Risk Management Specialist

Designation: AGM / DGM – Insurance, Risk Management & Claims

Function: Finance / Risk Management

Location: Corporate Office (with multi-location oversight)

Role Purpose

To strategically manage the organization’s insurance portfolio and risk framework covering plants, assets, employees, offices, directors & officers, cyber and specialty risks, with a focus on optimizing insurance costs, ensuring adequate coverage, minimizing uninsured exposures, and driving efficient claims management, while building strong partnerships with insurers, brokers, TPAs and other service providers.

Key Responsibilities

1. Insurance Strategy & Cost Optimization

• Design and implement the overall insurance strategy for the organization aligned with business risk appetite.
• Evaluate and recommend optimal coverage structures, deductibles, self-insurance limits, and risk retentions.
• Optimize insurance costs through:
• Policy consolidation and portfolio rationalization
• Competitive renewals and negotiations
• Claims-driven premium reduction strategies
• Risk improvement initiatives linked to premium benefits
• Benchmark insurance programs against industry best practices and peer comparisons.

2. Insurance Portfolio Management

Manage end-to-end insurance coverage for:

• Property & Asset Risks:
• Plant, machinery, buildings, warehouses, stock
• Fire, Natural Catastrophe, Business Interruption
• Liability Risks:
• Public & Product Liability
• Employers’ Liability
• Professional Indemnity
• Directors & Officers (D&O) Liability
• People Risks:
• Group Health, Top-Up, Personal Accident, Term Life
• Workmen Compensation
• Cyber & Emerging Risks:
• Cyber security & data breach insurance
• Technology, reputational and regulatory risks
• Ensure adequacy, compliance and continuity of coverage across all locations and entities.

3. Claims Management & Recovery

• Own end-to-end claims lifecycle:
• Claim intimation, documentation, surveyor coordination, settlement and recovery
• Drive timely, maximum and dispute-free claim settlements.
• Analyze claims trends and root causes to reduce loss frequency and severity.
• Build a claims MIS dashboard for management and board reporting.
• Lead strategic claims negotiations with insurers and surveyors, especially for high-value losses.

4. Risk Governance & Loss Prevention

• Identify, evaluate and monitor enterprise-wide insurable and non-insurable risks.
• Partner with EHS, Operations and IT teams on:
• Risk assessments and insurance surveys
• Loss prevention and risk improvement programs
• Ensure closure of insurer survey recommendations to strengthen coverage and reduce premiums.
• Support business continuity and disaster recovery planning from an insurance standpoint.

5. Service Provider Strategy & Vendor Management

• Strategically select, appoint and manage:
• Insurance brokers
• Insurers and reinsurers
• TPAs, surveyors and loss assessors
• Define SLAs, KPIs and performance scorecards for service providers.
• Conduct periodic reviews to improve service quality, turnaround time and cost efficiency.
• Lead broker and insurer negotiations for renewals and special risk placements.

6. Compliance, Governance & Reporting

• Ensure compliance with:
• Regulatory requirements
• Lending / lender insurance covenants
• Internal policies and delegation of authority
• Prepare management, audit committee and board-level reports on:
• Insurance coverage adequacy
• Claims status
• Key risk exposures
• Support internal and statutory audits related to insurance and claims.

7. Leadership & Stakeholder Management

• Act as a key advisor to senior management on insurance and risk matters.
• Engage with plant heads, HR, IT, Legal and Finance teams across locations.
• Lead and develop a centralized insurance and risk management team.
• Drive awareness across the organization on risk culture and loss prevention.

Key Deliverables / KPIs

• YoY insurance premium optimization without compromising coverage
• Claims settlement ratio and turnaround time
• Reduction in uninsured / underinsured risks
• Closure rate of insurer risk improvement recommendations
• Quality and effectiveness of service provider management

Qualifications & Experience

• Chartered Accountant / Cost Accountant / MBA (Finance) / Risk Management professional
• 10–12+ years of experience in:
• Corporate insurance management
• Manufacturing / infrastructure / large corporate setup
• Strong exposure to:
• Industrial insurance programs
• High-value claims handling
• D&O and Cyber insurance (preferred)
• Experience working with brokers, insurers and surveyors is essential.

Key Competencies

• Insurance structuring & negotiation
• Risk assessment & mitigation
• Analytical and cost optimization mindset
• Stakeholder & vendor management
• Strong governance and compliance orientation
• Crisis and claims handling capability