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Job Description
- ROLE PURPOSE:
To manage contract renewals and new business to achieve highest retention rates and secure growth and profitability of the corporate portfolio to support achievement of Bupa Arabia business objectives
- ACCOUNTABILITIES:
- Corporate Pricing and Underwriting (Renewals):
- Provide precise assessment of risk to support Relationship Team in achieving the highest retention rates for profitable business.
- Estimate the impact of product changes on the contract performance and revise premiums accordingly.
- Agree on final corporate renewal rates.
- Discuss, negotiate and explain quotations and technical results to Relationship Team to ensure complete understanding and agreement on final prices and product changes.
- Revisit the benefits of high loss ratio accounts and recommend product changes and/or adequate price increases to enhance profitability.
- Corporate Pricing and Underwriting (New Business):
- Evaluate the risk profile and set the adequate premiums using the pricing model and product specifications provided by the Account Managers.
- Follow the pricing policy guidelines to consider and approve additional benefits over and above the regulated CCHI policy.
- Renewals Workflow:
- Coordinate with the corporate renewal pricing team to ensure accurate interpretation of results.
- Pricing Model and Strategy:
- Adjust periodically the pricing model and the loading factors according to the provider trends and their movements among the networks.
- Prepare related Cognos reports.
- New Product Development:
- Manage the pricing of new products and set the appropriate risk controls and contribution margins.
- Clients’ Reports:
- Manage the automated and ad hoc reports (frequent users report, management information report) and ensure that they are in line with projected technical results.
- Provide the Relationship Team with customized reports that evaluate contracts past experience and attribution.
- Department reports:
- Manage the monthly reports and provide updates of department KPI’s (retention rate, price increases…)
- Conduct simulations and reports to support management in setting the pricing strategy.
- Automation & Digitization:
- Initiate automation and digitization pricing and reporting activities.
- Leverage technology solutions to further strengthen the pricing control environment.
Skills
• Quantitative analysis.
• Accounting, Finance, and exposure to Underwriting and/or Insurance Industry.
Education
• BS / MS Mathematic/ Actuarial Science / Finance / Economics.
Job Details
Preferred Candidate
Bupa Arabia
Bupa Arabia is a healthcare insurance company based in the Kingdom of Saudi Arabia. We are an associate business of Bupa Group, which is a global healthcare company with an international reach that extends across multiple business operations, practices, and resources.
Founded in October 1997, Bupa Arabia was initially established through a partnership between Bupa Global International and Nazer Group, with the key focus to provide health insurance services with high quality and competitive prices, while ensuring a distinctive experience for customers. Bupa Arabia has since evolved into a fully Saudi-owned and operated company. Our transformation from a joint venture into a publicly traded company on the Saudi Stock Exchange occurred in 2008, as we made 40% of our shares available to the public during our Initial Public Offering (IPO).
As a subsidiary of the global Bupa Group, we draw upon international expertise while maintaining a profound understanding of local healthcare requirements and regulations. This allows us to offer comprehensive healthcare insurance solutions tailored to the unique needs of the Saudi Arabian market.
Bupa Arabia prides itself on its commitment to the wellbeing and development of its employees, providing them with the same standard of care, support, and professionalism that it expects to be delivered to its customers.
Our core values shape every aspect of our work and culture:
Commit – Own it with accountability and urgency.
Collaborate – Win together through cross-functional synergy.
Care – Put people first, both employees and customers.