Director of Insurance

Confidential; Saudi Arabia; On-site; SAR 900,000 - 1,500,000; Full time

Job summary

Confidential, a Saudi-based organization, is seeking an Insurance Director to lead the company's insurance strategy, risk management framework, and operations.

You will design and negotiate corporate policies, manage brokers and insurers, and align risk programs with enterprise objectives.

The role requires a top-tier background in insurance with 10–15 years' experience and at least 5 years in leadership, delivering cost-efficient coverage.

Qualifications

• Bachelor's degree in Insurance, Risk Management, Finance, Business Administration, or related field.
• Master's degree or professional certifications (CII, CPCU, ARM) preferred.
• 10–15 years in insurance or risk management, with at least 5 years in leadership.
• Knowledge of insurance markets, policy structures, and regulatory requirements.
• Experience in corporate insurance programs and claims handling.

Responsibilities

• Develop and implement the organization's insurance and risk management strategy.
• Lead the insurance function, setting goals, KPIs, and performance standards.
• Advise executive management on insurance-related risks and opportunities.
• Design, negotiate, and manage all corporate insurance policies (e.g., property, liability, medical, motor).
• Evaluate coverage needs and ensure adequate protection against potential risks.
• Manage relationships with insurance brokers, insurers, and service providers.
• Oversee the claims process to ensure timely and cost-effective settlements.
• Ensure compliance with local insurance regulations and corporate governance standards.
• Develop and manage the insurance budget and monitor premiums, claims costs, and savings.
• Collaborate with HR, Legal, Finance, Operations on contracts and initiatives.

Skills

Strategic leadership

Negotiation

Risk assessment

Financial acumen

Stakeholder management

Decision-making

Education

Bachelor's degree in Insurance/Risk Management/Finance/Business Admin

Master's degree or professional certifications (CII/CPCU/ARM)

Job description

Job Purpose

The Insurance Director is responsible for leading and overseeing the organization's insurance strategy, risk management framework, and insurance operations. This role ensures optimal coverage, cost efficiency, regulatory compliance, and alignment with the company's overall business objectives.

Key Responsibilities

1. Strategy & Leadership

• Develop and implement the organization's insurance and risk management strategy.
• Lead the insurance function, setting goals, KPIs, and performance standards.
• Advise executive management on insurance-related risks and opportunities.

2. Insurance Program Management

• Design, negotiate, and manage all corporate insurance policies (e.g., property, liability, medical, motor, etc.).
• Evaluate coverage needs and ensure adequate protection against potential risks.
• Manage relationships with insurance brokers, insurers, and service providers.

3. Risk Management

• Identify, assess, and mitigate organizational risks through effective insurance solutions.
• Conduct periodic risk assessments and recommend improvements.
• Ensure alignment with enterprise risk management (ERM) practices.

4. Claims Management

• Oversee the claims process to ensure timely and cost-effective settlements.
• Review major claims and provide strategic direction.
• Analyze claims data to identify trends and reduce future exposure.

5. Compliance & Governance

• Ensure compliance with local insurance regulations and corporate governance standards.
• Maintain proper documentation and audit readiness.
• Liaise with regulatory authorities when required.

6. Financial Management

• Develop and manage the insurance budget.
• Monitor premiums, claims costs, and cost-saving opportunities.
• Provide financial analysis and reporting to senior management.

7. Stakeholder Management

• Collaborate with internal departments (HR, Legal, Finance, Operations).
• Provide insurance guidance for contracts, projects, and new initiatives.
• Support business continuity and crisis management planning.

Qualifications & Requirements

• Bachelor's degree in Insurance, Risk Management, Finance, Business Administration, or related field.
• Master's degree or professional certifications (e.g., CII, CPCU, ARM) preferred.
• Minimum 10–15 years of experience in insurance or risk management, with at least 5 years in a leadership role.
• Strong knowledge of insurance markets, policy structures, and regulatory requirements.
• Experience in corporate insurance programs and claims handling.

Skills & Competencies

• Strategic thinking and leadership
• Negotiation and vendor management
• Risk assessment and analytical skills
• Financial acumen
• Strong communication and stakeholder management
• Decision-making under uncertainty

KPIs (Key Performance Indicators)

• Cost optimization of insurance premiums
• Claims settlement efficiency and turnaround time
• Risk exposure reduction metrics
• Compliance and audit results
• Broker/insurer performance effectiveness