Impact Infotech- Assi. Manager- Insurance

Role Purpose

To manage and administer the organization's corporate insurance portfolio, ensuring adequate risk coverage, timely renewals, premium processing, claims management, compliance with policy terms & conditions, and effective coordination with brokers and insurance companies.

Key Responsibilities

Insurance Policy Administration & Risk Coverage

 Manage the organization's General Insurance and Liability Insurance portfolio.

 Review, evaluate, and process insurance proposals with a thorough understanding of policy terms, conditions, exclusions, deductibles, and coverage adequacy.

 Coordinate with internal stakeholders, insurance brokers, and insurance companies for obtaining quotations and policy issuance.

 Administer various insurance policies including:

o Marine Insurance

o Fire Insurance

o Property All Risk (PAR) Policy

o Public Liability Act Policy

o Commercial General Liability (CGL)

o Product Liability Insurance

o Employee Compensation Policy

o Erection All Risk (EAR) Policy

o Other corporate insurance policies as required

Policy Renewal & Broker Management

 Liaise with insurance brokers and insurance companies to obtain competitive quotations for policy renewals and new requirements.

 Conduct comparative analysis of premiums, coverage, benefits, exclusions, and deductibles.

 Negotiate favorable terms and conditions to optimize insurance coverage and cost.

 Verify renewed policies against approved quotations and negotiated terms before acceptance.

Premium Processing & Financial Control

 Process insurance premium payments within stipulated timelines.

 Maintain records of premium payments, deposits, and insurance-related financial transactions.

 Coordinate with Accounts Payable and Finance teams for timely settlement of premiums.

 Ensure proper documentation and audit readiness of insurance records.

Claims Management

 Handle end-to-end insurance claims administration.

 Coordinate with surveyors, brokers, insurers, and internal stakeholders for claim submissions and settlements.

 Track claim status and ensure timely closure.

 Maintain claim documentation and recovery records. MIS Reporting & Compliance

 Maintain and update Insurance MIS covering policies, claims, renewals, endorsements, and premium payments.

 Generate periodic management reports and dashboards.

 Monitor compliance with insurance policy terms, warranties, and conditions.

 Support internal and external audits related to insurance matters.

 Ensure timely renewal tracking and policy compliance across locations.

Stakeholder Management

 Collaborate with Plant, Supply Chain, Commercial, Legal, HR, Finance, and Operations teams for insurance-related requirements.

 Act as a key point of contact for insurance brokers and insurance companies.

 Provide guidance to internal stakeholders on insurance coverage and claim procedures.

Additional Responsibilities

 Support risk assessment initiatives and insurance optimization projects.

 Undertake any other assignments delegated by management from time to time.

Desired Candidate Profile

 5–8 years of experience in Corporate Insurance Management, preferably in Pharmaceutical, Manufacturing, Chemical, FMCG, or related industries.

 Strong knowledge of General Insurance, Liability Insurance, and Corporate Risk Management.

 Hands-on experience in policy administration, renewals, claims handling, and broker management.

 Good understanding of insurance regulations, policy wording, endorsements, and compliance requirements.

 Proficiency in SAP (AP Module), MS Excel (Advanced), and MIS reporting.

 Strong analytical, negotiation, communication, and stakeholder management skills.

 Ability to work independently and manage multiple insurance portfolios effectively.

Key Competencies

 Insurance & Risk Management

 Claims Administration

 Policy Review & Compliance

 Data Analysis & MIS Reporting

 Financial Control & Premium Processing

 Negotiation & Vendor Management

 Attention to Detail

 Problem Solving & Decision Making

 Cross-functional Coordination