MUHAMMAD RAHAIL AKHTAR
UNDERWRITING MANAGER - MEDICAL & LIFE
DAMMAM,SAUDI ARABIA
Summary
With a cumulative 17 years of experience in Medical, Life, and General Insurance across South Asian and Middle Eastern markets. Possess a diverse skill set in underwriting, operations, and reinsurance roles.
Overview
18
18
years of professional experience
8
8
years of post-secondary education
1
1
Certificate
Work History
Underwriting Manager – Life
Walaa Cooperative Insurance Company
Al Khobar, KSA
05.2023 - Current
- Established and manage a team of 6 in underwriting, operations and reinsurance, providing guidance, support, and training as needed.
- Consistently monitor underwriting performance indicators such as new business hit ratio, renewal retention, turnaround times, ensuring proper reinsurance support, and implementing necessary enhancements. As a result, the GWP remained steady at 193M in 2023, while profitability was achieved.
- Analyze current operational processes and identify areas for improvement to streamline workflows and increase efficiency.
- Support in implementing company's strategies plans to optimize risk management, enhance financial stability, and support business objectives.
Underwriting Manager – Life & Medical
Walaa Cooperative Insurance Company
Al Khobar, KSA
01.2021 - 04.2023
- Supervised a team of 4 underwriters, providing guidance, support, and training as needed.
- Developed pricing strategies considering factors such as claims experience, inflation, and competitive benchmarks.
- Observed underwriting performance metrics, including quotation hit ratio, customer retention, loss ratios, and profitability, and initiated enhancements resulting in meeting medical business targets by underwritten GWP of SAR 362M in 2021 and SAR 657M in 2022 alongside life insurance underwritten GWP SAR 155M in 2021 and SAR 200M in 2022.
- Actively engage with the actuarial team to support pricing decisions, ensuring alignment between underwriting practices and financial objectives.
Senior Underwriter – Life & Medical
Walaa Cooperative Insurance Company
Al Khobar, KSA
05.2019 - 12.2020
- Provided mentorship and guidance to junior underwriters, sharing expertise and best practices in risk assessment and decision-making.
- Make high-level underwriting decisions on challenging cases, weighing various risk factors and potential impacts on the insurance portfolio, resulting in securing commendable 10% growth rate relative overall gross written premiums.
- Drive innovation in underwriting processes and methodologies to improve decision-making accuracy, efficiency.
- Foster strong relationships with key stakeholders across both medical and life insurance segments through effective communication and collaboration.
Operations Officer
Al Ahli Takaful Company
Jeddah, KSA
12.2015 - 04.2019
- Manage policy issuance, endorsements, and renewals, coordinating with underwriters, agents, and policyholders to facilitate smooth and timely processing.
- Manage premium billing processes for group life insurance policies, including generating premium invoices, processing payments, and reconciling accounts.
- Review policy documents for compliance with underwriting guidelines, regulatory requirements, and company policies, making corrections or updates as necessary.
- Generate and analyze reports on key policy administration metrics, such as policy issuance volumes, premium collections and policy lapses.
Underwriter – Motor
Saudi United Cooperative Insurance Co. (Wala’a)
Al Khobar, KSA
11.2013 - 11.2015
- Evaluate the risk associated with group motor insurance policies, considering factors such as the group size, claims history to assess the likelihood of future claims and determine appropriate coverage and pricing.
- Monitor the performance of the motor insurance portfolio, analyzing key metrics such as loss ratios, claims frequency, and profitability.
- Communicate with agents, brokers, and policyholders to provide guidance on underwriting decisions, policy terms, coverage options, and premium calculations.
Underwriter – Medical
Saudi United Cooperative Insurance Co. (Wala’a)
Al Khobar, KSA
06.2012 - 10.2013
- Assess the risk associated with group medical insurance applications, including reviewing the health status of group members, claims experience, utilization patterns and draft quotes.
- Communicate with brokers, clients, and other stakeholders to provide guidance on underwriting decisions, policy terms, coverage, and premium calculations.
- Manage the medical insurance portfolio, analyzing key performance metrics such as loss ratios, and profitability.
Assistant Manager– Actuarial & Underwriting
Allianz EFU Health Insurance Limited
Karachi, Pakistan
08.2006 - 06.2012
- Assist in making underwriting decisions on group health insurance cases, determining coverage eligibility, policy terms, benefit limits, and premium rates in accordance with underwriting guidelines and company policies.
- Assist in developing pricing strategies for group health insurance products, considering factors such as claims experience, healthcare costs, demographics, and group characteristics.
- Oversee the administration and maintenance of group health insurance policies, ensuring accuracy and completeness of policy documentation and adherence to regulatory requirements.
- Stakeholder Communication and Relationship Management
Education
FLMI - Life Insurance
Life Office Management Association, LOMA (USA)
11.2016 - 11.2018
Underwriting Certificate - Life & Health
Life Office Management Association, LOMA (USA)
01.2013 - 05.2013
MBA - Marketing
ILMA University (Formerly IBT)
Karachi/Pakistan 12.2008 - 12.2011
Executive MBA -
Preston University
Karachi/Pakistan 01.2007 - 12.2007
Bachelors - Commerce
Govt. Premier College
Karachi/Pakistan 01.2004 - 12.2005
Skills
- Analytical Skills
- Attention to Detail
- Communication Skills
- Decision Making
- Adaptability
- Team Management
- Process improvement
- Risk management
- Data analysis
- Continuous Learning
- Project Management
Languages
English
Upper intermediate (B2)
Urdu
Native
Affiliations
- Playing Cricket, Running, Photography, Travelling, Watching Movies
Certification
1. Group life and group credit life pricing / underwriting by RGA Reinsurance Company in UAE
2. Group life and group credit life pricing / underwriting by Gen Re in KSA
3. Insurance Orientation Program by “Bahrain Institute of Banking and Finance” in KSA
4. Entrepreneurship in Emerging Economies by “Harvard”
Work Availability
monday
tuesday
wednesday
thursday
friday
saturday
sunday
morning
afternoon
evening
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Timeline
Underwriting Manager – Life
Walaa Cooperative Insurance Company
05.2023 - Current
Underwriting Manager – Life & Medical
Walaa Cooperative Insurance Company
01.2021 - 04.2023
Senior Underwriter – Life & Medical
Walaa Cooperative Insurance Company
05.2019 - 12.2020
FLMI - Life Insurance
Life Office Management Association, LOMA (USA)
11.2016 - 11.2018
Operations Officer
Al Ahli Takaful Company
12.2015 - 04.2019
Underwriter – Motor
Saudi United Cooperative Insurance Co. (Wala’a)
11.2013 - 11.2015
Underwriting Certificate - Life & Health
Life Office Management Association, LOMA (USA)
01.2013 - 05.2013
Underwriter – Medical
Saudi United Cooperative Insurance Co. (Wala’a)
06.2012 - 10.2013
MBA - Marketing
ILMA University (Formerly IBT)
12.2008 - 12.2011
Executive MBA -
Preston University
01.2007 - 12.2007
Assistant Manager– Actuarial & Underwriting
Allianz EFU Health Insurance Limited
08.2006 - 06.2012
Bachelors - Commerce
Govt. Premier College
01.2004 - 12.2005
Accomplishments
Successfully led end-to-end implementations of core insurance systems of Group Life, Group Credit Life and Reinsurance Inward products in 2016 and 2023.
References
References available upon request.
Cumulative Work Experience
Medical: ██████████ (11 years)
Life: ████████ (8 years)
Motor: ██ (2 years)
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