Pricing Actuary - Property and Casualty Commercial Lines Insurance

GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer in the Middle East and North Africa, with presence in 13 markets including the United Arab Emirates, Bahrain, Oman, Qatar, Saudi Arabia, Algeria, Egypt, Iraq, Jordan, Kuwait, Lebanon, and Turkey. GIG Group reported consolidated assets of US$ 3.83 billion and $69 million net profit for the year 2023. The majority shareholder of GIG Group is Toronto based Fairfax Financia Holding, a global leader in insurance and reinsurance with a presence in 40 markets.

GIG Gulf is an A rated regional insurer with a top 5 position in each of its markets (UAE, Oman, Qatar, Bahrain). GIG Gulf has been present in the region for over 70 years with a strategic focus on both growth and investments and is a one stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs and individual customers throughout UAE, Oman, Bahrain, and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi. Our strategic objectives and guiding principles are focused on Regional Growth, Customer Experience and Digital Transformation.

GIG Gulf has created a diverse and inclusive working environment and culture with a workforce of over 800 employees, with over 60 nationalities, across 15 branches and retail shops region-wide and over 1 million customers. GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. We are obsessed with customer feedback and continuously evolving to become the region's digital insurer of reference, committed to running our operations in a responsible, sustainable way.

Job purpose:

Responsible for technical pricing and portfolio monitoring across all P&C CL products, engaging Regional Office Heads and other stakeholders across the vertical, to ensure the correct decision making to aid profitability and growth.

Provide accurate and complete MI to Senior Management, Finance, Reinsurance and Compliance Teams where required on a regular or Ad-hoc basis.

Key Responsibilities

• Provide pricing and portfolio monitoring to Regional Office LOB experts portfolio performance and recommend solutions to achieve business objectives, through pricing adjustments or other means.
• Provide management timely, accurate and insightful outputs to enable decision making through modelling and statistical analysis.
• Responsible for maintaining adequate portfolio pricing benchmarks for all Commercial Line business.
• Assess impact of deviations from the benchmark pricing on a regular basis at Lines of business level.
• Implement corrective plans where necessary.
• Provide client case pricing support to LOB heads on an ad-hoc basis.
• Develop knowledge of pricing, underwriting systems, processes and awareness of relevant industry issues which impact CL pricing area & incorporate in the work the team do.
• Preparation and distribution of regular internal reports e.g. quarterly business review, ensuring all anomalies are identified, clarified and adjusted for.
• Assist in scoping of new or enhancement to existing systems to ensure they are fit for purpose from a pricing and monitoring perspective.
• Coordinate with Data team on all matters concerning Property & Casualty Commercial Lines data
• Support the development and implementation of new deals/schemes/products
• Lead the forecasting process with Regional Office Heads and Country Managers
• Analyze and provide input to maximize the production and profitability of different distribution channels
• Provide tracking and evaluation of KPIs and Benchmarks for recommendations to management
• Provide ad hoc analysis to support the regional office Heads needed for product development
• Ensure that systems are adequate for the extraction and analysis of data for all Commercial Lines of business.

Role Requirements:

Essential:

• Actuarial background in P&C CL (Pricing or Reserving)
• minimum 5 years of experience in total, out of which 3 years are in Pricing.
• SAS/WPS/SQL coding proficiency
• Advanced skills in MS Office suite
• Excellent communication skills (Written and Oral)
• EMBLEM/RADAR
• PYTHON/R knowledge
• Economics/Corporate Finance experience

Desirable:

• GCC experience