Job Purpose:
The Insurance Manager is responsible for managing the organization’s insurance programs, including procurement, claims management, and policy compliance. This role ensures that all assets, liabilities, and employees are adequately insured and that the company minimizes risk exposure. The Insurance Manager will collaborate with various internal departments and external insurance providers to ensure cost-effective coverage and efficient claim processing.
Key Responsibilities:
Insurance Program Management:
- Lead the procurement and renewal process for various types of insurance (e.g., property, liability, worker’s compensation, health, life, vehicle, etc.).
- Evaluate and negotiate insurance policies with brokers and insurers to secure the most favorable terms and pricing.
- Analyze the company’s insurance needs and ensure appropriate coverage is in place for all risks associated with the business.
- Manage the annual renewal process of all insurance policies, reviewing coverage adequacy and pricing.
Risk Assessment and Mitigation:
- Conduct regular assessments to identify and evaluate potential risks within the organization, advising on mitigation strategies.
- Ensure that insurance coverage aligns with business risks, changing regulations, and evolving industry practices.
- Monitor trends in claims data and recommend strategies to mitigate future risks.
Claims Management:
- Oversee the management of insurance claims, ensuring timely filing and follow-up with insurers.
- Work closely with internal teams to document, investigate, and report claims related to property damage, liability, workers' compensation, and other insurance matters.
- Act as a liaison between the company and insurance providers to resolve disputes and secure favorable claim settlements.
Policy Compliance and Documentation:
- Ensure the organization adheres to all local, national, and international insurance-related regulations and legal requirements.
- Maintain all insurance-related documentation, including policies, claims records, certificates of insurance, and audits.
- Prepare for and participate in internal and external insurance audits, providing necessary documentation and data.
Cost Management:
- Identify opportunities for cost savings in insurance premiums through competitive bidding, risk reduction strategies, or alternative coverage solutions.
- Prepare and manage the annual insurance budget, forecasting premium changes and other related costs.
Vendor and Relationship Management:
- Build and maintain strong relationships with insurance brokers, agents, and carriers to ensure optimal service and coverage.
- Monitor performance of insurance providers against SLAs to ensure timely and effective service delivery.
Reporting and Communication:
- Regularly report to senior management on insurance coverage status, claims activity, and risk management strategies.
- Work closely with other departments (e.g., HR, Legal, Finance, Operations) to ensure alignment on insurance needs, coverage, and claims management.
Employee Insurance Benefits (If Applicable):
- Oversee the company’s employee health, life, and disability insurance programs, ensuring proper coverage and cost control.
- Develop and execute programs to educate employees on insurance benefits, coverage changes, and claim procedures.
Qualification and Experience:
- Bachelor’s degree in Risk Management, Business Administration, Finance, Insurance, or a related field. A master’s degree is a plus.
- Minimum 6 years of experience in insurance management, preferably in a corporate environment.
- Professional certifications such as Chartered Insurance Professional (CIP), Associate in Risk Management (ARM), or Certified Risk Manager (CRM) are preferred.
- In-depth understanding of various insurance products, risk management principles, and insurance law.
- Proficiency in claims management systems and other relevant insurance software.
- Understanding of contracts and legal terms relating to insurance policies.