JOB DESCRIPTION
SECTION I: BASIC INFORMATION ON THE ROLE
Deputy Manager – Insurance
Responsible for assisting the Manager – Insurance in planning/coordinating all insurance and risk management activities and settling claims of staff and organization
SECTION II: JOB SUMMARY
Responsible for planning, directing and coordinating all insurance and risk management activities and processing claims of both organization and employees.
SECTION III: DO – KEY ACTIVITIES AND RESPONSIBILITIES OF THE ROLE
- Develops and implements systems to ensure that the company is compliant with all applicable terms and conditions as well as statutory requirements with regards to insurance
- Investigates inconsistencies with broker/ insurance company and takes appropriate action
- Ensures cost of insurance is accurately charged in projects as per the quotation/agreement
- Strives to optimize the cost of insurance through detailed analysis and use of knowledge and experience
- Plans & manages insurance costs as per the planned budgets
- Identifies, establishes and maintains networks with vendors (broker/ insurance company) in order to get the best deals for all projects and organizational insurance
- Communicates, in conjunction with the Director, regularly and effectively with estimators, project managers, supervisors and other stakeholders necessary to manage the insurance program
- Manages interactions with the legal department for contract reviews, litigations and any claims assistance that they require
- Maintains on-going contact with project coordinators/officers to understand requirements, discuss any new insurance procedures, answer ongoing issues relating to project insurance, and provide assistance whenever necessary
- Assists investigators and surveyors in claim documentation
Internal Process/Internal Process/Operations
- Analyzes quotations from various insurance companies to ensure coverage of all terms and conditions and optimum premium charges
- Analyzes statistical data (such as mortality, accident, sickness, disability, and retirement rates) and constructs probability tables to forecast risk and liability for payment of future benefits
- Ascertains premium rates required and cash reserves necessary to ensure payment of future benefits
- Ensures processing of applications for, changes to, reinstatement of, and cancellation of insurance policies and claims forms
- Investigates, analyzes and determines the extent of the insurance company's liability concerning personal, casualty, or property loss or damages, and strives to effect settlement with claimants
- Reviews settled insurance claims to determine that payments and settlements have been made in accordance with company practices and procedures and reports discrepancies
- Corresponds with or interviews medical specialists, agents, witnesses, or claimants to compile information with respect to claims
- Reviews individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications
- Ensures preparation of reports and certificates of insurance as per requirements
- Constantly improves and updates procedures and processes to ensure excellent delivery of all insurance services
- Ensures regular updates on changes/ new rules and regulations of insurance policy conditions
- Prepares SOPs for all insurance related activities
- Ensures training and development of the team
SECTION IV: DELIVER – KEY OUTPUTS / RESULTS FROM THE ROLE
Key Performance Indicators (KPI) What are the measurable indicators for the role?
- Optimization of premium to achieve best financial impact on overall project/miscellaneous Insurance
- Timely settlement of claims
- Adherence to terms and condition of policies
- Zero loss through proper risk mitigation strategies/ clauses in contracts
- Timely completion of SOPs
SECTION V: DISPLAY – KNOWLEDGE & SKILLS
In this section, please mention the qualification, technical skills and capabilities which are essential to execute the role. It may be a reflection of your own qualification and skills
Qualification and technical skills required to execute the role. Please mention any functional knowledge. E.g. PhD in xyz
- Basic Computer proficiency
Experience levels required to execute this role
E.g. 2-4 yrs of experience as a salesman in abc market
Behavioral skills / competencies required for the role. E.g. Attention to detail
- Excellent organizational and time management skills
- Good interpersonal and communication skills
SECTION V: KEY INTERACTIONS
Mention names of the roles which are not in your department with whom this role interacts
Key Interaction – Internal
Nature or purpose of interaction
- Interact for creative, logical and appropriate solutions to minimize risk to the company.
- Contract reviews and support for litigations
- Understand requirements and provide guidance
- Ensure compliance to insurance terms and conditions as per organization policies
Key Interaction – External
Nature or purpose of interaction
Broker/ Insurance Company
Surveyors/ Investigations
- Details on policy & follow up of claims
- Discussion of policy terms and conditions in the event of claims
