Insurance Specialist
Responsible for end to end management of the company's business insurance portfolio. This includes renewal planning, facilitate policy negotiation, premium allocation, accounting of insurance costs, claim management facilitation, contract review for customer insurance assurance requirements, and ensuring overall compliance with organizational and regulatory standards.
End to End Renewal Management
- Maintain and update the complete insurance schedule for all active policies in line with group requirement.
- Coordinate with brokers, and internal stakeholders for policy renewal timelines.
- Evaluate renewal terms, compare quotations, negotiate premiums, limits, deductibles, and coverage enhancements.
- Facilitate documentation, endorsements, and issuance of renewal policies.
- Conduct risk assessment prior to renewal to ensure optimal coverage.
Premium Cost Allocation & Accounting
- Allocate insurance premiums to appropriate cost centres based on business rules and exposure data.
- Coordinate with Finance/Accounts team for accurate booking of insurance premiums.
- Review policy-wise cost centre mapping for correctness.
- Ensure proper accruals and amortization of premiums.
- Reconcile insurance accounts, advance payments, and credit notes from insurers/brokers.
Claims Management
- Manage end to end claims process
- Liaise with business units to collect documents and incident details.
- Coordinate with brokers and insurers for timely submission of claims.
- Track claim progress, follow up for assessment, surveyor reports, and approvals.
- Facilitate MIS reports on claim trends, recoveries, and claim ratios.
Contract Review & Customer Insurance Assurance
- Review customer contracts to understand insurance assurance/requirement clauses.
- Validate whether current policies meet contractual obligations.
- Ensure issuance of COIs (Certificates of Insurance) to customers, wherever required.
- Highlight contractual risks related to indemnity, liability limits, waivers, and insurance provisions.
- Coordinate any special/additional insurance requirements requested by customers.
Policy & Compliance Management
- Maintain central repository for all policies, endorsements, claims, and related documents.
- Monitor expiry dates and ensure timely renewals to avoid coverage gaps.
- Ensure compliance with internal audit, statutory norms, and company risk framework.
- Prepare monthly/quarterly dashboards: policy status, premium budgets, risk exposure, and loss ratios.
- Conduct training sessions for internal teams on incident reporting, claim procedures, policy coverage, etc
Stakeholder & Broker Coordination
- Act as a single point of contact between the company and insurance brokers, insurers, and external consultants.
- Participate in renewal meetings, claim review meetings, and insurer negotiations.
- Drive annual strategy discussions for premium optimization and risk enhancements
- Bachelors degree in Commerce/Business/Finance.
- MBA/CA Inter in Finance or Risk Management is an advantage
- Financial Reporting background is an additional advantage
- Minimum 5 to 8 years of experience in corporate insurance management, renewals, claims, and business insurance accounting.
- Strong understanding of general insurance products.
- Knowledge of IRDAI guidelines and insurance documentation.
