Financial Analyst (Medical Insurance)

Confidential Company; Dubai; On-site; AED 120,000 - 160,000; Full time

Job summary

A confidential company in Dubai is seeking a Financial Analyst for its medical insurance portfolio. This mid-level role will focus on financial planning and analysis, pricing strategies, and claims analysis while collaborating closely with senior leadership. Candidates must possess relevant experience in financial analysis and a strong grasp of the health insurance sector's dynamics.

Qualifications

• 3–5 years of experience in financial analysis or planning in medical insurance.
• Strong knowledge in FP&A processes and financial modeling.
• Effective communication skills for presenting financial insights.

Responsibilities

• Manage annual budgets and forecasts for medical insurance.
• Conduct detailed analysis of claims data and performance metrics.
• Collaborate with cross-functional teams on pricing strategies.

Skills

Analytical Skills

Communication

Problem-Solving

Education

Bachelor’s degree in Finance, Accounting, Economics, Business Administration

Tools

Microsoft Excel

Microsoft Power BI

Job description

The Financial Analyst (Medical Insurance) is a mid-level role responsible for supporting the financial health and strategic planning of the company’s medical insurance portfolio in the UAE. Reporting directly to the Executive Vice President of Life & Medical, this position provides critical financial planning and analysis (FP&A), contributes to pricing strategy decisions, and conducts in-depth claims analysis. The analyst will work closely with senior leadership and cross-functional teams to ensure data-driven decision-making, effective budgeting and forecasting, and profitable management of medical insurance products. This role requires a detail-oriented finance professional with a strong background in health insurance finance and the ability to thrive in a dynamic, competitive insurance market environment.

Key Responsibilities

• Financial Planning & Analysis (FP&A): Develop and manage the annual budgets and quarterly forecasts for the medical insurance line of business. Monitor financial performance against budgets, perform variance analysis, and provide insights on revenue, claims costs, and expenses to inform strategic decisions.
• Management Reporting: Prepare detailed monthly and quarterly financial reports for the Life & Medical division, highlighting key performance indicators (KPIs) such as premiums, claims ratios, loss ratios, and profitability metrics. Present findings and recommendations to senior management in a clear and concise manner.
• Pricing Strategy Support: Collaborate with the pricing and actuarial teams to evaluate and refine pricing strategies for medical insurance products (e.g. group health plans and individual medical policies). Conduct financial modeling and profitability analysis for new and existing products, ensuring pricing is competitive yet sustainable. Provide data-driven recommendations on premium rates and product pricing based on claims experience and market trends.
• Claims Analysis: Analyze medical insurance claims data to identify trends, cost drivers, and anomalies. Track claims frequency, severity, and medical cost inflation to assess their impact on financial results. Work with the claims and underwriting departments to recommend actions for controlling claim costs and improving the loss ratio, such as network adjustments or wellness program investments.
• Strategic Financial Insights: Support the EVP of Life & Medical in strategic planning by providing scenario analysis and financial impact assessments. Evaluate the financial viability of new initiatives (e.g. launching a new insurance product, entering a new market segment, or adjusting policy terms) through detailed analysis and forecasting.
• Cross-Functional Collaboration: Partner with cross-functional teams — including Underwriting, Actuarial and finance — to align financial analysis with business strategies. Ensure that financial considerations (e.g. profitability, risks) are incorporated into product development, marketing campaigns, and customer proposals for medical insurance offerings.
• Risk Management and Compliance: Assist in monitoring and forecasting insurance reserves related to the medical portfolio in coordination with the actuarial team. Support internal and external audits or regulatory reporting requests by providing necessary financial data and explanations.
• Ad-hoc Analysis: Provide ad-hoc financial analysis and reporting as requested by the Executive VP or other senior leaders. This could include deep dives into specific cost centers, evaluating the impact of regulatory changes in healthcare insurance, or analyzing competitive financial data in the UAE insurance market to guide decision-making.

Desired Candidate Profile

Required Qualifications

• Education: Bachelor’s degree in Finance, Accounting, Economics, Business Administration, or a related field (required).
• Experience: 3–5 years of relevant experience in financial analysis or planning, with prior experience in the medical insurance or health insurance sector (required).
• FP&A Expertise: Strong knowledge of financial planning and analysis processes, including budgeting, forecasting, and variance analysis. Ability to develop financial models and interpret financial statements (income statement, balance sheet, cash flow) as they relate to insurance operations.
• Insurance Knowledge: Solid understanding of insurance industry finance and terminology – especially in medical insurance. Familiarity with key insurance metrics (e.g. loss ratios, claims ratios, underwriting profit) and how they are influenced by pricing and claims trends.
• Analytical Skills: Excellent analytical and problem-solving skills, with the ability to dissect complex datasets and draw insightful conclusions. High level of comfort working with large sets of numerical data, maintaining accuracy and attention to detail in all analyses.
• Communication: Effective communication and presentation skills. Able to translate financial analysis and technical details into business insights and clearly convey recommendations to non-financial stakeholders, including senior management.

Preferred Qualifications

• Local Market Experience: Experience in the UAE healthcare or insurance market is highly advantageous. Familiarity with the UAE’s health insurance landscape, regulatory environment, and market dynamics (such as DHA/HAAD health insurance regulations or typical medical insurance practices in the region) will be a plus.
• Advanced Education: A master’s degree or MBA in Finance, Business, or a related field is a plus (though not mandatory), especially if it included a focus on financial management or insurance.
• Professional Certification: Certifications such as Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), or equivalent credentials are preferred. These indicate a strong foundation in accounting/finance principles and analytical rigor.
• Language Skills: Fluency in English is required for this role. Arabic language skills are a plus but not required.
• Industry Tools/Standards: Familiarity with international insurance financial reporting standards or frameworks (for example, awareness of IFRS principles for insurance contracts) is an added benefit. Knowledge of any regional reporting requirements or industry benchmarks in insurance will also be useful.

Skills & Tools

• Microsoft Excel (Advanced): Expert-level proficiency in MS Excel is required. Ability to build complex financial models, use advanced formulas, pivot tables, and data analysis tools to manipulate and analyze large datasets. Should be capable of creating scenario analyses and sensitivity analyses in spreadsheets.
• Microsoft Power BI: Strong proficiency in Power BI for developing interactive dashboards and reports. Capable of transforming raw data into meaningful visualizations and KPI dashboards to aid in decision-making. Experience in connecting to various data sources and creating insightful business intelligence reports focused on financial and claims data.
• Data Management: Comfortable working with databases or large data files related to policy and claims information. Basic knowledge of SQL or other data analysis tools is a plus for querying datasets, though not mandatory.
• Reporting & Presentation Tools: Proficiency in Microsoft PowerPoint and Word for creating management presentation decks and documentation of analysis. Ability to succinctly document assumptions, methodologies, and findings in a professional format.
• Analytical & Interpersonal Skills: (Soft Skills) Strong quantitative and analytical mindset combined with business acumen. High attention to detail with a commitment to accuracy. Effective collaboration skills and the ability to work cross-functionally. A problem-solving attitude and willingness to continuously learn and adapt to the evolving needs of the medical insurance business.

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