About the Company
A leading Insurance Company in KSA is currently looking for a Senior Medical Underwriting Leader to head their medical underwriting team in Riyadh.
About the Role
To plan and coordinate the activities of the Underwriting team, providing guidance and expert level advice, and assess high-risk underwriting cases posed by corporate, individual and SME clients and escalate when needed, in order to ensure compliance to the policies, goals, objectives and standards of the Company while striving to increase customer satisfaction
- Contribute to the development of the Company’s strategy by providing input and plans related to Underwriting pricing in line with the overall business objectives
- Ensure that departmental strategies are designed and implemented in ways that directly support the achievement of the Company’s vision, mission and corporate objectives through the development of market leading Medicals Underwriting approaches and techniques.
- Ensure that the Underwriting strategy is translated into operational business plans and monitor the performance of execution in order to achieve the Company’s objectives.
- Direct and oversee all activities of the underwriting processes for corporate clients, individuals and SME to ensure that underwriting risk selection and claim review is properly assessed and aligned to the Company’s risk appetite.
- Monitor the overall Company’s underwriting activities to ensure that all guidelines for corporate clients, individuals and SME are documented and adhered to and vendor relationships are monitored.
- Act as an expert advisor to the Underwriting team, providing guidance and evaluating overall portfolio performance based on profitability metrics, multiline diversification, reinsurance, production metrics and industry trends.
- Define consistent processes for risk assessment, mitigation and of policies to ensure that the underwriting team is appropriately reporting KPIs in a consistent and accurate manner.
- Identify opportunities for improvement of underwriting guidelines for Medical, procedures and tools, policy and coverage provisions and present them to the CUO.
- Approve and validate policies and quotations prepared by underwriting team and define conditions of insurance, rating and the amount of premium for advanced cases that are beyond authority of limit of the team in collaboration with CUO in order to ensure adherence to Underwriting guidelines.
- Review the loss ratio determined by the Underwriting team and resolve any escalated high-risk cases of corporate customers, individuals and SME and take appropriate actions.
- Review and explore, along with CUO, any recommendations provided by the Underwriting team in order to support in strategic planning, develop and/or improve underwriting processing.
- Execute marketing plans, identify, analyze and pursue growth opportunities through managing the entire Medicals underwriting process for corporate clients, individuals and SME.
- Develop advanced understanding of market trends, competitor positioning and offerings, key drivers of the business and industry best practices to enable improvement in Underwriting services in order
to ensure attractive propositions to corporate clients.
- Maintain close relationship with the Claims division to coordinate and communicate any delays or deviations from the policies and guidelines set by the Underwriting team in order to ensure consistency, alignment and ultimately enhanced customer experience.
- Build and maintain business relationships with key agents and brokers to ensure that any issues are properly and addressed in-time, and that the interests of the Company are properly promoted in alignment to the internal policies and the regulatory framework.
- Coordinate the activities of the department to ensure that all work is carried out in an efficient manner, in line with the annual business plans, policies and procedures.
- Ensure that Underwriting team develops negotiation, communication and deal closing skills to detect new business opportunities with existing corporate clients or with prospects.
- Conduct effective resource planning of the Underwriting function in order to maximize the productivity of resources.
- Lead the development of a culture that enables employees to perform in accordance to the Company’s objectives to ensure a performance-based culture among the Company’s departments.
- Define Underwriting department employees’ training and developmental needs and bridge the knowledge gaps to ensure continuous progression and high-level of competence within the team.
- Direct the preparation and consolidation of the department’s budget, monitoring financial performance so that the business is aware of anticipated costs, areas of unsatisfactory performance are identified and rectified promptly
Policies, Systems, Processes & Procedures
- Responsible for defining and driving the changes necessary to develop Underwriting by ensuring the effective development, communication and implementation of an integrated, coherent and leading edge set of practices, policies and processes across all aspects of the business.
- Ensure compliance with corporate requirements on adherence to policies, procedures and instructions within Underwriting area related to all relevant regulatory directives to promote a safe and risk-free environment.
- Lead the management of change through a fundamental re-assessment of current Underwriting practices taking into account international leading practices and changes in the business environment in order to create step change differences in the efficiency and effectiveness of new approaches.
- Ensure that all relevant periodic and ad-hoc reports are prepared timely and accurately, and meet the Department’s requirements, policies and standards.
About the Individual
- Bachelor’s degree in Statistics, Finance or Business Administration or any other relevant field.
- 14-16 years of related experience.
- Master’s degree in Statistics, Finance, Actuarial science or Business Administration, or any other relevant field, or MBA (Preferred)
- Experience in big multinational insurance companies preferred
- High-level knowledge of insurance sector
- Broad IT Proficiency
- High-level financial understanding
- High-level knowledge of regulatory requirements and industry standards
- High-level understanding of all relevant SAMA regulations
- High-level knowledge of the Company’s Underwriting policies, procedures and guidelines
Salary commensurate based on Candidates’ experience
An excellent bonus scheme and other benefits