Insurance Lead Role + Treasury

Job Description

Designation: Sr. position (Designation to be decided)
Function: Accounts / Insurance
Location: Head Office, Mumbai
Reporting To: Management

Role Purpose
To independently manage the Companys insurance portfolio, including insurance policy administration, risk coverage, transit and other operational claims, coordination with insurance brokers, insurers, surveyors, transporters, plants, customers and internal teams, and ensure timely and effective settlement of claims with minimum financial exposure to the Company.

A. Key Responsibilities

1. Insurance Portfolio & Policy Management

• Manage the Companys overall insurance portfolio, including assessment of insurance

requirements and adequacy of coverage.

• Coordinate with insurance brokers and insurance companies for policy placement, renewals, endorsements, amendments and related documentation.
  
  
• Review policy terms, conditions, exclusions, deductibles, warranties and coverage to ensure protection of the Companys interests.
  
  
• Coordinate with internal stakeholders to identify emerging insurance risks and recommend appropriate coverage.
  
  
• Maintain comprehensive records of policies, premiums, claims, renewals and correspondence.
• Identify instances of under-insurance, over-insurance or gaps in coverage and recommend appropriate corrective measures to Management.
• Coordinate for insurance requirements relating to new projects, including erection/installation policies, after discussion and approval from Management.

2. Transit & Marine Claims Management

• Manage the complete lifecycle of transit/marine insurance claims from incident intimation through final settlement.
  
  
• Immediately notify the broker/insurance company upon receipt of information regarding any incident and obtain the claim number.
  
  
• Ensure timely submission of E-Claim Notification Forms, incident photographs, invoices, LR, packing lists, e-way bills, FIR/police intimation and other required documents.
  
  
• Coordinate with surveyors, transporters, drivers, plants, marketing teams, consignees and other stakeholders for spot and final surveys.
  
  
• Arrange final surveys at plants, consignee warehouses or other appropriate locations.
  
  
• Ensure that damaged material is unloaded only in the presence of the appointed surveyor, unless specific approval is obtained from the insurance company.
  
  
• Coordinate segregation of damaged material and ensure preparation of appropriate segregation/damage reports.
  
  
• Follow up with surveyors for final assessment and loss estimation.

3. Other Insurance Claims

• Manage and coordinate vehicle insurance claims, including accident/damage claims, survey, documentation, repairs, assessment and final settlement with the insurer/broker.
• Manage Workmen Compensation / Employees’ Compensation claims, including timely intimation, documentation, coordination with the insurer, surveyor/assessor and relevant internal teams, and settlement of claims.
• Coordinate Group Mediclaim (GMC) and Group Personal Accident (GPA) insurance claims, ensuring timely support to employees/dependants and effective coordination with the insurer, TPA, broker and HR team.
• Monitor the status of all outstanding claims across different insurance policies and ensure timely follow-up until closure.

3. Claim Documentation & Compliance

• Obtain the Observation Report and Letter of Requirement (LOR) from brokers/insurers and ensure timely compliance.
• Coordinate preparation and submission of damage certificates from transporters/marketing teams in the prescribed format.
  
  
• Issue claim notices to shipping lines, transporters or other concerned parties, as applicable.
  
  
• Coordinate collection of packing cost details, QC reports and other supporting documents from plants.
  
  
• For import claims, coordinate collection of costing sheets, full BOE, port reports and other relevant import documents.
  
  
• Ensure that all claim documentation is complete, accurate and submitted within stipulated timelines.

4. Salvage Management

• Manage the complete salvage process after finalisation of damaged material quantity.
• Coordinate with the insurance company regarding salvage valuation and sale.
  
  
• Where applicable, coordinate with salvage buyers and manage the salvage disposal process/e-auction in accordance with insurance requirements.
  
  
• Coordinate with plant, broker, buyer and internal teams until completion of GRN.
  
