This role involves developing and executing the company's insurance strategy, managing a team of insurance professionals, and ensuring compliance with regulations
The Chief Insurance Manager plays a critical role in managing risk, optimizing insurance coverage, and safeguarding the organization's assets and interests
Key Responsibilities:
Insurance Strategy: Develop and implement the organization's insurance strategy to manage and mitigate risks effectively, ensuring alignment with business objectives
Insurance Portfolio Management: Oversee the management of the company's insurance portfolio, including policies related to property and casualty, liability, professional indemnity, and other areas
Team Leadership: Lead and manage a team of insurance professionals, including underwriters, claims adjusters, risk analysts, and insurance brokers, providing guidance, coaching, and support
Risk Assessment: Identify, assess, and quantify the organization's risks and insurance needs
Collaborate with other departments to implement risk management strategies
Policy Procurement: Oversee the selection and procurement of insurance policies, negotiate terms and conditions, and ensure cost-effective coverage
Claims Management: Manage the insurance claims process, ensuring efficient and fair settlements while minimizing the organization's exposure to losses
Compliance and Regulation: Ensure that the organization complies with all relevant insurance regulations and industry standards
Stay informed about changes in insurance laws and regulations
Vendor and Broker Relationships: Maintain relationships with insurance brokers, carriers, and vendors to secure competitive pricing, favorable terms, and superior service
Budget Management: Develop and manage the insurance budget, monitoring expenses and seeking cost-saving opportunities
Insurance Reporting: Prepare and present reports to senior management and the board of directors on insurance performance, risks, and strategies
Disaster Recovery and Business Continuity: Collaborate with other departments to create and maintain disaster recovery and business continuity plans, ensuring insurance coverage aligns with these plans
Claims Prevention: Implement risk reduction measures and loss prevention strategies to minimize the frequency and severity of insurance claims
Qualifications:
Bachelor's degree in business, finance, risk management, or a related field; a relevant master's degree is advantageous
Extensive experience in insurance management, with a proven track record of leadership in a similar role
Professional certifications such as Chartered Property and Casualty Underwriter (CPCU) or Certified Insurance Counselor (CIC) are highly desirable
Strong knowledge of insurance products, coverage options, and industry trends
Exceptional leadership and team management skills
Excellent negotiation, communication, and interpersonal abilities
Analytical mindset with the ability to assess and quantify risks effectively
Familiarity with insurance software, risk assessment tools, and claims management systems
Compliance-oriented with a strong understanding of insurance regulations and compliance requirements
Financial acumen and budget management skills
Ethical conduct and a commitment to maintaining the highest ethical standards in insurance practices
