Senior Analyst - Risk & Insurance
Emirates Aluminium
Total years of experience :20 years, 1 Months
Enterprise Risk Management:
• Providing analytical support to assist Department Managers in the evaluation of risks and proposed EMAL responses to those risks
• Preparing materials for risk management workshops, training sessions and progress meetings
• Maintaining documentation to support the enterprise wide risk programme including risk registers and monthly reports of risk management actions
• Carry out Operational and Engineering risk management workshops with Risk Engineers with different departments. Analyze the Risk recommendations and liaise with management and departments to facilitate the completion of Risk recommendation to achieve Risk reduction.
Insurance programme:
Arranging and Placing Insurance
• Arranging all of the company’s corporate insurance policies through corporate insurance brokers.
• Main policies placed during the financial year include: Property Damage and Business Interruption, Comprehensive General Liability, Marine Cargo Insurance, Trade Credit Insurance, Motor Fleet, Motor Third Party, Trade Credit, Property All Risks, Money Policy, Crime and Fidelity Insurance, Directors and Company liability Policy, Workmens Compensation and Group Life and Group Medical insurance.
• Participating in selection of the company’s corporate insurance brokers including but not limited to the drafting of the Request for Proposal, contract documents, and scope of services.
• As directed by the Manager, negotiating favorable terms and conditions for all of the company’s insurance policies.
• Assisting the company’s legal team in drafting insurance and indemnity wordings for company contracts.
Administering Insurance
• Developing and maintaining standard operating procedures for all of the company’s insurance policies
• Arranging access for underwriters/brokers for regular risk reviews.
• Managing the premium payment process to ensure timely payments within the allowed timeframes.
Managing Insurance Claims
• Ensuring that all claims or potential claims are managed properly, i.e. Notifications are sent to the appropriate parties within the allowed timeframe.
• Manage the loss investigation with company’s corporate insurance broker and the assigned loss adjustor(s).
• Review loss findings and claims quantum with the appropriate parties at EGA to ensure fair assessment.
• Collection of claims proceeds from the insurers and reinsurers.
• Educating company’s management about company’s insurances relating to:
o Coverage specifications of company’s insurances
o Notification procedures for all claims and potential claims
o All warranties and subjectivities imposed on company by its insurances
Managing Loan Covenant Reporting and Compliance
• Managing the company’s lenders’ insurance requirements and ensuring that all of insurance policies are compliant with these requirements. Compliance requirements include coverage specifications as well as lender’s insurance and reinsurance endorsements, notifications, acknowledgements, broker’s letters of undertaking and policy assignments.
• Negotiating lender requirements on all existing and future insurance policies in coordination with the company’s external and internal legal team
• Ensuring that loan covenant guidelines as related to Insurance are adhered to and updated to reflect changes in the financing documentation.
• Design and implement an overall risk management process for the organisation
• Manage the process of identifying and assessing the risks affecting the business
• Oversee, and plan risk control actions (e.g. purchase of insurance or other risk financing options, health and safety measures, liaison with regulators, business continuity plans)
• Monitor, evaluate and challenge the organisation’s success in managing its risks
• Organise appropriate risk reporting, internally and externally. 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.
• Verify Security and Risk Audits and ensure that all departments, Head Offices & shops adhere to the conditions laid down in the Security Manuel.
• 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.
• Conceive and negotiate the terms and conditions and ensure timely renewals of all Insurance Policies.
• Co-ordinate with Human Resource Department for compliance of conditions to ensure all employees is covered by the insurance.
• Cover all activities such as promotions, exhibitions, shows and launches have adequate insurance coverage worldwide.
• Cover and advise shipping departments (shipment and cargo dispatch activity) the insured limit.
• Prepare from reports sent by other departments and file monthly stock statement for the management and insurance declaration and Risk Evaluation on Monthly basis.
• Monitor stock levels and alert management for making necessary amendment in sum assured amounts to have adequate insurance cover.
• Process in-charge for registering all claims and follow up with concerned loss adjusters, insurers, legal departments to ensure maximum and quick compensation.
• Ensure the availability and updates of all documents which may be required for claims at all times.
• Research the market, maintain trend reports and historical comparison and monitor insurance premium rates for cost effectiveness.
