Chief Underwriting Officer

2 weeks ago

Riyadh, Ar Riyāḑ, Saudi Arabia Intelligent Solutions HR Consultancy Full time

General Overview:

Key Responsibilities:

  • Lead the establishment and execution of the Department's annual plan, budget, objectives, and initiatives in line with the Company's strategic objectives and set KPIs.
  • Direct the department's operations and activities within budget and devise strategies that result in a positive financial impact.
  • Ensure technical profitability of Property and Casualty underwriting portfolio and enable comprehensive portfolio management program.
  • Define and manage the underwriting governance process, including quality assurance, authority delegation, underwriting reviews, accumulation controls, etc.
  • Manage risk appetite and monitor capital absorption through control/optimization of portfolio makeup and diversification.
  • Support in product development and management (i.e., including annual product reviews, etc.) as well as in the management of product offerings and solutions structuring.
  • Oversee market research and screening to ensure appropriate analysis of competitor insurance prices, customer price sensitivity, underwriting trends, forecasted risks, etc.
  • Actively participate in drive management of relationships with key market stakeholders (customers, brokers, and reinsurers).
  • Direct the assessment of customer risk profile using Underwriting manuals, loss/claims history, and predictive analysis to ensure accuracy of analyzing the potential risks that the customer may create.
  • Provide guidance in the design and implementation of treaty reinsurance program and manage facultative reinsurance purchase strategy and optimization protocols.
  • Lead generation of appropriate policy premium based on analysis, ensuring a safe balance between risk retention and profit generation to aid the line of business in achieving profitability targets while protecting it from adverse risks.
  • Respond to queries from regulators, internal and consultative sources.
  • Manage referral process and breach resolution protocols.
  • Monitor business performance at line of business and product levels, and develop/implement industry best underwriting and loss prevention value proposition and underwriting professionalism standards.
  • Provide support to manage net promoter score effectively and efficiently in coordination with Customer Experience.
  • Assist in compliance and customer experience development and management when required.
  • Liaise with upper management, participate in monthly and quarterly business reviews, and present results where needed.
  • Employ analytics and actuarial analysis to drive the development and maintenance of underwriting technical excellence.
  • Develop and maintain underwriting pricing methodology (i.e., development of requisite capabilities, protocols, systems, and tools, etc.) as well as comprehensive pricing and portfolio management systems.
  • Manage portfolio trends and results, ensuring pricing adequacy at portfolio and Line of Business levels.
  • Oversee new and existing products pricing guidelines and provide input/recommendations for potential improvement opportunities.
  • Support in product development and management (i.e., including annual product reviews, etc.) as well as in the management of product offerings and solutions structuring.
  • Assist with the development of a network of risk management consultant professionals and experts.
  • Ensure collection of data such as customerrelated information, reports, claims history, background checks, predictable risks, hazards, etc. needed for the pricing analysis and foster everimproving data quality.
  • Direct risk assessments within the underwriting activities including revisions on portfolio, pricing mechanisms, generated premiums, and risks (i.e., retained or avoided risks) to identify continuous improvements.
  • Develop and maintain underwriting pricing methodology, including development and integration of requisite capabilities, protocols, systems and tools to facilitate operations and pricing, and to enable rulebased underwriting.
  • Oversee risk portfolio throughout the year and review performance to recommend corrective actions for pricing.
  • Ensure validation of claim payout probability for insurance policies to identify profitable and competitive prices based on the calculated risk.
  • Drive talent management and training for Property and Casualty business unit to enhance staff knowledge and capabilities.
  • Direct development of appropriate underwriting capacities and capabilities to ensure proper training of staff.
  • Develop and nurture talent and expand underwriting knowledge within property and casualty business unit.
  • Lead training and succession planning initiatives.
  • Direct the development of the Department's policies, processes, and procedures to increase productivity, attain high quality outputs, and costeffective results in line with relevant regulatory requirements.
  • Lead the development, enhancement and implementation of control systems, and the resolution of escalated noncomplianc

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