Assistant Manager - Risk and Insurance
Damas International Limited
Total des années d'expérience :16 years, 4 Mois
ACHIVEMENTS
Identified gaps in existing insurance policies of the company and amended them appropriately
Identified underinsured properties and arranged appropriate insurance covers
Reduced total insurance premiums of existing 8 policies by 15%
Demonstrated the importance of having Business Interruption and Employer's Liability insurance policies and arranged for the same
Increased fidelity insurance cover from AED 10 Million to AED 200 Million to ensure the company's assets are appropriately insured to mitigate loss due to collusion among employees
Developed procedures to ensure compliance with insurance policies
Reduced outstanding claims from 60% to 20% and continue to settle claims
Reduced claim settlement time period by 60%
Reduced outstanding internal audit points from 2010 to 2013 for my function from 50% to nil
Increased transparency of Risk and Insurance function by regular reporting to senior management
Increased synergy between risk and insurance function, internal audit and legal ensuring smooth functioning, which in turn supports in addressing top risk matters of the company in an efficient manner
Increased communications with branches in other GCC regions to ensure smooth security and risk management reporting
Responsibilities include:
RISK MANAGEMENT
Design and implement an overall risk management process for the organization.
Manage the process of identifying and assessing the risks affecting the business
Oversee, and plan risk control actions (e.g. purchase of insurance, health and safety measures, liaison with regulators, business continuity plans)
Monitor, evaluate the organization’s success in managing its risks
Organise appropriate risk reporting, internally and externally.
Assist in the development and maintenance of activity matrices for each business unit and developing a framework and methodology for completion of contingency plans by business units
Designing and conducting business impact analysis and perform scenario testing
Maintaining incidents database and follow up on reported incidents and their resolution
Work with business units on projects/initiatives, in an advisory capacity, to ensure risks are identified and managed
Assist in developing a continuous Risk Register.
Development and process control of Incident Reporting Policy and Program, with an aim to study the trend of incidents and Root cause analysis.
INSURANCE
Conceive and negotiate the terms and conditions and ensure timely renewals of all Insurance Policies - Jeweller’s Block, Property All Risks and Business Interruption, Third Party Liability, D&O Liability, Medical Insurance, Fidelity Guarantee Insurance, Motor Insurance.
Liaise with various Insurers, Brokers, Loss Adjusters, and Insurance Consultants.
Research the market, maintain trend reports and historical comparison and monitor insurance premium rates for cost effectiveness.
Cover all activities such as promotions, exhibitions, shows and launches have adequate insurance coverage worldwide.
Monitor stock levels and alert management for making necessary amendment in sum assured amounts to have adequate insurance cover.
Ensure adequate insurance coverage for worldwide stock, properties, activities, vehicles, and personnel with a view to compensate the company for losses incurred due to fire, damages, theft, accidents, loss in transit, embezzlement etc.
Ensure that the terms and conditions of the insurance coverage are strictly adhered to, communicated and understood by all concerned departments and personnel.
Advice the staff about the insurance clause for protection of both, employee as an individual, and company interest on the whole.
Preparing budget, cost analysis and cost effective plans for the financial year.
Process in-charge for registering all claims and follow up with concerned loss adjusters, insurers, legal departments to ensure maximum and quick compensation.
UNDERWRITING
Underwrite insurance risks in accordance with the business plan to meet business objectives, including:
a. Negotiating rates, terms and conditions for existing and new business for Property Lines
b. Prepare ground work for Casualty, Liability, Engineering and Political risks existing and renewal policies
c. Managing production and issue of contract certainty documentation
d. Ensuring compliance with internal and external regulations and guidelines
e. Ensuring contribution to the business plan and objectives
Assist Property, Casualty, Engineering, Liability and Political Risks Underwriters
Make entries, as required, properly and promptly on QBE systems to ensure accuracy of data, in relation to:
a. Underwriting
b. Aggregate exposures
Arrange for Fronting policies with local insurers
Managing policy documentation processes
Participate in meetings, as required, to support the development of strategy, share knowledge and best practice
OPERATIONS
Migrate and set up the core systems in Dubai office
Modify Systems and requirements as per current local market
Ensure all the policies are correctly processed on core systems
Train coworkers on all company systems
Prepare Monthly Branch Reports
Prepare MIS Reports
ADMINISTRATION
Supervise and monitor Administrative Assistant
Assist Compliance team
OTHER RESPOSIBILITIES
Liaise with the London Office on a daily basis with the below departments to ensure smooth operations in the local office:
- Technical Department
- Central Underwriting Support
- Claims Department
- Credit Control
Documentation of various classes of Commercial Non Marine Policies including Reinsurance & Co-insurance Policies
Issuance of insurance certificates and bank certificates
Liaison with Clients / Sales team / Brokers
Co-ordination with managers
Training newly appointed staff on documentation and related areas of various classes of Insurance
Various other duties pertaining to the department