Team Lead - Insurance

Team Lead - Insurance

About Business:

Adani Group: Adani Group is a diversified organisation in India comprising 10 publicly traded companies. It has created a world class logistics and utility infrastructure portfolio that has a pan-India presence. Adani Group is headquartered in Ahmedabad, in the state of Gujarat, India. Over the years, Adani Group has positioned itself to be the market leader in its logistics and energy businesses focusing on large scale infrastructure development in India with O & M practices benchmarked to global standards. With four IG rated businesses, it is the only Infrastructure Investment Grade issuer in India.

AEL Corporate Services (AEL CS): AEL Corporate Services plays a pivotal role in managing essential corporate functions such as finance, insurance, and secretarial services at a group level for all Adani business units. By centralizing these critical operations, AEL CS ensures efficiency, standardization, and strategic alignment across the conglomerate. Its expertise in risk management, governance, and financial stewardship supports the Group's dynamic growth while maintaining compliance with global standards. Through innovation and a commitment to excellence, AEL CS underpins the Adani Group’s vision of sustainable value creation and nation-building. 

JOB PURPOSE

This role is responsible for leading the company's insurance activities, ensuring comprehensive coverage for the group’s assets, new acquisitions, and projects. This role includes overseeing the insurance renewal process, preparing detailed Request for Proposals (RFPs), handling claims, managing relationships with local insurers and reinsurers, and ensuring compliance with insurance policies.

Risk Transfer Strategy Execution & Insurance Management

• Lead the assessment of emerging global risks, including climate-related, cyber, and geopolitical risks, to ensure the group’s insurance portfolio remains adaptive.
• Support the Group Head in the reinsurance procurement process for high-value and complex risks, collaborating with reinsurers to secure optimal coverage for emerging risks.
• Lead the insurance needs analysis for new assets, acquisitions, and business ventures by coordinating with business units and technical teams to assess operational risks.
• Ensure proper coverage for all new acquisitions and ventures by engaging with local insurers and reinsurers.
• Ensure timely endorsements for new assets or additional coverage needs, minimizing exposure to risk by guaranteeing that insurance is in place before assets become operational.

Comprehensive Insurance Renewal

• Lead the annual insurance renewal process for all assets and liabilities, ensuring that insurance terms are reviewed and adjusted based on changes in asset values and risk profiles.
• Collaborate with the CFO (Chief Financial Officer) and Financial Controller to ensure approval of the renewal strategy before proceeding to market, and maintain constant communication to update them on any changes.
• Engage with the market to obtain competitive renewal terms, negotiating directly with insurers and reinsurers to achieve the best possible premium rates and coverage conditions.

 

Request for Proposals (RFPs) Management

• Manage the preparation and issuance of Request for Proposals (RFPs) for various types of insurance, ensuring clear communication of the group’s requirements to insurers.
• Lead the creation of NFAs (Notes for Approval) to ensure adherence with corporate governance standards.

Claims Management & Settlements

• Lead the claims management process, ensuring efficient assessment, documentation, and settlement in compliance with policy terms.
• Collaborate with third-party adjusters and surveyors to ensure accurate claims evaluation and timely settlement.
• Lead the development of data analytics framework for forecasting claims trends, improving decision-making, and reducing the risk of future claims.
• Lead the digitization of policy and claims documentation, ensuring all records are easily accessible and stored in a central repository.

Market Relations

• Build and maintain strong relationships with local and global insurers, reinsurers, and InsurTech companies to secure competitive quotes and favourable terms.
• Negotiate with insurance brokers to ensure alignment between the group’s risk profile and available coverage.
• Actively engage with facultative reinsurers when necessary, securing reinsurance policies either through direct outreach or intermediaries to cover high-value or complex risks.

Insurance Operations & Process Standardization

• Lead the execution of standardization of insurance processes across the organization, ensuring consistency in policy procurement, claims reporting, and documentation management.
• Supervise the development and integration of standardized insurance-related forms, ensuring compliance and efficiency across business units.

Negotiation and Finalization of Insurance Policies

• Lead multi-round negotiations with insurers to finalize terms for both new policies and renewals, focusing on achieving the best coverage limits, deductibles, and premiums.
• Ensure accurate communication of risk details and coverage to the insurers.

Corporate Governance & Compliance

• Ensure compliance with insurance regulations, including SEBI, IRDAI, and regional standards, across the group’s insurance activities.
• Lead preparation of compliance reports, including insurance certifications and auditor reports for statutory filings.
• Work closely with legal and compliance teams to ensure that all insurance contracts align with corporate policies and regulatory standards.

Risk Identification & Business Interface

• Lead identification of new and emerging risks across the group’s operations, ensuring effective mitigation strategies are implemented.
• Lead the establishment of a robust third-party risk management framework, ensuring vendors, suppliers, and contractors working with the group are covered by appropriate liability insurance.
• Collaborate with business units to update the insurance portfolio, addressing changes in the risk landscape.

Digitization and Automation

• Lead the digitization of the insurance function, including the development of a centralized bid management system to streamline procurement and enhance operational efficiency.
• Drive automation of insurance-related processes, including the development of a digital insurance management system to generate automated workflows for claims management, premium payments, and coverage renewals.
• Integrate AI-driven tools for predictive risk modelling to optimize coverage, minimize premium costs, and improve operational efficiency.

Cross-Departmental Collaboration and Stakeholder Management

• Align with the Group Head Insurance on market trends, pricing shifts, and underwriting criteria that could impact the group’s strategies.
• Collaborate with internal departments (finance, legal, technical) to ensure alignment between insurance requirements and business objectives.
• Liaise with the legal department to ensure policy interpretations are aligned with business interests.
• Manage the interface between business units and insurers, ensuring seamless communication regarding evolving insurance needs.

People and Team Management

• Ensure insurance team members are aligned with business strategy and insurance objectives, providing them with career development opportunities.
• Oversee team performance, supporting continuous development and departmental excellence in line with organizational goals.
• Cultivate an environment conducive to collaboration, enabling the team to thrive within the dynamic landscape of the energy sector.

KEY STAKEHOLDERS

Internal Stakeholders:

• CFO (Chief Financial Officer)
• Financial Controller
• Business Unit Heads
• Legal Team
• ABEX Team
• Technical Teams
• Senior Leadership

External Stakeholders:

• Local Insurance Companies
• Reinsurers
• Insurance Brokers
• Surveyors and Loss Adjusters
• Facultative Reinsurance Providers

Qualifications:

B.E./ B.Tech., Additional MBA in Insurance or additional insurance qualifications preferred

Experience:

Minimum 14 - 16 years of experience in corporate insurance, underwriting, or risk management roles, with significant experience in negotiating with insurers and reinsurers.

Industry Preferred:

Background in Power and Energy sector preferred with an understanding of both local and international insurance markets and the ability to engage with facultative reinsurers for complex risks.

Experience Level

Senior Level