Chief Underwriting Officer - Riyadh, المملكة العربية السعودية - Intelligent Solutions HR Consultancy
وصف
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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