Identify insurable risks across the entire group and ensure appropriate coverage under various insurance policies, tailored to specific needs and risk profiles
Structure, negotiate, and administer comprehensive insurance programs tailored to project lifecycles, including:
Erection All Risk (EAR) Insurance for installation and construction phases
Property & Operational Risk Insurance for manufacturing facilities and operational sites
Liability and Asset Coverage for statutory and contractual exposures
Performance and Equipment Warranties for long-term operational protection
Strategic Insurance Procurement & Management
Manage and coordinate timely procurement of insurance coverages, ensuring comprehensive protection for the organization
Effectively allocate premium budgets across the year, demonstrating proactive risk management and financial planning
Coordinate with insurance brokers, underwriters, and reinsurers for policy placement, renewals, endorsements, and optimized coverage terms
Define comprehensive insurance requirements during bid submissions and contract execution phases
Enforce insurance compliance across all counterparties including vendors, EPC contractors, logistics providers, and OEMs
Maintain centralized insurance database with real-time tracking of policy terms, renewal schedules, and coverage gaps
Cost Optimization & Strategic Planning
Implement strategic cost-saving measures while maintaining or enhancing coverage levels
Plan and execute strategic timing adjustments for policy placements to optimize premium costs ahead of market rate changes
Strategically extend insurance coverage periods across various projects before rate revisions, securing maximum coverage at minimal premium costs
Negotiate policy extensions and renewals leveraging strong underwriting relationships and market positioning
Evaluate new insurers through comprehensive due diligence processes and expand approved vendor panels
Foster effective competition among insurers to strengthen negotiation leverage and optimize terms
Monitor market trends and rate movements to inform strategic insurance placement decisions
Warranty & Guarantee Administration
Draft, review, and negotiate warranty clauses for major components and equipment during procurement and sales contracts
Validate technical obligations and performance guarantees in collaboration with engineering, legal, and commercial teams
Administer comprehensive lifecycle management of Performance Guarantees (PGs), Bank Guarantees (BGs), and Advance Payment Guarantees (APGs) including issuance, collection, renewals, and strategic releases
Enforce back-to-back warranty alignment from suppliers and OEMs, effectively mitigating downstream operational and financial risks
Maintain centralized warranty registers with real-time expiry tracking, renewal scheduling, and performance monitoring
Coordinate with technical teams to ensure warranty terms align with operational requirements and performance expectations
Risk Assessment & Training
Conduct quantitative and qualitative risk assessments across transit, construction, and operational stages of projects
Perform comprehensive risk surveys across all manufacturing units and operational facilities
Develop risk matrices incorporating environmental, technical, financial, and regulatory factors
Monitor risk exposure across multiple project locations and supply chain nodes, integrating findings into strategic mitigation plans
Share survey findings and recommendations with respective managers and business leaders to proactively mitigate known and unknown risks
Provide risk management training and guidance to project teams, ensuring consistent application of risk frameworks
Claims Management & Stakeholder Coordination
Manage complete insurance claim lifecycle from incident notification and evidence collation through negotiation to final settlement
Lead root-cause analysis for equipment failures and coordinate with OEMs for technical inputs in claims settlement discussions
Establish claims resolution protocols ensuring optimal recovery while maintaining vendor relationships and operational continuity
Partner with commercial and procurement teams during contract structuring to embed robust risk, insurance, and warranty terms
Conduct risk evaluations from tender stage and share detailed assessments with Tender Teams, Project Teams, and Plant Teams
Coordinate effectively with all Business Unit Heads, Finance Heads, and internal/external auditors to ensure seamless communication and compliance
Present monthly Business Risk Management (BRM) reports for all Business Units,
Provide timely updates on insurance-related changes to support early budgeting exercises and strategic business planning
Work Experience
Required Qualifications
Educational Background
CA / CMA / MBA (Finance) / M.Com
Additional certifications in risk management or insurance (FRM, ARM, CPCU) - Advantage
Experience Requirements
12-15 years of progressive experience in insurance and risk management
Preferred: Experience in infrastructure, manufacturing, or EPC industry
Essential: Experience with large-scale infrastructure projects and EPC contracting models
Core Competencies
Proficient in risk modeling, exposure analysis, and incident trend mapping
Track record of delivering significant premium savings without coverage trade-offs
In-depth knowledge of EPC/OEM/vendor contract structures
Well-versed in statutory approvals, regulatory frameworks, and compliance
End-to-end project lifecycle expertise, from development through O&M
Experienced with ERP and insurance workflow systems
Expert in conducting risk surveys and facility assessments
Strong negotiator with banks, NBFCs, insurers, and financial institutions
Ability to optimize risk-return balance and drive profitability
Proactive stakeholder manager across legal, procurement, technical, and project teams
Experienced in designing and delivering risk-awareness training programs