• Liaise with various Reinsurers, Insurers, Brokers, Loss Adjusters, and Insurance Consultants.
• Ensure that the terms and conditions of the coverage are strictly adhered to, communicated and understood by all concerned departments and personnel.
• Impart training to new recruits about the mandatory requirements of insurance policy.
• 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.
• Working with a multinational company based in 14 regions and servicing their Group Life, Group medical, Workmen’s Compensation and Personal Accidents policy,
• Co-ordinate with Human Resource Department for compliance of conditions to ensure all employees is covered by the insurance.
• Process in-charge for registering all claims and follow up with concerned insurers, legal departments to ensure maximum and quick compensation.
• Ensure the availability and updates of all documents which may be required for claims at all times.
• Research the market, maintain trend reports and historical comparison and monitor insurance premium rates for cost effectiveness.
• 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.
• Conceive and negotiate the terms and conditions and ensure timely renewals of all Insurance Policies.
• Risk Management for the company for their stock, property, personnel & stock worldwide.
• Liaise with various Reinsurers, Insurers, Brokers, Loss Adjusters, and Insurance Consultants.
• Ensure that the terms and conditions of the coverage are strictly adhered to, communicated and understood by all concerned departments and personnel.
• Impart training to new recruits about the mandatory requirements of insurance policy.
• 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.
Insurance Manager
• Worked in the Hospital Insurance Department, Responsible for Medical Advice, claims processing, documentation, & Insurance protocols
• Worked closely as an Insurance Advisor/ Examiner for International Companies like Max New York & Metlife Insurance.
• Working knowledge of Insurance protocols, Claims & Medical Examination for Insurance patients.
• Effective capability & wide experience in handling various International & National Insurance Companies, with in-depth knowledge of their functioning, policies & procedures.
• Preparing Medical Reports, e-mails, communication letters.
• Worked with Hospital Information Systems & Enterprise Resource Planning Systems.
• Extensive knowledge of health aspects required for various medical insurance packages.
• Worked as an Insurance Medical Examiner with major insurance companies.
• Basic Knowledge of Takaful Insurance.
• Communicating with various National & International Insurance Companies during Insurance Claims Processing.
• Worked in the Hospital Insurance Department, Responsible for claims processing, documentation, & Insurance protocols
• Was Management Representative of the Hospital for ISO9001:2000 Audits, Developed & Defined Standards for the Hospital according to Q.M.S. Worked with the G.M using E.R.P to integrate data & develop a Hospital Information Management System.
• Link to Top Management by giving facts & figures of Insurance department to enable them to formulate Hospital Policies & implement the policy in the working of the Hospital
• Responsible & Authorised for ensuring the process of Quality Management Systems, documenting & reporting of the same to the Top Management. Liaison with External Bodies & other interested parties for matters related to QMS.
Two years course. Subjects included: Principles of Management, Materials management, human Resources management,Health Services marketing,Health Insurance,Hospital Functions, Hospital Planning,Quality Assurance in hospitals, Medical transcription & underwriting, Medical Coding, Medical Laws & Ethics
Five & a half years Bachleors Degree-Subjects: Anatomy, Physiology, Pharmacology, Pathology, Forensic medicine, Social & Preventive Medicine, Internal medicine, Homoeopathic Medicine, Surgery. Third Ranker - University level. 1 year internship included: • Attending to emergencies & casualty under guidance of M.D Physician. • Assisting in Operation Theatre • Caring out treatment & monitoring of patients as per orders of M.D Physicians & Surgeons • Caring out treatment, handling & monitoring patients in the I.C.U, C.C.U under guidance of intensivist. • Handling of Cardiac Monitors, Ventilators, DC fibrillators under guidance of intensivist • Assisted in birth deliveries under guidance of Gynecologist. • Monitoring & conducting a stress test under guidance of Cardiologist. • Conducting an Audiometry under guidance of E.N.T Surgeon. • Conducting various other lab tests, B.M.D, B.MI etc • Attended the following clinics: Medicine, Psychiatrics, Dermatology, Paediatrics, Surgery, E.N.T, Ophthalmology, Gynaecology & Obstetrics • Attended various community Medicine Camps