Vice President - Health Insurance

Cayman First Insurance; George Town; On-site; MYR 200,000 - 300,000; Full time

Job summary

Cayman First Insurance is seeking a proactive Vice President – Health Insurance to lead its health insurance operations. The successful candidate will develop strategic plans and oversee comprehensive management, ensuring high-quality customer service and financial performance. This executive role requires strong leadership skills and substantial experience in health insurance management.

Benefits

Competitive compensation package

Discretionary bonus eligibility

Subsidized health insurance for employees and dependents

Preferred home and motor insurance

Great company culture and work-life balance

Qualifications

• Over 10 years of experience in health insurance management.
• Exposure to underwriting, claims, operations, and customer care preferred.
• Advanced professional insurance designation (FLMI, CEBS, or HIA) is required.

Responsibilities

• Develop strategic plans for the health insurance portfolio.
• Oversee claims management and ensure compliance with regulatory requirements.
• Manage relationships with clients, brokers, and stakeholders.

Skills

Leadership

Interpersonal Skills

Communication Skills

Knowledge of Health Technology Solutions

Education

Degree in Business, Finance, Insurance, or Economics

Advanced Professional Designation in Life or Health Insurance

Job description

‘First’ is more than our name, it’s our nature. Cayman First is an industry-leading Property & Casualty and Health insurer, delivering best-in-class products and services to respond to the changing needs of individuals, households and businesses. Through our carefully selected network of agents and brokers, we provide protection for our customers today and prepare them for a brighter tomorrow. Cayman First maintains an A- (Excellent) financial strength rating from global credit rating agency AM Best.

PURPOSE OF JOB

We are seeking an experienced and dynamic Vice President – Health Insurance to lead our health insurance portfolio. In this executive role, you will oversee the full spectrum of operations including strategy, marketing, underwriting, administration, customer service, claims management, and overall profitability driving growth and excellence across the business.

JOB RESPONSIBILITIES

Strategic Management

· Develops strategic plans that include leveraging technology to maximize efficiency and profitability.

• Develops and oversees multi-year strategic business plan for the unit.
• Provides reports to Senior Leadership on overall business performance and other deliverables.
• Responsible for the growth of the portfolio by identifying new business and cross-selling opportunities.
• Obtains and optimizes the use of market intelligence, developing and launching suitable products and services, and cultivating a leadership role in the local industry.
• Recognizes business opportunities and threats and plans to accommodate them through long- and medium-term business development while keeping current with market trends through continuous study.
• Spearheads changes to existing protocols and policies across all levels of the organization to create a culture of excellence and profitable growth.
• Drive pricing strategies ensuring competitiveness and profitability.
• Monitor and manage the health loss ratio to ensure it remains within the set risk tolerance thresholds.
• Develop and manage the annual budget for the health unit.
• Monitor performance against budget, analyze variances, and provide actionable insights to senior leadership and the Board.
• Collaborate with the CFO on the health claims reserving (IBNR) and ensure adequate provisioning.
• Oversee the monthly renewals, monitor renewal retention rates and assess the financial impact of lapses, cancellations or lost accounts.
• Manage reinsurance programs related to health lines.
• Oversee health receivable management.
• Oversee claims recoveries from reinsurers.
• Support internal and external audits in relation to the health unit.
• Oversees the Underwriting team by providing direction and guidance on applications and establishing protocols.
• Oversees the development of new methodologies and models to assess the financial risk of the portfolio.

Claims Management

• Establishes a Claims Processing workflow that delivers acceptable levels of accuracy and timeliness.
• Manages the Claims Loss ratio and reports on trends.
• Ensures the efficiency of processing to meet all regulatory requirements.

Relationship Management

• Develops and maintains excellent relationships with the leadership team, business partners and other stakeholders, and staff.
• Maintains direct client, broker, provider, and reinsurer relations.
• Holds quarterly meetings with the HIC and proactively communicate items for awareness.

Compliance

• Ensures compliance with all company protocols, policies, and regulatory requirements.
• Develops and maintains knowledge, awareness, and understanding of company policies and procedures, goals and objectives, key performance indicators (KPI’s), plans and strategies, and work process improvements.

Customer Service

• Directs client communication and interface, which includes proactive communication, handling complaints, audit responses, account issues, and IT issues.
• Establishes the goals and objectives, standards, policies and procedures to achieve high-quality customer service outcomes in accordance with the company’s strategic plan.
• Monitor and promote increased client satisfaction.

People Management

• Provide proactive feedback to direct reports and other team members concerning possible issues, risks or areas of improvement.
• Technically manages the division through continuous training and directions of underwriting, claims, customer service, broker support and provider relations, including sign-off on exceptional underwriting and claim decisions.
• Responsible for ensuring appropriate resourcing levels through workforce planning.
• Establish operational and financials KPIs at the core of the department's performance management.

Requirements

• Degree in business, finance, insurance, or economics from a recognized college or university.
• One advanced professional designation in life or health insurance, such as the FLMI, CEBS, or HIA.
• Ten years’ experience at the management level in health insurance. Two years of exposure each in underwriting, claims, operations, and customer care, preferred.
• Excellent leadership skills.
• interpersonal skills at all levels, including with cross-functional teams.
• Excellent oral and written communication skills.
• Knowledge of and familiarity with health technology solutions.

Cayman First offers a competitive compensation package with eligibility for a discretionary bonus, subsidized health insurance for employees and dependents, preferred home and motor insurance, a great company culture and work life balance. Compensation will be commensurate with experience and qualifications.