Risk & Insurance Management Specialist

SECTION A: POSITION DESCRIPTION Principal objective of the Job: Identify, analyze and classify operational and insurable risks for financial impact to theorganization including expected frequency, trends and severity. Coordinate and manage theoverall insurance coverage of the organization.Organizational Relationship (Reporting Relationship: Reporting to, Reportees, Support sections/group, interfaces with senior management/clients etc.)Reports to Chief Corporate OfficerInteracts with entire Management team and clients (insurance agents, vendors, contractors etc.) Major responsibilities related to the Position:Review and manage organization’s overall insurance programs (health, property, fire & hazards, motor, freight & transport etc.).Analyze insurance needs by identifying risk exposures. Classify risks to provide optimum coverage, costs and claim settlements.Monitor implementation of action plans to ensure risk mitigation efforts.SECTION B: JOB DESCRIPTIONMain tasks, duties and responsibilities related to the Job:Assist with selecting appropriate risk financing techniques and implement insurance programs and policies to prevent / minimize loss in conjunction with relevant Department Heads Management.Liaise with department / section heads on the adequacy of proposed actions in management of risk areas highlighted in internal audit reports.Maintain and update inventory / data of physical assets that are insured by the company.Coordinate policy renewals and applications.Conduct regular policy reviews, compile loss trends and review actuarial estimations.Compile statistics on claims, loss ratios, and other data to develop pricing models that determine insurance rates.Compare insurance expense plans and short- and long-term forecasts to help assess the need for amendments to existing policies.Evaluate insurance premiums and rate structures to determine if they are adequate to cover potential losses.Develop and recommend changes to insurance policies to improve coverage or reduce costs based on new laws or regulations or changing circumstances in the industry.Investigate internal claim requests to determine if they are valid, fraudulent, or have other issues requiring further action.Review policy terms and conditions to ensure that they conform to regulatory requirements (Gov’t, Civil Defense, MOH etc.).Coordinate with legal section to support any dispute with regards to claim settlement or any claims filed by other parties against the company.SECTION C: PERSON SPECIFICATIONEducation:Bachelor Degree (preferably in Risk Management, Finance or Statistics).Knowledge:Risk management strategies.Local/Regional laws, regulations and codes.Insurance principles and practices.Skills:Strategic Thinking.Planning and Organizing.Leadership & Management.Critical Thinking &Problem solving.Negotiation & Presentation.Communication (verbal & written).Customer Focus.Self-Management.Computer Literacy (MS Project).Budgeting & Budget Control. Experience:5-7 years of experience in Insurance and Risk Management activities.