Insurance Risk Management Specialist

5 days ago

Singapore ST Logistics Pte Ltd Full time
Job Description:
Company Overview:
ST Logistics Pte Ltd is a leading logistics company in Singapore, committed to providing innovative and reliable services to our clients. Our team is dedicated to excellence and strives to build long-lasting relationships with our partners.

Job Summary:
The Senior Executive - Insurance and Risk Management plays a critical role in proactively managing our insurance portfolio and supporting the development and implementation of comprehensive risk management strategies and programmes. This position requires a highly skilled and experienced professional who can collaborate effectively with internal stakeholders and external partners to ensure optimal insurance coverage and minimize financial risks.

Key Responsibilities:
  • Insurance Program Management:
    • Support the management of our insurance portfolio, including procurement and management of insurance policies;
    • Stay updated with regulatory changes and adjust insurance coverage or risk practices accordingly;
    • Ensure insurance coverage is adequate and relevant to organizational needs;
    • Conduct periodic reviews of insurance policies to ensure they remain aligned with organizational risk profiles;
    • Liaise with brokers, underwriters, and legal teams to negotiate insurance terms and premiums;
    • Collaborate with brokers to perform detailed risk evaluations and customize insurance plans;
    • Monitor insurance budgets and track premium costs, claim payouts, and potential future liabilities;
    • Support forecasting and financial analysis related to insurance and risk management;
    • Assist in developing cost-saving strategies in insurance premium negotiations.

  • Claims Management:
    • Manage the end-to-end process of insurance claims, including the submission of claims and liaising with insurers to ensure prompt settlement;
    • Review and analyze claims to identify trends and recommend actions to minimize future claims;
    • Ensure all claims are properly documented, and follow-ups with insurers are conducted in a timely manner;
    • Prepare risk management reports, including risk exposure, insurance coverage, and claims performance for senior management;
    • Conduct internal audits of risk management processes and insurance policies to ensure full statutory compliance.

  • Risk Assessment and Management:
    • Collaborate with business units to identify potential risks, conduct comprehensive risk assessments, and document risks across the organization;
    • Support the development of risk mitigation strategies and monitor their effectiveness;
    • Collaborate with internal and external stakeholders to implement appropriate insurance solutions to cover identified risks;
    • Perform risk review of contracts, new business scope, and major projects;
    • Support the development and revision of risk management policies and procedures to ensure alignment with industry regulations and regulatory requirements;
    • Prepare regular reports on risk exposure, insurance coverage, and claims analysis for senior management.

  • Training and Awareness:
    • Conduct workshops and develop educational materials to enhance organizational awareness of insurance and risk management practices, ensuring compliance;

  • Stakeholder Management:
    • Maintain relationships with internal stakeholders to align insurance and risk management with organizational goals, while serving as a point of contact for insurance inquiries and supporting stakeholders in risk management processes;

  • Crisis Management:
    • Coordinate crisis response efforts by collaborating with stakeholders and establishing communication channels for real-time updates and decision-making;

  • Others:
    • Undertake any assigned projects or duties directed by Management (if any).

Requirements:
  • Knowledge and Experience:
    • Knowledge of Singapore's regulatory environment and industry best practices;
    • Understanding of various insurance products (General and Finance Lines) and their application in mitigating supply chain risks;
    • Detail-oriented, resourceful, and adaptable to changing environments, thorough risk assessments, and compliance with regulations;
    • Proficient in the use of MS Office Applications / Microsoft Power Platform Applications;
    • Professional certifications in risk management or insurance (e.g., ARM, CPCU) are an advantage;
    • Ability to articulate concepts in a clear and relevant manner to the target audience;
    • Excellent facilitation, collaboration, meticulous, interpersonal, analytical, research, problem-solving, and resourcefulness skills;
    • Ability to effectively plan, organize, and prioritize to manage tasks, resources, and deadlines;
    • Self-starter and able to perform multiple tasks independently and as a team player;
    • Ability to understand workplace engagement, maintain confidentiality and professionalism;
    • Commitment to ongoing learning and self-improvement, with a focus on driving results through new skills and knowledge.

  • Professional Qualifications & Relevant Experience:
    • Diploma/Bachelor's degree in Business Administration, Finance, Accountancy, Risk Management, or a related field;
    • 3-5 years of experience in insurance, risk management, or related fields is required;
    • Experience within the supply chain industry or in a corporate risk management role is preferred.

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