Actuary

Consulture Search; Jeddah; On-site; SAR 350,000 - 550,000; Full time

Job summary

Consulture Search seeks an experienced Actuary to provide leadership across product development, pricing, reserving, risk management, and strategic decision-making within the Saudi health insurance market.

Reporting directly to the CEO, the successful candidate will guide actuarial studies, modelling, and executive insights to support profitability, regulatory compliance, and long-term growth in the GCC region.

Qualifications

• Bachelor's degree in actuarial science or related field required.
• Fellowship with an actuarial organisation preferred or required exemptions.
• Minimum 5+ years of actuarial experience in health/medical insurance.
• Strong pricing, reserving, risk management, and profitability analysis skills.
• Experience in GCC insurance markets highly desirable.
• Advanced analytical, modelling, and data interpretation skills.
• Excellent stakeholder management and executive communication capabilities.

Responsibilities

• Lead actuarial support for health insurance product development and pricing.
• Design pricing methodologies and rating structures for profitability.
• Perform reserve valuations and monitor claims development trends.
• Support enterprise risk management and reinsurance strategies.
• Analyze profitability and deliver recommendations to improve outcomes.
• Provide actuarial insights for strategic planning and decision-making.
• Prepare reports for executives and regulators; develop dashboards.

Skills

Pricing

Reserving

Risk management

Profitability analysis

Strategic advisory

Stakeholder management

Analytical modelling

Executive communication

Education

Bachelor's Degree in Actuarial Science, Mathematics, Statistics, Economics, Finance, or related discipline

Fellow of an Actuarial Organisation (examinations-based qualification)

Job description

About the Role

The Companyis seeking an experienced Actuary to provide actuarial leadership across product development, pricing, reserving, risk management, and strategic decision-making. Reporting directly to the CEO, the successful candidate will play a critical role in supporting the company's financial strength, profitability, regulatory compliance, and long-term growth objectives within the Saudi health insurance market.

The role is open to all FIA qualified nationalities.

Key Responsibilities

Product Development & Pricing

• Lead actuarial support for the development of health insurance products.
• Design pricing methodologies and rating structures to ensure profitability.
• Evaluate product performance and recommend enhancements based on market analysis.

Actuarial Analysis & Reserving

• Conduct actuarial studies and technical assessments across the portfolio.
• Perform reserve valuations and monitor claims development trends.
• Ensure actuarial assumptions and methodologies remain robust and appropriate.

Risk Management & Reinsurance

• Support reinsurance strategy, programme design, and optimisation.
• Assess insurance and portfolio risks through quantitative modelling.
• Provide actuarial input into enterprise risk management initiatives.

Financial Performance & Profitability

• Conduct profitability testing and product feasibility assessments.
• Analyse key performance indicators and emerging business trends.
• Deliver recommendations to enhance underwriting and financial outcomes.

Strategic Planning & Business Advisory

• Act as a trusted advisor to the CEO and Executive Management Team.
• Support strategic initiatives aimed at increasing market share and growth.
• Provide actuarial insights to support business planning and decision-making.

Reporting & Stakeholder Management

• Prepare actuarial reports for Executive Management and Board Committees.
• Develop presentations, dashboards, and management information packs.
• Maintain effective relationships with external appointed actuaries and regulators.

Technical Leadership & Capability Development

• Develop actuarial models, tools, and methodologies to improve underwriting accuracy.
• Support the creation of technical training programmes for underwriting teams.
• Promote actuarial best practice and continuous improvement across the organisation.

Education & Qualifications

• Bachelor's Degree in Actuarial Science, Mathematics, Statistics, Economics, Finance, or a related discipline.
• Fellow of an Actuarial Organisation that has an examinations based qualification
• Minimum 5+ years of actuarial experience within health insurance, or medical insurance
• Strong expertise in pricing, reserving, risk management, and profitability analysis.
• Experience working within GCC insurance markets is highly desirable.
• Advanced analytical, modelling, and data interpretation skills.
• Strong commercial awareness and strategic business acumen.
• Excellent stakeholder management and executive communication capabilities.