Job Purpose The Life Underwriting and Pricing Manager is responsible for managing underwriting operations, technical pricing, and risk assessment across Walaa’s primary life insurance (individual life, group life, credit life policies) and inward reinsurance (group and credit life) business lines. The role ensures prudent risk selection, technically sound and commercially competitive pricing, strategic portfolio alignment, and optimal profitability, while continuously enhancing underwriting and pricing practices, tools, and performance monitoring.
Key Responsibilities1. Underwriting & Risk Management Lead and oversee underwriting decisions across group life, credit life, individual life insurance lines, and inward reinsurance. Ensure consistent application of underwriting guidelines and prudent risk assessment. Evaluate complex and high-risk cases, providing decisions and second opinions where necessary. Maintain and update underwriting authority limits and ensure appropriate delegation within the team. Collaborate with actuarial, pricing, claims, product, and sales teams for alignment and continuous improvement. Ensure underwriting decisions are consistent with technical pricing assumptions, underwriting philosophy, and the company’s risk appetite.
2. Pricing & Product Profitability (Group Life, Credit Life, Inward Reinsurance) (Preferred to have) Own and manage the technical pricing framework for group life, credit life, and inward reinsurance schemes (QS treaties and other arrangements). Develop, maintain, and enhance pricing models and rating tools in coordination with the actuarial team, including:Risk premium calculations and technical rate tables. Loadings for expenses, commissions, and reinsurance costs. Target margins consistent with the company’s profitability, capital, and risk appetite. Perform quote-level profitability assessments for major tenders and key accounts, including expected loss ratio, combined ratio, and margin analyses. Provide pricing recommendations and clear rationale for non-standard terms, discounts, and special conditions to management and sales. Lead or support regular experience investigations (mortality, morbidity, disability, lapse, expenses) for group and credit life portfolios and inward treaties, and adjust pricing bases accordingly. Ensure pricing alignment with reinsurance treaties, retrocession structures, and capital requirements. Work with Finance, Actuarial, and Risk to ensure consistency of pricing with IFRS 17, RBC and IA regulatory expectations (where applicable). Support the development of pricing governance (approvals, documentation, audit trail) and ensure consistency across channels and segments.
3. Inward Reinsurance Manage the risk assessment and pricing support of quota-share (QS) treaties for inward group and credit life. Lead treaty technical discussions, including expected loss ratios, margins, profit commission structures, and experience-based adjustments. Negotiate and execute treaties with cedants and brokers in Saudi Arabia and GCC, in coordination with reinsurance, actuarial, and finance functions. Ensure alignment with company risk appetite, profitability goals, and reinsurance strategies. Monitor treaty performance and recommend adjustments in pricing, terms, or underwriting approach based on experience.
4. Analytics, Monitoring & Reporting Drive development and quality assurance of dashboards and analytics to support portfolio and pricing oversight. Monitor and analyze portfolio performance by segment (group, credit, individual, inward reinsurance), including loss ratios, persistency, and expense metrics. Monitor actual performance versus pricing assumptions and profitability targets, highlighting deviations and corrective actions. Prepare monthly portfolio reports, including performance insights, trends, and actionable recommendations. Coordinate with the Risk Department on monthly risk reporting and insights. Oversee and provide input into weekly sales reporting and trend monitoring, with focus on profitability and technical adequacy of quotes.
5. Team Leadership and Development Coach and develop underwriters on technical, regulatory, pricing, and personal skills. Provide training on technical pricing concepts (risk premiums, loadings, margins, treaty structures) to underwriting and sales teams. Support HR in the implementation of structured training programs and certifications. Establish departmental objectives aligned with corporate goals and manage day-to-day operations using planning and performance tools. Foster a culture of accountability, collaboration with actuarial/pricing teams, and fact-based decision-making.
6. Strategic & Operational Excellence Identify and recommend initiatives to improve portfolio profitability, pricing discipline, and risk control. Lead underwriting and pricing participation in product development and enhancements (e.g., new schemes, optional benefits, riders). Support system development and enhancements in collaboration with IT, including underwriting and pricing engines, quotation tools, and dashboards. Define and uphold turnaround times and workload distribution to optimize efficiency and service levels. Maintain a culture of quality service, urgency, and continuous improvement.
7. Strategic Business Development & Client Servicing Collaborate with brokers to originate, develop, and retain group life, credit life, and individual life business, ensuring that underwriting and pricing support commercial objectives while protecting technical margins. Work with insurance companies, regional partners and commercial team to develop and grow the inward reinsurance portfolio, including identifying opportunities, supporting structuring of treaties, and participating in technical and commercial negotiations. Partner with the sales and relationship management teams to deliver high-quality client servicing for key corporate clients, banks, and cedants, ensuring timely responses on quotations, renewals, and technical queries. Support renewal and retention strategies by providing portfolio insights, repricing recommendations, and structured technical communication to brokers and clients. Act as a technical point of contact in client and broker meetings, explaining underwriting decisions, pricing rationales, and experience analyses in a clear and professional manner. Contribute to business development plans and pipeline reviews, providing a technical view on the attractiveness, risk profile, and expected profitability of new schemes and treaty opportunities.
Desired Job Profile: Bachelor’s degree in Insurance, Risk Management, Actuarial Science, Mathematics, Statistics, Business Administration, or related field. Professional certifications such as LOMA, ALU, or actuarial exams (SOA/IFoA/IAA or equivalent) are highly desirable.5+ years of relevant life underwriting experience, including exposure to group life and credit life. Demonstrated experience in life pricing for group and/or credit life schemes and/or life reinsurance treaties in KSA or GCC is strongly preferred. Experience in managing underwriting portfolios, analytics reporting, and supporting technical pricing decisions is essential. Exposure to Insurance Authority regulations, RBC frameworks, and IFRS 17 concepts is an advantage.
Personal Attributes / Skills:Strong analytical, statistical, and risk assessment skills, with ability to interpret experience studies and portfolio results. Advanced proficiency in Excel (including complex formulas, pivot tables, scenario analysis); experience with actuarial or analytics tools (e.g., Prophet, R, Python, Power BI, or similar) is an advantage. Solid understanding of life insurance pricing principles, including risk premiums, loadings, margins, and treaty structures. Strong commercial acumen: ability to balance technical pricing adequacy with market competitiveness and broker/client expectations. Strong communication and presentation abilities, including the ability to explain technical pricing and underwriting concepts to non-technical stakeholders. Effective negotiation and interpersonal relationship management with brokers, cedants, corporate clients, and internal stakeholders. Leadership and mentoring capabilities with a solution-oriented mindset and ability to drive change and continuous improvement. High level of accuracy, attention to detail, and discipline in documentation and governance. Fluent in English and Arabic (written and spoken).
Working terms:Full-time, office-based role in Al Khobar. Up to 50% travel may be required for meetings with partners, brokers, and clients.