Corporate Insurance Specialist

Team Member - Insurance

Responsibilities

Insurance Management

• Assess insurance requirements for new business ventures, acquisitions, and projects by gathering detailed information on assets, liabilities, and operational risks from business units.
• Identify insurable risks associated with new assets and ensure proper coverage for all new acquisitions and ventures by engaging with local insurers.
• Collaborate with business, finance, and technical teams to gather accurate asset details, which are essential for determining insurance needs and coverage limits.
• Maintain an updated portfolio of all newly insured assets, ensuring that no business venture operates without adequate insurance coverage.

Comprehensive Insurance Renewal

• Conduct the annual renewal process for the group’s assets and liabilities, coordinating with all relevant business units to confirm the sum insured and identify any changes to asset values.
• Receive and review the Fixed Asset Register (FAR) and verify that all assets have been accounted for in the renewal process, avoiding any potential gaps in coverage. 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.
• Monitor insurance trends and market conditions to anticipate any potential cost fluctuations or changes in coverage terms that might affect the renewal process.
• Ensure timely and accurate completion of all renewal-related documentation, preventing any lapses in insurance coverage.

Preparing and Issuing Request for Proposals (RFPs)

• Prepare and issue RFPs for various types of insurance, including property, fire, and project insurance, ensuring that the group’s requirements are clearly communicated to potential insurers.
• Execute the end-to-end RFP process, from drafting the proposal to issuing requests to the insurance market and managing the response and evaluation phase.
• Collaborate with technical teams to ensure that all asset details and risk assessments are included in the RFP, so insurers have the full picture of the risks involved.
• Execute the entire NFA (Note for Approval) process, from preparing the final recommendation based on Quote Comparison Reports (QCR) to securing internal approvals and uploading the NFA to relevant systems.
• After finalization, ensure the Direct Payment Request (DPR) is created and sent to the ABEX team for processing payment.

Claims Management and Policy Documentation

• Execute the claims management process by ensuring that all claims are promptly reported to insurers, and necessary documentation is provided to substantiate the claims.
• Directly engage with surveyors and loss adjusters to assess and quantify the damage, ensuring that the claims are accurately measured and in line with policy coverage.
• Follow up with insurers to ensure that claims are processed and settled in a timely manner, and that the business receives compensation for losses based on the policy terms.
• Ensure all policy documentation is accurately maintained, updated, and shared with the relevant stakeholders.
• Execute the digitization of policy and claims documentation, ensuring all records are easily accessible and stored in a central repository.

Market Relations

• Develop and maintain strong relationships with local insurance companies, ensuring that the group has access to competitive quotes and favourable terms for all insurance needs.
• Regularly meet with insurers to discuss coverage limits, capacity, pricing, and emerging risks, ensuring that the group’s portfolio is adequately protected at all times.
• Keep the Team Lead Insurance informed on market trends, price shifts, and changes in underwriting criteria that may impact the group’s insurance strategies.

Insurance Operations & Process Standardization

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

Negotiation and Finalization of Insurance Policies

• Work closely with internal technical experts and business units to ensure that the risk details are accurately communicated to insurers and that all coverage needs are understood.
• Review policy documentation to ensure that terms and conditions match the agreed coverage and that no exclusions or limitations have been added that could negatively impact the group.
• Ensure that all insurance contracts are finalized and properly stored in the company’s system, maintaining a centralized database of all policies and endorsements for easy access.

Corporate Governance & Compliance

• Prepare 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

• Identify and update Team Lead insurance on emerging risks across the group’s operations.
• Execute the establishment of a third-party risk management framework, ensuring vendors, suppliers, and contractors working with the group are covered by appropriate liability insurance.
• Work closely with business units to update the insurance portfolio, addressing changes in the risk landscape.

Cross-Departmental Collaboration and Stakeholder Management

• Work with the finance team to confirm the sum insured and handle any issues related to the financial implications of premium payments and claims.
• Support the legal team in policy interpretation, ensuring that all contracts and terms are legally sound and in the best interest of the company.
• Liaise with stakeholders to resolve any discrepancies in insurance claims, ensuring that the claims process is handled smoothly and that financial recovery is maximized.

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
• Insurance Brokers
• Surveyors and Loss Adjusters

Qualifications

Qualifications:

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

Experience:

Minimum 6 - 8 years of experience in corporate insurance or underwriting roles, with significant experience in negotiating insurance terms and managing insurance processes for corporate assets.

Industry Preferred:

Background in Power and Energy sector preferred with an understanding of the insurance market and products.