Associate Underwriter

IDB3460 - Associate Underwriter

Business Unit: ICIEC Division: Not Applicable Department: Underwriting Operations - ICIEC Country: Saudi Arabia Location: Saudi Arabia - Jeddah Job Grade: T1 Closing Date: 19-Apr-2025

JOB PURPOSE

The AU is responsible for handling the day-to-day operations of the Underwriting Support Function (USF) including obtaining proper information adequate and satisfactory for the assessment of the compliance risk, commercial risk, political risk and sector risk of corporates, banks and projects. AU is also responsible for the management of all types of insurance products under different business lines (ST, MT, FIIP, Inward reinsurance, and Fronting Business) which extend over the whole insurance operations cycle. The role holder is responsible for supporting the Underwriters with underwriting activities, reviewing, summarizing financial information and credit reports, drafting changes to, reinstatement of, and cancellation of specific terms and conditions in the policies, and maintaining standardized product documentation including record keeping and act as custodian of documentation.

KEY RESPONSIBILITIES

Credit Information Operations

1. Assists the Head, USF in managing the day-to-day work of the Credit Information to ensure achieving its mandates.
2. Supports the management of the credit information sources, managing the relation with the sources, and helping to optimize the credit information cost.
3. Gathers credit information on buyers and banks and completes the files for risk assessment.
4. Participates in developing, maintaining and managing databases of basic information of the counterparty entities.
5. Registers and processes the credit limit applications under all types of insurance products in a timely manner.
6. Creates, maintains and manages folders for buyers, banks, and policies to save relevant documents.
7. Updates the information about buyers/importers/financial institutions periodically.
8. Assists in identifying new sources for credit information by exploring credit information agencies, third-party online and offline databases etc.
9. Ensures maximum utilization of free information sources and recommends ICIEC’s participation in agreements with information providers to reduce cost.
10. Conducts questionnaires and requests feedback from Underwriters and end-users on the quality of information received from vendors and analyses the feedback.

Policy Management

1. Records incoming policy applications and other documents.
2. Assists the Underwriters in managing all administrative processes pertaining to policies such as registration of policyholders, scanning and filing documents in the IT system, issuing policy amendments, endorsements, loss payees, credit limit approvals, draft memos and letters, etc.
3. Completes accurate entry of application details, issues individual credit limits and policy to the policyholder.
4. Ensures adherence to guidelines for registration of applications with details of the credit limit and premium calculated for the policyholder.
5. Verifies declarations received from policyholders and generates invoices.
6. Reconciles the statement of account with the PH and Accounts & Finance.
7. Closely coordinates with the account manager to reduce the number of receivables from policyholders.
8. Registers and processes policy application stage for all types of insurance products.
9. Handles premium and fees invoicing including follow-up and verification of the declaration.
10. Handles reconciliation with finance and participates in the collection of account receivables.
11. Ensures all documents are well maintained in the relevant folders in IIMS with proper file naming.

Underwriting Operations

1. Assists the Underwriter in managing the policies’ administrative processes including issuing policy amendments, endorsements, loss payees, credit limit approvals, etc.
2. Prepares summary of the credit information report, sector reports, and Financial Statement summary for the underwriter.
3. Prepares draft Underwriting submissions for the underwriting committee.
4. Coordinates with the concerned teams to receive KYC and compliance clearance.
5. Attends due diligence meetings and provides summary of the information gathered.
6. Prepares policy performance report during policy renewals and proposes changes to Policy terms and conditions.
7. Follows up on NPLs in coordination with Claims and Recovery to manage all aspects of outstanding claims.

Other Responsibilities

1. Participation in the automation of the insurance operation processes.
2. Participation in the development of maintaining documentation related to the insurance operations.
3. Performs duties pertinent to the Department/Division/Function as assigned by the supervisor.

JOB REQUIREMENTS

Field of Study: Finance, Business Administration, Banking or Management Information Systems (MIS)
Academic Qualifications and Relevant Experience: 2 Years of Experience Bachelor Degree holder.
Nature of Experience: Prior experience in Finance, Business Administration, Banking or Management Information Systems (MIS) preferably in the IsDB Group or Export Credit Insurance.
Professional Certifications (as added advantage): Credit Insurance, Credit Risk Management, Credit Law, Business Analysis
Business Language Skills: Good command of written and spoken English is essential; additional languages such as Arabic and/or French will be an added advantage.

Generic Key Performance Indicators:

1. The average response time for attending tasks.
2. The quality of deliverables.
3. The quantity of the tasks handled.
4. The cost rationalizing.

Location: Jeddah, KSA
Travel Needed: Yes

If you meet the criteria and you are enthusiastic about the role, we would welcome your application. To complete the application you would need the following document(s):
- Resume/CV
- Passport-size photograph