To manage and administer the organization's corporate insurance portfolio, ensuring adequate risk coverage, timely renewals, premium processing, claims management, compliance with policy terms & conditions, and effective coordination with brokers and insurance companies.
Key Responsibilities
Insurance Policy Administration & Risk Coverage
Manage the organization's General Insurance and Liability Insurance portfolio.
Review, evaluate, and process insurance proposals with a thorough understanding of policy terms, conditions, exclusions, deductibles, and coverage adequacy.
Coordinate with internal stakeholders, insurance brokers, and insurance companies for obtaining quotations and policy issuance.
Administer various insurance policies including:
o Marine Insurance
o Fire Insurance
o Property All Risk (PAR) Policy
o Public Liability Act Policy
o Commercial General Liability (CGL)
o Product Liability Insurance
o Employee Compensation Policy
o Erection All Risk (EAR) Policy
o Other corporate insurance policies as required
Policy Renewal & Broker Management
Liaise with insurance brokers and insurance companies to obtain competitive quotations for policy renewals and new requirements.
Conduct comparative analysis of premiums, coverage, perks, exclusions, and deductibles.
Negotiate favorable terms and conditions to optimize insurance coverage and cost.
Verify renewed policies against approved quotations and negotiated terms before acceptance.
Premium Processing & Financial Control
Process insurance premium payments within stipulated timelines.
Maintain records of premium payments, deposits, and insurance-related financial transactions.
Coordinate with Accounts Payable and Finance teams for timely settlement of premiums.
Ensure proper documentation and audit readiness of insurance records.