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Senior Executive Manager ? Corporate Pricing (Eastern Region)

1.00 to 10.00 Years   Khobar, Saudi Arabia   10 Nov, 2022
Bupa Arabia
1 Jobs Openings
Job LocationKhobar, Saudi Arabia
EducationBachelor's degree / higher diploma
SalaryNot Mentioned
IndustryInsurance & TPA
Functional AreaNot Mentioned

Job Description

The Senior Executive Manager ? Corporate Pricing (Eastern Region) will 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.Corporate Pricing and Underwriting

  • Manage precise assessment of risk to support the Relationship Team in achieving the highest retention rates for profitable business.
  • Estimate the impact of product changes on contract performance and revise premiums accordingly.
  • Approve final corporate renewal rates and ensure the overall monthly increase is in line with AOP targeted contribution.
  • Discuss, negotiate with and explain quotations and technical results to Relationship Team to ensure complete understanding and agreement on final prices and product changes.
  • Review the benefits of high loss ratio accounts and recommend product changes and/or adequate price increases to enhance profitability.
  • Evaluate the risk profile and set adequate premiums using the pricing model and product specifications provided by the Account Managers.
Renewals Workflow
  • Manage the corporate renewal pricing process through monthly meetings with Sales Director and Regional Managers.
  • Supervise the corporate renewal pricing team to ensure accurate interpretation of results.
Pricing Model and Strategy
  • Ensure changes in regulations on pricing and risk assessment are incorporated into the pricing model
  • Recommend adjustments to the pricing model and the loading factors according to provider trends and their movements among the networks.
  • Ensure the pricing strategy set by the leadership team is implemented and feedback to management on market trends to update the strategy accordingly.
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
  • Increase the team?s productivity by automating and digitizing pricing and reporting activities.
  • Leverage technology solutions to further strengthen the pricing control environment.
People Management
  • Leads team goal setting, manages and constantly reviews team and individual performance and provides regular feedback, coaching and development.
  • Motivates, empowers and enables direct reports by providing the necessary tools and support required to achieve departmental objectives.

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