Senior Parametric Insurance Design Specialist

Job Title: Senior Parametric Insurance Design Specialist

Location: UAE (Remote)

Employment Type: Full-Time

Work Arrangement: Fully Remote

Level: Senior

About Us

We are seeking an experienced Senior Parametric Insurance Design Specialist to develop, structure, and optimize parametric insurance solutions that provide rapid, transparent payouts based on predefined measurable events or indices. This role combines insurance product design, quantitative risk analysis, data evaluation, and commercial risk management to create innovative coverage solutions for corporate clients, financial institutions, agricultural businesses, infrastructure operators, and other risk-exposed organizations.

The successful candidate will have strong knowledge of parametric insurance structures, trigger design, data quality assessment, and basis risk management. They will collaborate with underwriting, actuarial, catastrophe modeling, data science, distribution, and reinsurance teams to deliver practical and commercially viable insurance products.

Key Responsibilities

• Design and develop parametric insurance products for weather, natural catastrophes, agriculture, energy, infrastructure, business interruption, and other suitable risk exposures.
• Define measurable insurance triggers, payout thresholds, attachment points, exhaustion points, and payout structures aligned with client risk profiles.
• Evaluate potential trigger variables, including rainfall, temperature, wind speed, seismic intensity, flood levels, drought indicators, and other relevant event measurements.
• Analyze historical event data, weather observations, satellite imagery, geospatial information, and third-party datasets to assess trigger reliability.
• Develop and refine payout curves, index structures, and event thresholds to balance product affordability, coverage effectiveness, and commercial viability.
• Evaluate basis risk arising when parametric payouts differ from actual economic losses experienced by insured parties.
• Conduct historical simulations, back-testing, scenario analysis, and sensitivity testing to evaluate product performance under different event conditions.
• Collaborate with actuarial and underwriting teams to support pricing, risk selection, expected loss estimation, and portfolio exposure assessments.
• Assess the availability, accuracy, consistency, independence, and reliability of data sources used to determine policy triggers.
• Develop transparent trigger calculation methodologies and establish procedures for event verification, data reconciliation, and payout determination.
• Work with technology providers, meteorological agencies, satellite data vendors, and other external partners to assess data integration options.
• Support product development from initial concept through feasibility analysis, technical design, documentation, testing, and launch.
• Prepare product specifications, technical methodologies, policy wording inputs, payout examples, and supporting documentation.
• Ensure product structures align with applicable insurance regulations, contractual requirements, and internal governance standards.
• Collaborate with brokers, reinsurers, clients, and distribution teams to explain product mechanics, coverage limitations, and payout conditions.
• Monitor claims and event outcomes, analyze product performance, and recommend improvements to trigger calibration and payout structures.
• Support portfolio monitoring, accumulation risk analysis, and reinsurance structuring for parametric insurance solutions.
• Track developments in climate risk, catastrophe modeling, financial technology, remote sensing, and parametric insurance market practices.

Qualifications and Experience

• Bachelor's or master's degree in Actuarial Science, Mathematics, Statistics, Economics, Environmental Science, Meteorology, Engineering, Finance, or a related discipline.
• Typically 7–10 years of relevant experience in parametric insurance, insurance product development, catastrophe risk modeling, actuarial analysis, or quantitative risk management.
• Strong understanding of parametric insurance mechanisms, index-based coverage, trigger design, payout calculations, and basis risk.
• Experience developing or evaluating insurance products linked to measurable events, environmental indicators, or predefined performance indices.
• Knowledge of relevant data sources, including weather stations, satellite observations, geospatial datasets, catastrophe databases, and other independently verifiable measurements.
• Demonstrated ability to conduct historical back-testing, statistical analysis, scenario modeling, and sensitivity assessments.
• Familiarity with insurance pricing principles, risk transfer structures, reinsurance arrangements, and portfolio risk management.
• Understanding of natural catastrophe risks, climate-related exposures, agricultural risks, or other relevant applications of parametric coverage.
• Proficiency in Python, R, SQL, or similar tools for data processing, statistical analysis, modeling, and automation.
• Advanced Excel skills and experience with analytical visualization or geospatial tools are advantageous.
• Knowledge of insurance policy documentation, product governance, and applicable regulatory considerations.
• Strong analytical, commercial, problem-solving, and communication skills.
• Ability to explain complex technical methodologies and payout mechanics to non-technical stakeholders.
• Relevant actuarial, insurance, risk management, or quantitative modeling qualifications are advantageous.
• Ability to work independently in a remote environment and collaborate effectively with multidisciplinary international teams.

Key Performance Indicators (KPIs)

• Trigger Accuracy: Reliability and reproducibility of predefined event triggers and payout calculations.
• Basis Risk Management: Effectiveness in reducing material mismatches between parametric payouts and intended risk protection.
• Data Quality: Accuracy, availability, consistency, and auditability of trigger data sources.
• Model Validation: Quality of historical back-testing, scenario analysis, sensitivity testing, and product performance evaluation.
• Product Development Timeliness: Delivery of product design milestones, technical specifications, and launch requirements within agreed timelines.
• Pricing and Risk Assessment: Quality of analytical inputs supporting premiums, expected losses, and risk exposure estimates.
• Payout Transparency: Clarity and verifiability of trigger methodologies and payout determination procedures.
• Portfolio Performance: Effectiveness in monitoring event exposures, product outcomes, and portfolio risk concentrations.
• Governance and Compliance: Adherence to product approval processes, documentation standards, and applicable regulatory requirements.
• Innovation and Improvement: Contribution to enhanced product structures, data integration, analytical methods, and customer risk protection.

What We Offer

• Competitive compensation aligned with experience, qualifications, and technical expertise.
• Fully remote working arrangement within the UAE-based employment framework.
• Opportunities to develop innovative insurance solutions for climate, catastrophe, agriculture, energy, and infrastructure risks.
• Exposure to advanced quantitative modeling, geospatial analytics, and data-driven insurance product development.
• Collaboration with actuarial, underwriting, catastrophe modeling, data science, and reinsurance professionals.
• Opportunities for professional development in parametric insurance, climate risk, and emerging insurance technologies.
• A professional environment that values innovation, analytical rigor, transparent product design, and practical risk transfer solutions.

How to Apply

Interested candidates should submit an updated CV highlighting their experience in parametric insurance design, index-based risk transfer, trigger calibration, basis risk assessment, and quantitative modeling.

Please include relevant qualifications, analytical tools, data sources used, and examples of parametric insurance products or risk modeling projects where appropriate and permissible.

Email Subject Line: Application – Senior Parametric Insurance Design Specialist (UAE Remote)

• We welcome applications from experienced insurance and quantitative risk professionals who combine strong analytical capabilities with innovative thinking, commercial awareness, and a commitment to designing transparent and effective risk transfer solutions.