Insurance Risk Management Specialist
3 days ago
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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