The Financial Academy expresses its sincere gratitude and appreciation to all those who participated in the stages of this project, from various organizations to experienced professionals for their fruitful efforts and active participation that contributed to reflect the existing practices in the Saudi financial sector market and align it with the best applicable standards to bring the industry to global best practices. Will follow a 4-level architecture, reflecting the market structure and typical roles in the market, with a description at the lowest level.
The FS Competency
Job role
Job family
Segment
Sector
INSURANCE
Protection and Savings
Reinsurance
Medical Insurance General Insurance
Insurance) Brokerage
Insurance Segments
Segment Definition
The FS Competency Framework Structure
Insurance
Job Family
Job Family Job Family Code
Job Family Code
Job Family CodeUnderwriting
Job Family Definition
Job Family CodeActuary
Job Family CodeCustomer Care
Job Family Code Loss Adjustment/
Job descriptions provide the financial sector with a powerful standardized tool for aligning professional skills and exposing financial sector professionals to new employment opportunities.
Job role descriptions provide the Financial Sector with a strong standardised tool to match professional skills and expose Financial Sector professionals to new job opportunities. Each job role
4-6 competencies
3 core competencies , shared by all job roles in the same sector
Technical competencies, mapped based on skills needed for successful performance
Behavioural competencies, mapped based on the nature and level of the job role
Introduction
Job FamilyJob Family Code
Insurance Job Families and Job Role Breakdown
ActuaryIAC
Reinsurance / Retro OperationsIRR
Collection and RecoveryICR
Customer careICC
Loss Adjustment/ AssessorsILA
ISI Sales and Distribution / Intermediaries
Job role profile
Job family code Job family title Job role code Job role title
Core Competencies
Technical Competencies
Behavioral Competencies
Contribute to formulating the overall strategy of the organization, in collaboration with others in the executive team, focusing on the Claims function of the organization. Negotiate the settlement of the organization's material loss claims according to claims management policies and procedures, while monitoring reserves.
Supervisor
Collect claims and claim data in accordance with organization procedures and verify the accuracy and completeness of the documents provided. Develop and implement appropriate written policies and procedures to enable effective management of reinsurance placements and administration, and reinsurance claims/assets. Ensure proper calculation of reinsurance compensation, taking into account the organization's risk appetite when determining the risk amounts to be ceded.
Manager
Process requests from insurers and the risk management team for reinsurance and ensure that new policies are added to the reinsurance treaty.
Specialist
Approve and ensure implementation of collateral and asset valuation function policies and procedures and ensure their effectiveness. Manage collateral and asset valuation function and ensure it meets the approved valuation standards as well as the regulatory requirements. Manage internal and external relationships and represent the organization in all business matters related to collateral and asset valuation function.
Valuation
Contribute to formulating the overall strategy of the organization, in collaboration with others in the executive team, with a focus on the collateral and asset valuation function of the organization. Ensure periodic revaluation of the collateral and assets owned by the organization to continuously update the asset books and ensure that appropriate action is taken in case of devaluation of the collateral. Contribute to formulating the organization's overall strategy, in collaboration with others in the executive team, focusing on the Collection and Recovery function of the organization.
ICR Collection and Recovery ICR50 Head of Collection and Recovery
Approve and ensure implementation of collection and collection policies and procedures and ensure their effectiveness. Manage collection and recycling and ensure compliance with regulatory requirements as well as market standards. Contribute to the development of the organization's collection and collection criteria and develop related policies and procedures.
ICR Collection and Recovery ICR40 Collection Manager
Oversee payment and collection schedules and loan portfolio trend analysis to ensure efficient and timely collections. Monitor delinquencies and ensure appropriate remedial action in coordination with the credit department to minimize defaults. Contacts delinquent, charged, or high-risk customers to secure payment and determine the reason for delinquencies on active or inactive loan, deposit, and/or credit card accounts.
ICR Collection and Recovery ICR30 Senior Collection Specialist
Contact debtors for advice on collection amounts and due dates to facilitate timely repayment and maximize recovery. It provides support to debtors and answers questions related to the terms of the loan agreement, default and default charges, and advises on recovery procedures.
ICR Collection and Recovery ICR20 Collection Officer
Contribute to the formulation of the organization's overall strategy, in collaboration with others on the executive team, focusing on the Organization's Compliance and Anti-Money Laundering function. Approve and ensure the implementation of the policies and procedures of the Compliance and Anti-Money Laundering function and ensure its effectiveness. Manage the Compliance and Anti-Money Laundering function and ensure its compliance with regulatory requirements as well as market standards.
Anti-Money Laundering
Contribute to formulating the overall strategy of the organization, in collaboration with others in the executive team, focusing on the customer service function of the organization. Approve and ensure the implementation of customer service function policies and procedures and ensure their efficiency. Manage the customer service function and ensure it meets regulatory requirements and market standards.
Customer Care
Contribute to the organization's overall strategy in collaboration with others on the executive team, with a focus on the organization's health operations. Manages healthcare activities and ensures their compliance with regulatory requirements and market standards. Manages internal and external relations and represents the organization in all business matters related to healthcare operations.
