Senior Medical Pricing Officer

About the Role

Masarat Insurance is seeking a Senior Medical Pricing Officer to join their team in Riyadh, Saudi Arabia. This full-time role involves managing medical insurance pricing requests for both new business and renewals, ensuring competitive pricing and appropriate coverage for clients.

Role Purpose

The primary purpose of this position is to manage the end-to-end medical insurance pricing process. This includes obtaining and analyzing quotations from insurers, preparing detailed comparisons, and supporting negotiations to secure optimal terms for clients. The role is critical in ensuring the accuracy and completeness of pricing submissions and maintaining strong relationships with insurers and internal teams.

Key Responsibilities

• Review medical insurance quotation and renewal requests, ensuring all required information is complete before market submission.
• Prepare and submit Requests for Quotation (RFQs) to insurers and follow up to ensure timely receipt of quotations within service level agreements (SLAs).
• Analyze policy performance, including claims data, loss ratio, utilization, and census changes where applicable.
• Review insurer quotations to identify and document differences in pricing, benefits, provider networks, exclusions, and terms.
• Prepare clear technical and commercial quotation comparisons for internal teams and clients.
• Coordinate with insurers to clarify quotations, resolve discrepancies, and obtain revised offers.
• Support negotiations with insurers to improve pricing, benefits, and commercial terms.
• Handle complex pricing cases and escalate major issues to the Pricing & Placement Supervisor as needed.
• Maintain accurate records of quotations, insurer responses, and pricing history.
• Coordinate with Client Relations, Sales, and Medical Operations throughout the quotation and renewal process.
• Monitor outstanding quotations and ensure timely follow-up and closure.

Qualifications and Experience

Candidates for this position should possess 2-5 years of relevant experience in medical insurance pricing or a similar field. A strong understanding of insurance products, market dynamics, and negotiation strategies is essential for success in this role.

Work Environment

This is a full-time position based in Riyadh, Saudi Arabia, requiring collaboration with various internal departments and external insurance providers. The role operates within a dynamic environment focused on delivering competitive insurance solutions.

Application Process

Interested candidates are encouraged to apply. Salary details will be discussed during the interview process.