Job Description:
Working as a key member of legal team to manage the following:
Insurance Strategy and Operations
- Develop insurance strategy for the Group and report to the organisation on cover arrangements, premiums, and recoveries.
- Prepare annual insurance budget, track premium payments, and report deviations to Management.
- Liaise with brokers on all documentations and ensure the Group’s insurance policies are systematically implemented and renewed on a timely basis.
- Prepare the report, presentation of claims record for the purpose of insurance renewals.
- Obtain, review, and negotiate competitive terms and pricing with brokers and/or insurers.
- Update and maintain robust records of Group-wide insurance premiums, coverage, and claims for reporting.
- Analyse and review the renewal terms for each class of risk together with alternative cover and premium options, where applicable.
- Address ad-hoc queries from internal clients and third parties on sanctions and compliance.
- Establish and develop good working relationships with insurers, insurance brokers, and reinsurers (if applicable).
Contract Insurance Reviews
- Review and identify issues in insurance policy wordings.
- Timely review of all contracts to ensure terms and conditions agreed within the contracts are covered by existing insurance covers and propose amendments to ensure contractual liabilities are within existing insurance covers. If required, arrange for additional insurance to be put in place or amend/update the insurance endorsements.
- Manage and resolve ad hoc queries relating to insurance from internal departments and external clients and amend/update insurance endorsements from time to time.
Claims Handling
- Ensure all claims are filed and notified to brokers/underwriters timely.
- Maximise and expedite the recovery of claims by working closely with brokers, loss adjusters, insurers and internal stakeholders.
- Business Partnering with business units on submission of insurance claims.
- Identify loss trends and severity of losses and recommend appropriate corrective actions in loss prevention, avoidance and mitigation.
- Monthly reporting on trends of various claims and its incident frequency.
- Compile claim statistics and reports periodically, including but not limited to claims listing and loss record to date from underwriters and/or brokers.
- If required, assist and liaise with appointed marine surveyor and average adjustor for claims.
Insurance Knowledge Management and Knowledge Enhancement
- Enhance Management’s understanding of insurance policies in force and facilitate decision-making.
- Provide training to key stakeholders (e.g. superintendents, commercial managers) in ensuring potential insurance claims are submitted timely.
- Regular review meetings and knowledge sharing with business units and Management regarding latest trend and developments in the insurance market.
Job Requirements:
- Degree in Law / Engineering / Business / Insurance from a recognised university.
- 3 to 5 years of experience working in the insurance industry, or in a similar role.
- Familiarity with insurance policies common in the shipping industry, like professional indemnity, Hull and Machinery, all risk, marine cargo, comprehensive general liability, products liability, public liability, directors and officer insurance and employers’ liability.
- Well versed with insurance terms and conditions, common endorsements/exclusions, typical costs of different insurance policies.
- Positive attitude with strong leadership skills.
- Meticulous, self-driven and proactive, with initiative to work independently.
- Ability to work under pressure and meet deadlines.
- Numerate, articulate, problem solver and ability to think out of the box.
- Highly adaptable to dynamic work environments.
