WHAT IS REINSURANCE?
Think reinsurance sounds like insurance, and that sounds boring, or worse? Insurance has existed in various forms for hundreds, if not thousands, of years because it is based on the idea that by coming together to share in the cost of risk, people can reduce the consequences of a sudden loss that would otherwise be unaffordable. This in turn allows people to make their hopes and dreams, like owning a car, buying a house, starting a company and employing people, reality. Insurance fuels almost every interaction we have today and makes things we would be too afraid to do without it possible.
Similarly, reinsurance allows insurance companies to share the burden of risk with other companies so they can honor their commitments if a catastrophic loss occurs and many policies are impacted at the same time. Reinsurance brokers help our clients – insurance companies – identify reinsurance partners to diversify and absorb risk. Reinsurance is often described by people working in the industry as “the best kept secret” because the average person has no need to know reinsurance exists, and yet it is a dynamic, engaging, social place to work with ample opportunities for career growth and learning. Come join our growing team and experience what the exciting world of reinsurance is all about!
WHO IS LOCKTON RE?
Lockton Re is the reinsurance broking arm and one of the newest segments of Lockton Companies. With approximately 75 employees in the US and 100 in the UK, Lockton Re is a rapidly expanding global platform. Our service-minded culture and entrepreneurial spirit fosters innovation and creativity, and the ability to do what’s best for our insurance company clients and their business. Reinsurance is often one of the largest expenditures an insurance company will make on an annual basis. As such, we work with senior executives to make highly critical decisions around their risk management programs and purchasing philosophy.
QUALITIES OF A SUCCESSFUL CANDIDATE
Able and willing to learn new things – hardly anyone comes out of college knowing about reinsurance, so we’ll teach you, but you must be eager to learn
Numerically literate – you don’t have to be a math major, but you do need to be able to think and reason about numbers and do basic math
Collaborative and team-oriented – insurance works because people work together; reinsurance broking is no different
A good communicator, both verbally and in writing – telling a compelling story and conveying your ideas clearly is what reinsurance broking is all about
Able to think creatively and demonstrate problem-solving skills – new challenges inevitably arise, especially in a new company. Doing the best we can for our customers requires resourcefulness, imagination, and determination
Interested in building relationships – reinsurance is a relationship-driven industry and interacting with customers, reinsurers and colleagues in social settings is part of the job
Trusted with detailed tasks – details matter, so having a process for reviewing your work to find mistakes and noticing when something doesn’t look right help to build trust with colleagues, customers and reinsurance partners
Adaptable to changing environments – as a start-up company that is growing fast, we are gaining new employees and customers daily, so things move quickly and are constantly changing
- Participate in rotational program to learn the various reinsurance “basics”.
- Assist Brokers and Senior Broker in the production, design, analysis and administration of reinsurance programs on behalf of client partners.
- Assist in preparing pre-renewal documents, underwriting submissions and organizing/tracking quotations.
- Assist in handling and maintaining files.
- Assist in liaising with the claims, accounting and contract departments to ensure consistent and best-in-class service standards.
- Assist in liaising with the Compliance department where necessary to ensure adherence to company guidelines.
- Develop and present long term project to the Broking team based on knowledge gained throughout the program.
- Be accountable to Brokers and Senior Broker(s) to provide excellent and timely service to clients.