Our client is an established organistation based in the west side of Singapore.
Job Summary
The Senior Executive – Insurance and Risk Management is responsible to proactively managing its insurance portfolio and support the development, implementation of comprehensive risk management strategies and programmes. He/she is responsible for assisting in the management of the insurance portfolio, identifying potential risks, and ensuring the development and implementation of effective risk management strategies.
He/she is required collaborate with internal stakeholders and external partners, including insurance brokers and legal teams, to ensure optimal insurance coverage and minimise financial risks.
The Senior Executive – Insurance and Risk Management works closely with internal departments and external partners, such as insurance brokers and legal teams, to secure optimal insurance coverage while minimizing financial exposure. Additionally, the role will support Vice President – Business Assurance and Compliance in risk assessment activities, manage the claims process, and contribute to the preparation of risk management reports for senior management’s strategic decision making.
Through regular risk evaluations and training programs, this position fosters a risk-aware culture within the organization, ensuring that risk management practices are embedded in day-to-day operations. He/she will also ensure that the insurance framework aligns with the organization's growth, projects, and evolving regulatory environment in Singapore and globally.
Equipped with an analytical mindset and communication skills, he is a problem solver and the capability to collaborate effectively with a diverse group of stakeholders to ensure comprehensive risk mitigation.
Job Responsibilities/Key Tasks(External)
Insurance Program Management
•Support the management of the organization’s insurance portfolio, including procurement and management of insurance policies.
•Stay updated with regulatory changes and adjust insurance coverage or risk practices accordingly.
•Ensure insurance coverage is adequate and relevant to organizational needs.
•Conduct periodic reviews of insurance policies to ensure they remain aligned with organizational risk profiles.
•Liaise with brokers, underwriters, and legal teams to negotiate insurance terms and premiums.
•Collaborate with brokers to perform detailed risk evaluations, customise insurance plans.
•Monitor insurance budgets and track premium costs, claim payouts, and potential future liabilities.
•Support forecasting and financial analysis related to insurance and risk management.
•Assist in developing cost-saving strategies in insurance premium negotiations
Claims Management
•Manage the end-to-end process of insurance claims, including the submission of claims and liaising with insurers to ensure prompt settlement.
•Review and analyze claims to identify trends and recommend actions to minimize future claims.
•Ensure all claims are properly documented, and follow-ups with insurers are conducted in a timely manner.
•Prepare risk management reports, including risk exposure, insurance coverage, and claims performance for senior management.
•Conduct internal audits of risk management processes and insurance policies to ensure full statutory compliance.
Risk Assessment and Management
•Collaborate with business units to identify potential risks, conduct comprehensive risk assessments and documentation of risks across the organization
•Support the development of risk mitigation strategies and monitor their effectiveness.
•Collaborate with internal and external stakeholders to implement appropriate insurance solutions to cover identified risks.
•Perform risk review of contracts, new business scope and major projects.
•Support the development and revision of risk management policies and procedures to ensure alignment with industry regulations and regulatory requirements.
•Prepare regular reports on risk exposure, insurance coverage, and claims analysis for senior management.
Training and Awareness
•Conduct workshops and develop educational materials to enhance organizational awareness of insurance and risk management practices, ensuring compliance.
Stakeholder Management
•Maintain relationships with internal stakeholders to align insurance and risk management with organizational goals, while serving as a point of contact for insurance inquiries and supporting stakeholders in risk management processes.
Crisis Management
•Coordinate crisis response efforts by collaborating with stakeholders and establishing communication channels for real-time updates and decision-making.
Others
•Undertake any assigned projects / duties directed by Management (if any)
Job Requirements
- Knowledge of Singapore’s regulatory environment and industry best practices.
- Understanding various insurance products (General and Finance Lines) and their application in mitigating supply chain risks.
- Detail-oriented, resourceful, and adaptable to changing environments, thorough risk assessments and compliance with regulations.
- Proficient in use of MS Office Applications / Microsoft Power Platform Applications
- Professional certifications in risk management or insurance (e.g., ARM, CPCU) are an advantage
- Ability to articulate concepts in clear and relevant manner to the target audience.
- Excellent facilitation, collaboration, meticulous, interpersonal, analytical, research, problem-solving and resourcefulness skills.
- Ability to effectively plan, organize and prioritize to manage tasks, resources and deadlines.
- Self-starter and able to perform multiple tasks independently and as a team player.
- Ability to understand workplace engagement, maintain confidentiality and professionalism.
- Commitment to ongoing learning and self-improvement, with a focus on driving results through new skills and knowledge.
Professional Qualifications & Relevant Experience
- Diploma/Bachelor’s degree in Business Administration, Finance, Accountancy, Risk Management, or a related field
- 3-5 years of experience in insurance, risk management, or related fields is required. Experience within the supply chain industry or in a corporate risk management role is preferred
