Sr.Executive/Assistan Manager- General Insurance

IDMC Limited

7 - 12 years

3 - 5 Lacs

anand

Posted:1 week ago| Platform:

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Skills Required

corporate insurance marine insurance car insurance general insurance fire insurance liability insurance property insurance motor insurance

Work Mode

Work from Office

Job Type

Full Time

Job Description

Assist Head Finance & Accounts in development of the overall risk mitigation strategy for IDMC
Provide inputs to Head Finance & Accounts in determining insurance specific procedures and systems that would optimize efficiency and cost
Ensure that the insurance related processes are in alignment with the existing and planned business operations

Provide inputs to Head- Finance & Accounts for insurance related budget and contributed in formulation of annual departmental budget
Ensure adherence to the allocated budget for activities of the Insurance section and take corrective action as required
Identify opportunities for cost optimization in the activities of the section

Assume overall responsibility for the smooth implementation and management of all Insurance systems, applications and processes for
Corporate Insurance including property insurance, liability insurance, etc.
Employee insurances (group health insurance, life insurance, personal accident insurance, etc.)
Insurance of outbound and inbound consignments
Ensure regular coordination with internal teams (Projects Execution, Production, Dispatch, HR & Admin etc.) for identification of risk in existing and planned operations and conduct valuation of insurance premium required
Analyze whether existing insurance policies cover all identified risks with adequate coverage amount, highlight any issues to the user departments and Head- Finance & Account and consultatively decide on revision of existing insurance policies
Put up insurance renewal requests for discussion with user departments and Head Finance & Accounts for ensuring agreement on risks to be covered in the renewal
Monitor timelines of all insurance policies and ensure timely renewal of the same when required
Drive the selection and finalization of insurance vendors including vendor evaluation, shortlisting as well as negotiation on policy rates
Review all the sub-limits in the policy for sufficiency
Oversee archiving of all control copies of the insurance policy, track changes as per inputs received from Support- Insurance and follow up with the insurance company for issues, if any
Ensure appropriate documentation of the original policies, any changes made to the same and to related insurance slips and investments
Coordinate with Accounts Payable team to facilitate timely payment of all insurance policy premiums and take corrective action in case of any discrepancies
Ensure timely declaration and closure of insurance claims; escalate issues, if any to Head Finance & Accounts
Liaise with the insurance companies as well as Accounts Receivable team to ensure timely collections of claims
Ensure compliance to all applicable statutory / regulatory requirements and internal norms and guidelines
Participate in any major contract negotiations to ensure prevention of high risk being taken by IDMC, undertake insurance due diligence when required
Scan the Insurance market for latest trends and products / services and makes suitable recommendations post cost benefit analysis
Oversee preparation of MIS reports on the progress of insurance activities, possible risks and improvement in areas of coverage; present findings to Head- Finance & Accounts and other functional heads

Ensure timely goal setting, monitoring, review of performance parameters and feedback to team members
Oversee training and capability building of employees of the department
Develop the capabilities to take on higher responsibilities while performing the given / in-charge responsibilities at various levels within the functions
Monitor the performance of employees within the department and take necessary interventions to improve performance
Ensure high level of employee engagement and retention of critical employees
Foster an environment of learning, excellence and innovation within the team

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