IHO Health Operations IHO40 Pre-Authorization & Field Manager
Develop and oversee the implementation of medical policies and pre-authorization procedures in accordance with the organization's claims criteria. Recommend the appropriate price for the requested service by reviewing updated provider packages with the organization's medical policies. Review the patient's medical record and discuss with the treating consultant to ensure efficient and timely service.
IHO Health Operations IHO30 Senior Pre-Authorization Specialist
Review the accuracy and completeness of the information required for prior authorization and ensure that the prior authorization decision is appropriate. Assist with medical necessity documentation to expedite approvals and ensure appropriate follow-up. Monitor the frequency and recurrence of prior authorization requests to advise on potential policy changes and associated risk factors.
IHO Health Operations IHO10 Pre-Authorization Associate
Contribute to formulating the overall strategy of the organization, in collaboration with others in the executive team, focusing on the loss compensation/assessor function of the organization. Approve and ensure the implementation of the policies and procedures for the loss compensation/assessor function and ensure their efficiency. Manage the loss adjustment/assessor function and ensure it meets regulatory requirements and market standards.
Assessors
Investigate, analyze and determine the degree of responsibility of the organization in relation to the class of business. Advise insurers and clients of required site/item improvements to reduce risks. Investigate questionable claims and make final decisions in the claims process on the validity and coverage of the claimant's policy.
Contribute to the formulation of the overall organization's strategy, in collaboration with others on the executive team, focusing on the organization's Policy Operations. Manage policy operations and ensure compliance with regulatory requirements as well as market standards. Manage internal and external relationships and represent the organization in all business matters related to Policy Operations.
IPO Policy Operations IPO20 Policy Operations Specialist
Identify areas of weakness in the signature policy forms and explain why those areas are problematic in relation to the organization's signature policy and provide solutions. Process approved applications and ensure all policy information, required documentation, forms and templates are in place for release. Work closely with the legal department to draft and finalize acceptable wording and issue policies that ensure regulatory compliance.
IPO Policy Operations IPO10 Policy Operations Associate
Approve and ensure the implementation of the policies and procedures of the Product Development function and ensure their efficiency. Manage the product development function and ensure it meets regulatory requirements and market standards. Manage internal and external relationships and represent the organization in all business matters related to the product development function.
IPD Product Development IPD50 Head of Product Development
Contribute to shaping the organization's overall strategy in collaboration with others on the executive team, focusing on the organization's product development function. Implement a new product roadmap and ensure the organization's product portfolio is inclusive and meets customer demand. Manage the implementation and operation of new technologies and service innovations for all of the organization's products and services.
IPD Product Development IPD40 Product Development Manager
Identify critical gaps in the organization's product portfolio and develop and implement product development opportunities. Measure and monitor product or service performance and present product-related consumer, market and competitive intelligence to management.
IPD Product Development IPD30 Product Development Supervisor
Monitor market trends and information collected by the organization to identify potential areas for the development of new financial products and the restructuring of existing products. Take new and modified products from the commercial line from concept to implementation across all industries for the targeted niche.
IPD Product Development IPD20 Product Development Specialist
Provide regular feedback on target segments and product requirements for local markets, including product specification functionality and pricing. Use internal and external data sources to improve the organization's understanding of product markets, competitor activities, and customer segments. Conduct an initial analysis to assess the need for the requested changes and their potential impact.
IPD Product Development IPD10 Product Development Associate
Contribute to the formulation of the overall organization's strategy, in collaboration with others on the executive team, focusing on the organization's Risk Management function. Approve and ensure implementation of Risk Management function policies and procedures and ensure their effectiveness. Manage Risk Management function and ensure compliance with regulatory requirements as well as market standards.
ISI Sales and Distribution / ISI50
Contribute to the overall strategy of the organization in collaboration with others on the executive team, focusing on the sales/brokering function of the organization. Approve and ensure implementation of sales/dealer function policies and procedures and ensure their effectiveness. Manages the sales/brokerage function and ensures its compliance with regulatory requirements and market standards.
Intermediaries Head of Sales and Distribution/
Intermediaries
Contribute to the development of sales strategy according to market needs, including the use of intermediaries and other channels.
ISI Sales and Distribution / ISI40
Organize, coordinate and lead sales teams of agents and brokers and ensure compliance with organization policies and procedures. Oversee and lead sales teams on complex and important deals and ensure they are handled appropriately.
ISI Sales and Distribution / ISI30
Analyze clients' current insurance policies and suggest additions or changes to suit the client in accordance with the organization's policies.
ISI Sales and Distribution / ISI20
ISI Sales and Distribution / ISI10
Contribute to the formulation of the overall organization's strategy, in collaboration with others on the executive team, focusing on the organization's Underwriting function. Manage underwriting function performance and ensure implementation of organization's policies and procedures as well as regulatory compliance. Ensure accurate and timely delivery of account renewals and new business quotes through expert analysis of premium rate development and risk evaluations.
The Career pathways indicate career potential movements and series of job roles that individuals can go through during their career lifespan in the Financial Sector. This may differ based on the organization’s