Risk Insurance Manager

Job Title: Insurance Risk Manager

Job Purpose

The Insurance Risk Manager is responsible for identifying, assessing, and mitigating risks across the organization through effective insurance strategies and risk management practices. The role ensures adequate insurance coverage, minimizes financial exposure, and supports business continuity.

Key Responsibilities

1. Risk Identification & Assessment

• Identify potential operational, financial, and strategic risks across the organization.
• Conduct regular risk assessments and maintain a risk register .
• Analyze risk exposure and recommend mitigation strategies.

2. Insurance Program Management

• Review and manage all corporate insurance policies (e.g., property, liability, medical, motor, etc.).
• Ensure appropriate coverage levels aligned with business needs.
• Coordinate renewals, policy updates, and endorsements.

3. Claims Management

• Oversee and manage the end-to-end claims process.
• Liaise with insurers and brokers to ensure timely settlement of claims.
• Analyze claims trends and recommend preventive actions.

4. Risk Mitigation & Control

• Develop and implement risk mitigation plans.
• Work with departments to improve internal controls and reduce exposure.
• Promote a risk-aware culture within the organization.

5. Compliance & Governance

• Ensure compliance with local regulations and insurance requirements.
• Support internal and external audits related to risk and insurance.
• Maintain proper documentation and reporting standards.

6. Financial & Cost Management

• Monitor insurance costs, premiums, and deductibles.
• Support budgeting and cost optimization initiatives.
• Evaluate cost-benefit of insurance coverage vs. self-insurance.

7. Stakeholder Coordination

• Collaborate with departments such as Finance, Legal, HR, and Operations.
• Act as the main point of contact with insurance brokers and providers.
• Provide advisory support for contracts and projects.

8. Reporting & Analytics

• Prepare regular risk and insurance reports for management.
• Track KPIs such as claims ratios, incident frequency, and risk exposure.
• Provide data-driven insights for decision-making.

Qualifications & Requirements

• Bachelor’s degree in Risk Management, Insurance, Finance, Business Administration, or related field.
• Professional certifications preferred (e.g., CII, ARM, IRM, CPCU ).
• Minimum 7–10 years of experience in insurance or risk management.
• Strong knowledge of insurance policies, claims handling, and risk frameworks.

Core Competencies

• Risk analysis and problem-solving
• Strong negotiation and communication skills
• Attention to detail
• Financial and analytical skills
• Stakeholder management
• Decision-making under pressure

Key Performance Indicators (KPIs)

• Reduction in risk exposure and incidents
• Claims settlement turnaround time
• Claims ratio improvement
• Insurance cost optimization
• Compliance and audit results