 19% and was the highest share across the business/financial occupations.
The CSO Census data for 2022 shows that finance and investment analysts/advisers account for the largest share of employment in this group at over 70%, with insurance underwriters and brokers making up the remainder. Employment permits issued primarily related to various financial analyst roles in the financial sector. Although employment grew strongly in 2022, a 20% fall in online job adverts (particularly for finance/investment analysts) would signal that this growth rate may slow.
Useful Contacts - Reinsurance Technician
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Insurance Institute of Ireland
- Insurance Centre, 5 Harbourmaster Place, IFSC, Dublin 1, D01 E7E8
- (01) 645 6600
- [email protected]
- Click Here
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FSU Financial Services Union (former IBOA)
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LIA
