Risk Insurance Manager

Job Title: Insurance Risk ManagerJob PurposeThe 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 Responsibilities1. Risk Identification & AssessmentIdentify 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 ManagementReview 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 ManagementOversee 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 & ControlDevelop 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 & GovernanceEnsure 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 ManagementMonitor insurance costs, premiums, and deductibles.Support budgeting and cost optimization initiatives.Evaluate cost-benefit of insurance coverage vs. self-insurance.7. Stakeholder CoordinationCollaborate 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 & AnalyticsPrepare 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 & RequirementsBachelor’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 CompetenciesRisk analysis and problem-solvingStrong negotiation and communication skillsAttention to detailFinancial and analytical skillsStakeholder managementDecision-making under pressureKey Performance Indicators (KPIs)Reduction in risk exposure and incidentsClaims settlement turnaround timeClaims ratio improvementInsurance cost optimizationCompliance and audit results