Summary
Wataniya Insurance is seeking a General Underwriting Officer in Jeddah to assess insurance applications and determine coverage, premiums and relevant terms. The role includes preparing quotations and endorsements, reviewing claims history and loss ratios, and coordinating with actuaries, risk management, sales and claims teams. Applicants need 1 to 3 years of relevant insurance experience and a bachelor’s degree in mathematics, actuarial studies, data analysis, insurance or risk management. IFCE certification is required, while Cert CII or above is preferred.
The posting
As published on wataniya.com.sa. Pulled from the employer's site and shown as they wrote it.
The Underwriting Officer receives the applications of Risks at the Grade (A) of the risks scale (The risk scale comprises of eight levels upto Grade (H) which is the highest rank at the risks and authority classification scale) when acting as a maker. The Underwriter reviews the submission to accept or reject applications of the insurance cover based on Wataniya’s underwriting manual, guidelines and philosophy of risk appetite. He / She should review and assess risks by weighing risk factors and information from prospective clients. The function at this position aims to evaluate risks, minimize losses, improve profits, and protect company’s assets. He / She should work closely with actuaries, risk management, sales team, and claims managers to ensure balance between attracting and retaining clients through equitable insurance premiums and being able to cover any potential losses at claims. He / She should review the clients’ applications where an endorsement is required, preparing the draft and delivering the draft endorsement to the Senior Underwriting Officer for the checking and final approval.
Job Responsibilities
- Determine; Extent of coverage, the premiums to be charged, and other terms that are relevant and appropriate to the risk.
- Indicate whether facultative reinsurance support is required and alert the Senior Underwriters accordingly in case the sought risk is falling beyond the Treaty facilities to secure special acceptance or alternative security.
- Prepare quotations and pricing summaries and ensure balancing between competitiveness and exposure where no facultative reinsurance is required.
- Assess and suggest possibility of policy in respect of renewal or issuing new quotations upon investigating and reviewing the claim history of the policy, calculating and analyzing the policies loss ratio and number of years being insured.
- Suggest new rates or deductibles or change the quotation terms and communicate them to the Senior Underwriter for checking or approval.
- Analyze and compute results for appropriate premiums considering the risk factors, business nature, risk profile and other parameters to reach the proper judgement.
- Mitigate and limit the policy coverage where the risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials.
- Monitor the client’s applications of the endorsements or applications and evaluate the risks therein.
- Handle the more sensitive applications within the (A) level preparing the draft Quotations / endorsements / policies to be checked by the Senior Underwriter and approved by the Underwriting Supervisor.
- Maintain timely service goals outlined in the underwriting service standards of the Company.
Job Duties
- Study insurance proposals in line with regulatory requirements and prepare quotations.
- Issue renewal notice to clients showing all the changes done after the approval of the line manager.
- Gather and assess background information in order to effectively assess the risk involved.
- Continuously monitor results in cooperation with the claims department.
- Keep records of risk assessment and survey reports.
- Gather information and various types of reports that help to identify the risk and loss ratio.
- Keep detailed and accurate records of policies underwritten and decisions made.
- Liaise with specialists, such as surveyors, or property inspector for risk assessment.
- Examine documents to determine degree of risk from such factors as applicant financial standing, and value and condition of property.
- Issue the policies and endorsements and/or certificates as per the directions of the superiors.
- Perform other related duties as required and assigned by superiors.
- Ensure all transactions are done within the given time frame stated in the Service Level Agreements of the company.
Requirements
Job Qualifications
Educational Background and Certifications:
Bachelor degree in Mathematics, actuary, data analysis, insurance and risk management
IFCE Certified
Cert CII or above qualification (preferred)
Experience:
Relevant years of experience in the field of Insurance, ranged of 1 to 3 years.