Bachelor of Business Administration(Management)
Role / Purpose
The Specialist role sits in the Insurance Function's Specialist Vertical and reports to the Director. The position is responsible for administrating across the accounts requirements and all policies and associated renewals, extensions and premium payments. The role requires a strong technical and deep understanding of insurance products and experience in stakeholder management and criticality pathways. This is a key specialist role in the Central Insurance Division in maintaining elevated levels of stakeholder satisfaction and supporting the growth and development of the insurance division at NEOM. The Technical Account and Policy Administration Specialist will be responsible for ensuring the accurate and efficient administration of insurance policies, managing technical accounts, and providing excellent customer support to stakeholders.
Key Responsibilities / Performance Measures (KPIs)
• Policy Administration:
• Maintain accurate records of insurance policies, including coverage details, premiums, and endorsements.
• Process policy applications, renewals, endorsements, and cancellations efficiently and in compliance with relevant regulations.
• Ensure timely and accurate issuance of insurance documents to clients.
• Technical Account Management:
• Monitor and maintain the financial aspects of insurance policies, including premium collections and payment reconciliations.
• Collaborate with underwriters and actuaries to assess the technical aspects of insurance accounts, including risk assessment and pricing.
• Customer Support:
• Serve as a point of contact for internal and external stakeholders addressing inquiries, resolving issues, and providing exceptional stakeholder relationship management.
• Assist internal stakeholders in understanding policy terms, coverages, and any changes to their insurance contracts.
• Compliance and Documentation:
• Ensure adherence to regulatory requirements and internal policies in all policy administration and account management processes.
• Maintain comprehensive and up-to-date documentation for all policy and account activities.
• Data Analysis and Reporting:
• Analyze data related to policies and accounts to identify trends, opportunities, and areas for improvement.
• Generate regular reports on key performance indicators and technical account metrics.
• Process Improvement:
• Continuously seek opportunities to enhance the efficiency and effectiveness of policy administration and account management processes.
BACKGROUND, SKILLS & QUALIFICATIONS
Knowledge, Skills, and Experience
• At least 5 years of progressively responsible experience in the insurance industry, with a focus on back-office administration and technical support.
• In-depth knowledge of insurance products, underwriting and regulatory compliance.
• Strong analytical, financial, and strategic planning skills.
• Effective communication and interpersonal skills to build relationships with internal and external stakeholders.
• Excellent negotiation, communication, and interpersonal skills to manage both internal and external stakeholders effectively.
• Proficiency in administration and documentation tools/software.
• Ability to work independently, make informed decisions, and manage multiple activities concurrently and prioritize accordingly.
• Attention to detail, organizational skills, and a proactive approach to problem-solving.
• Relevant industry certifications and licenses, as required by local regulations.
• Bachelor's degree in business, Finance, Insurance, or a related field; a master's degree or certified membership to a relevant professional association is preferred.
• Insurance and/or risk-related certification/qualifications preferred.
• Previous experience in insurance policy administration, technical account management, or a related role.
• Strong knowledge of insurance principles and regulations.
• Excellent communication and interpersonal skills.
• Attention to detail and strong organizational skills.
• Proficiency in relevant software and tools for policy administration and account management.
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