Manage the company’s insurance portfolio, including property, casualty, liability, and employee benefits insurance policies.
Review and assess insurance needs regularly, ensuring coverage is adequate for the company’s operational and legal requirements.
Work with insurance brokers and providers to negotiate terms, premiums, and coverage levels for policies.
Risk Management:
Collaborate with internal departments to identify, assess, and mitigate risks to the company’s assets and operations.
Develop and implement risk management strategies that minimize the company’s exposure to potential claims or losses.
Analyze the company’s risk profile and ensure that all necessary insurance coverage is in place.
Claims Management:
Oversee the insurance claims process, ensuring that claims are filed and managed efficiently, and that the company recovers appropriate compensation for losses.
Coordinate with legal and finance departments on significant claims and ensure timely resolution.
Maintain detailed records of claims and provide regular reports on claim status and resolution.
Compliance & Regulatory:
Ensure that all insurance policies comply with industry regulations, legal standards, and company policies.
Stay updated on changes in insurance laws and regulations and ensure that the company remains compliant.
Liaise with external auditors, insurers, and legal teams to ensure that all insurance processes meet required compliance standards.
Cost Optimization & Budgeting:
Monitor insurance expenses and work with the finance department to prepare and manage the insurance budget.
Evaluate the cost-effectiveness of different insurance options, making recommendations for cost reductions or improved coverage where possible.
Conduct regular reviews of insurance policies to identify opportunities for savings and increased efficiency.
Vendor & Stakeholder Relationships:
Build and maintain relationships with insurance brokers, carriers, and other external stakeholders.
Collaborate with internal stakeholders to gather information and insights for insurance policy evaluations and renewals.
Represent the company in negotiations with insurance vendors and other external parties.
Reporting & Documentation:
Prepare and present reports to senior management on the company’s insurance portfolio, claims status, and risk management strategies.
Maintain accurate and up-to-date records of all insurance policies, claims, and risk assessments.