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