Summary
Wataniya Insurance is seeking an Underwriting Officer for its Tamheer program in Jeddah. The role reviews motor insurance submissions, assesses risks, sets coverage terms and premiums, prepares quotations and policies, and monitors portfolio results and renewals. Applicants should have a bachelor's degree in Business Administration, Economics, Commerce or Insurance, IFCE certification, and 1 to 3 years of relevant insurance experience; Cert CII and Arabic-English bilingual ability are preferred.
The posting
As published on wataniya.com.sa. Pulled from the employer's site and shown as they wrote it.
Job Responsibilities:
1. Accept or reject submissions based upon established data quality screening criteria
2. Review submission for coverage, wordings and endorsements for Motor lines
3. Implement the actuarial (Motor only) directives to ensure adequacy of insurance
premiums to meet any potential losses by entering authentic data to the pricing module
and following Wataniya’s underwriting manual/guidelines.
4. Determine; Extent of coverage, the premiums to be charged, and other terms that are
relevant and appropriate to the risk.
5. 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.
6. Prepare quotations and pricing summaries and ensure balancing between
competitiveness and exposure where no facultative reinsurance is required.
7. Risk identification and provision of terms and conditions commensurate with the
business accepted.
8. Respond to servicing inquiries (i.e. billing, commissions, policy information, producer
information, and claims related questions).
9. Ensure correct filling of documents and files including policy proposals and other
business line related documents.
10. Perform regular quarterly portfolio analysis for all account has worked on and track these
accounts thought the year to ensure adequate control and meet company’s defined
underwriting standards.
11. Assess and suggest possibilities 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.
12. Suggest new rates or deductibles or change the quotation terms and communicate them
to the Senior Underwriter for checking or approval.
13. Analyze and compute results for appropriate premiums considering the risk factors,
business nature, risk profile and other parameters to reach the proper judgement.
14. 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.
15. Monitor the client’s applications of the endorsements or applications and evaluate the
risks therein.
16. Check and review the draft endorsements and policies prepared for issuance by the Jr.
Underwriter prior to the final approval by the Underwriting Supervisor.
17. 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.
18. Maintain timely service goals outlined in the underwriting service standards of the
Company.
Requirements
Job Duties:
A. Study insurance proposals in line with regulatory requirements and prepare quotations.
B. Issue renewal notice to clients showing all the changes done after the approval of the
line manager.
C. Gather and assess background information in order to effectively assess the risk
involved.
D. Continuously monitor results in cooperation with the claims department.
E. Keep records of risk assessment and survey reports.
F. Gather information and various types of reports that help to identify the risk and loss
ratio.
G. Keep detailed and accurate records of policies underwritten and decisions made.
H. Liaise with specialists, such as surveyors, or property inspector for risk assessment.
I. Examine documents to determine degree of risk from such factors as applicant financial
standing, and value and condition of property.
J. Issue the policies and endorsements and/or certificates as per the directions of the
superiors.
K. Check the work of the Jr. Underwriters and monitor their performance.
L. Perform other related duties as required and assigned by superiors.
M. Ensure all transactions are done within the given time frame stated in the Service Level
Agreements of the company.
Job Qualifications:
A. Educational Background and Certifications:
1. Bachelor degree in Business Administration, Economics, Commerce, Insurance
2. IFCE Certified
3. Cert CII or above qualification (preferred)
B. Experience:
Relevant years of experience in the field of Insurance, ranged of 1 to 3 years.
C. Skills and Abilities:
1. Bilingual (Arabic and English) “Preferred”
2. Excellent use of Microsoft Office (Specially Excel).
3. Attention to details.
4. Business Acumen.
5. Strong work ethic.
6. Ability to deal sensitively with confidential material.
7. Analytical skills and risk management.
Job Competencies:
A. Behavioral Competencies: (are observable and measurable behaviors, knowledge, skills, abilities, and
other characteristics that contribute to individual success in the organization.)
1. Effective Communication Skills
2. Teamwork and Cooperation.
3. Adaptability.
4. Stress Management.
5. Steadiness.
B. Technical Competencies: (is the ability to perform the activities within an occupation to a defined
standard, consistently and over time.)
1. Analysis and Judgement.
2. Bottom Line Focus.
3. Problem Solving.
4. Attentions to details
5. Own initiative