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Title:  Insurance Manager (UAE Nationals only)

Description: 

Job Summary

To lead and execute the insurance and risk management activities, in close proximity with the Director Insurance and ensure that the organization’s insurance risk management policies and strategies are in alignment with the strategic goals of the organization and internal operational requirement

Roles & Responsibilities

Strategic
1. Evaluate company insurance programs, identify what type of insurance is to be purchased and ensure coverage and limits are consistent with exposure. 2. Work in close coordination with the Director Insurance to develop effective risk identification, risk transfer, risk mitigation and settlement policies covering all operating units of the group
Operational
3. Coordinate with the BUs in understanding their risk exposure and suggest mechanisms to improve their risk profile 4. Provide different types of insurance including people, health, material, political and trade credit insurance for the organization
5. Ensure that the insurance policy purchased has been issued as per the agreed terms and conditions
6. Manage annual policy renewals. Responsible for timely and cost effective implementation of Corporate Insurance policies and initiatives across all countries or IFFCO operations7. Coordinate proper distribution of insurance certificates and interpretation of contract language with the insurance vendors
8. Ensure correctness of information, quote slip preparation and document checking for the claims process 9. Manage relationships with third party service providers including brokers, insurers and other mTPAs. Develop effective relationship with Insurers, intermediaries and surveyors
10. Liaise with insurance brokers, advisors, insurance companies and any third party administrators and obtain settlement cheques in a timely, manner
11. Ensure 100% claim settlement within agreed norms by closely coordinating with the insurance vendors
12. Ensure timely receipt of invoices and release of payments by liaising with other units / SSC
13. Checkfor invoices and record the same in proper hard and soft files
14. Oversee the TPA handling of employees’ insurance claims, and perform periodic review/reconciliation of claims
15. Maintain and update the asset, premium and clam records and reconcile accounts after claims settlement on a regular basis
16. Follow-up with surveyors and ensure that the reports are finalized in a timely manner
17. Issue monthly / quarterly reports on claims with settlement and deductible
18. Improve processes for information gathering and data analysis with respect to sums assured, premiums and claims
19. Ensure compliance with regulatory requirements and group policies
20. Assure that the internal audit score achieved is better than the last audit
21. Support the Director Insurance in preparation of the insurance budget and premium allocations for the various business units
22.Support the Director Insurance in ensuring that IFFCO has adequate external insurance protection for its business needs. Provide support in identifying new areas of business risk as they arise and ensuring appropriate riskmtransfer mechanisms are in place

KPIs


1. Timely insurance of assets and claim of insurance 2. Risk Management and mitigation – Improving risk profile of BUs
3. Appropriate internal audit score
4. Number of Insurance agencies identified
5. Cost effective insurance finalization
6. % adherence to claim settlement SLAs
7. Internal customer satisfaction

Work experience requirement

Minimum of 7+ years of related experience, preferably in a related industry

Qualification

Master’s degree in finance with certification in Insurance management/ ERM • CPCU or ARM will be added advantage

Competencies

Communicating effectively
Business Unit:  Corporate-Human Resources (4199)
Business Group: