Insurance Manager

Key Responsibilities

1. Claims Management & Operations

End-to-End Claims Processing: Manage the lifecycle of diverse insurance claims including Marine (Transit), Property (Fire, Flood, Burglary), Employee Infidelity, and Cash/Stock Theft.

Catastrophic Loss Handling: Lead the immediate response and processing for Natural Catastrophe (Nat Cat) claims to minimize business disruption.

KPI Management: Liaise with surveyors, brokers, and insurance companies to ensure strict adherence to Key Performance Indicators (KPIs) and Turnaround Times (TAT) for claim settlements.

Investigation & Reconciliation: Perform cash reconciliations and draft comprehensive investigation reports to support claims and identify root causes of losses.

2. Procurement & Policy Administration

Strategic Procurement: Float Requests for Quotation (RFQs), analyze market bids, and negotiate competitive premium rates and coverage terms with insurers.

Policy Servicing: Work closely with brokers to ensure all insurance policies are active, compliant, and up-to-date with current business needs.

Asset Protection: Review the Fixed Asset Register (FAR) on a monthly basis and execute necessary endorsements to ensure full coverage of company assets.

3. Data Analysis & Reporting

MIS Management: Prepare, update, and maintain a robust Claims Management Information System (MIS) to track status, recovery rates, and pending actions.

Risk Declarations: Collect and analyze transit data for monthly Marine declarations and stock statements for monthly Stock declarations to prevent coverage gaps.

Management Reporting: Analyze claims data to prepare detailed management reports that highlight loss trends, risk exposure, and opportunities for cost reduction.

4. Cross-Functional Collaboration

Internal Liaison: Act as the central point of contact for all insurance-related queries from Operations, Finance, Legal, and HR departments.

Documentation: Collaborate with various internal teams to efficiently collect, compile, and validate all necessary documentation required for claim submissions and policy renewals.

Educational Background

Degree: Master's degree in Commerce, Finance, Business Administration, or a related field.

Certifications: Professional certification from the Insurance Institute of India (III) (Licentiate, Associate, or Fellowship) is highly preferred.

Additional Training: Certifications in Risk Management or General Insurance underwriting are a plus.

Experience

Years of Experience: 58 years of relevant experience in Corporate Insurance, Insurance Broking, or Claims Management.

Industry Focus: Prior experience in the Logistics, Supply Chain, or Transportation sector is strongly preferred due to the heavy focus on Marine/Transit and Stock insurance.

Vendor Management: Proven track record of managing relationships with top-tier insurance companies, brokers, and third-party surveyors.

Technical Competencies

Policy Knowledge: In-depth understanding of policy wordings, clauses, and exclusions for Marine (Transit), Property (IAR/SFSP), and Liability insurance.

Claims Expertise: Strong technical knowledge of the claims settlement process, including documentation, salvage disposal, and surveyor interaction.

Data Proficiency: Advanced proficiency in Microsoft Excel (Pivot tables, VLOOKUP) to handle large datasets for claims MIS and premium calculations.

Soft Skills

Negotiation: Strong ability to negotiate premiums with insurers and claim settlements with surveyors to ensure optimal cost benefits for the company.

Attention to Detail: Meticulous eye for detail when reviewing policy documents, endorsements, and investigation reports to avoid coverage gaps.

Communication: Excellent verbal and written communication skills to articulate complex insurance terms to non-technical stakeholders (Operations, Finance, Legal).

Problem-Solving: Proactive approach to resolving disputed claims and mitigating recurring risks.