Lead Insurance

Job Purpose To supervise compiled data pertaining to all Property Insurance policies for all Units and ensuring timely compilation of schedules, review insurance coverages. To effectively handle all claims above Rs. 1 Cr. & upto Rs.3 Crs. Job Context &Challenges • - Follow up with Units and Surveyors for Claims (which are more than Rs. 1 Cr. & upto Rs.3 Crs.) related requirements and documentation. Entails dealing with too many people on regular basis. • - Regular (in fact daily) Follow up is required with Insurance Companies for quick settlement of claims. • - Advise plant locations on damage survey, compilation of claim documents • - Detailed MIS & circulation on regular basis takes considerable amount of time each month. • - Check lengthy Policy Documentation with large terms and conditions for errors and anamolies. This is tedious and demands meticulous checking with concentration. Kra Execution of Existing Property and other Corporate Insurance policies renewal plan. Accountability: To execute renewal plan for timely renewal of all property insurance policies pertaining to All Units across the Business, in order to avoid period of non-coverage of any risks. To extend guidance in drafting technical quote slips. Compile and maintain policy wise claims data and ratios to evaluate historic policy performance to help optimizing renewal premium To extend support in negotiations by superiors for finalization of insurance coverage. Review policy documents in line with RFQ Terms to ensure smooth policy and claims administration and avoid dispute • Verify draft of frenewal work plan and data collection templates for sending to all units. • To support giving clarifications regarding guidelines. • To support in analyzing the data prepared for renewal, to note and highlight key developments and changes as inputs for drafting technical quote slips. • To support in drafting technical quote slips for superior’s review and finalization. • To supporting in compilation of comparative and analyze different quotes submitted by insurance companies. • To compile in preparation of policy wise claims ratio for policy performance and getting better terms and price • Evaluate the premium working on finalization of policy to ensure in line with agreed final quote • To prepare approval notes • Check the policy documentation in detail to identify the errors and/or omissions and highlighting to Superior / Broker. • To coordinate with Units and Valuer to collect the data for valuation purpose once in three years. • To send valuation report to all Units for record. Prompt and rightful Settlement of all property Insurance Claims above (Rs.1 Cr & upto Rs.3 Crs) – Accountability: Ensure swift intimation of claims to Insurance company and Surveyor, guide the Units through different stages of Insurance claim process, and provide additional documents, references, arguments for rightful settlement of claim. Follow up for prompt settlement. • Based on the loss advice received from the units, seek additional information and clarity to check the claim eligibility. • For all eligible claims, send the claim intimation to insurance company and also depute the surveyor in consultation with superior. • To ensure quick survey in coordination with surveyor and units • To be in regular touch with the Units during the reinstatement period and update the superior about every movement. • To guide and follow-up with Units for collection of documents required for claim purpose. • Check the documents from Insurance perspective before final submission to surveyor. • Follow up with Surveyors for their Final Survey Report to Insurance Companies and address queries if any. • Follow up with Insurance Company for settlement of claims quickly. • Update Unit and Accounts upon Claim settlement and complete the filing. Monthly Declarations of Stock & Marine policies & enhance Sum Insured when required Accountability: To collect and compile information from Units / SAP for the purpose of monthly declarations under the Stocks and Marine policies within the policy timeframe to ensure rightful premium refund. • To extract from SAP data about daywise stocks at each of the Units and work out monthly averages. • To collect and compile data received from all Units (Accounts teams) under Stocks policies. • To reconcile the data provided by Units and SAP and take corrective actions. • Submit physical copies of Stocks declarations to Superior for Quality review and thereafter to Insurer within policy timeframe. • To follow up and collect information from all Units (local movement teams and Import teams) as required under Marine policies. • Compile and present the information according to the policy requirements. • Submit the declaration to respective Insurers within the policy timeframe. Collect the acknowledgement of declarations submitted and File the documentation. Enhance sum insured timely basis to ensure adequacy of cover during the entire tenure of policy as per requirement