  
• Ensure appropriate Management approvals and prescribed documentation before release of salvage.
  
  
• Coordinate preparation of Sales Order, payment confirmation and TDS/TCS declarations.
  
  
• Coordinate vehicle loading, invoicing and other documentation with the plant, buyer and HO team.

5. Claim Settlement & Recovery

• Prepare and submit claim bills to the insurance company after obtaining the required internal/Management confirmations.
  
  
• Ensure submission of GST reversal, packing charges and other applicable supporting documents.
  
  
• Follow up for final assessment and settlement approval.
  
  
• Arrange execution and notarisation of the Letter of Subrogation on the prescribed stamp paper, wherever applicable.
  
  
• Follow up rigorously with the insurer/broker for timely disbursement of approved claim amounts.
  
  
• Obtain confirmation from the Accounts Receivable team upon receipt of claim proceeds.
  
  
• Submit complete claim settlement details with supporting documents to the Accounts team and Management.

6. Stakeholder & Vendor Management

• Act as the primary point of coordination with insurance brokers, insurers, surveyors, loss assessors, transporters, shipping lines and salvage buyers.
• Conduct periodic vendor visits, plant visits and other site visits, wherever required, for insurance-related assessments, risk reviews, claim verification and process monitoring.
  
  
• Ensure effective coordination between Corporate Office, plants, marketing, logistics, commercial, finance, QC and other relevant functions.
  
  
• Conduct plant/port visits whenever required for claim assessment, risk review or other insurance-related matters.
  
  
• Arrange and participate in insurance-related webinars, awareness programmes and site programmes in coordination with HR/Management.
  
  

7. New Projects & Erection Insurance

• Identify and evaluate insurance requirements for new projects, expansion projects, erection/installation activities and other major capital projects.
• Coordinate with the concerned Project/Engineering/Finance teams and insurance broker for obtaining appropriate Erection All Risk (EAR) / project-related insurance policies.
• Ensure that project insurance coverage is finalised and placed after due discussion and approval of Management.
• Monitor project insurance coverage during the project period and coordinate necessary extensions, amendments or endorsements wherever required.

7. Risk Management & Process Improvement

• Review and Identify recurring risks and claim patterns and recommend preventive measures.
  
  
• Strengthen internal processes for incident reporting, claim documentation and claim settlement.
  
  
• Ensure timely escalation of critical claims and potential financial exposures to Management.
  
  
• Develop MIS and periodic reports covering policy status, claims outstanding, ageing, claim values, recoveries and settlement status.
  
  
• Monitor claim turnaround time and ensure maximum recovery under the applicable policy.
  
  
• Keep abreast of changes in insurance regulations, industry practices and policy requirements.

B. Key Deliverables / KPIs

1. Timely intimation and registration of all insurance claims.
2. Timely completion of survey and claim documentation.
3. Maximum admissible claim recovery with minimum leakage.
4. Reduction in claim settlement turnaround time.
5. Effective management of outstanding/open claims.
6. Timely policy renewals and avoidance of coverage gaps.
7. Accuracy and completeness of insurance records and documentation.
8. Effective management of salvage and recovery processes.
9. Compliance with policy terms, statutory requirements and internal approval processes.
10. Regular and accurate insurance MIS/reporting to Management.

11. Periodic review of Sum Insured and adequacy of coverage across all major insurance policies.

12. Timely placement of insurance policies for new projects, including Erection/Installation insurance.

13. Effective and timely handling of Vehicle, Workmen Compensation, GMC and GPA claims.

C. Qualifications & Experience

• Graduate/Postgraduate in Insurance, Risk Management, Finance, Commerce, or a related discipline.
• Professional qualification in Insurance/Risk Management such as ACII/CII or equivalent would be an advantage.
• Chartered Accountant who can support Treasury Team.
  
  
• 12–18 years of relevant experience in insurance, claims management, risk management, marine/transit insurance or a similar role.
  
  
• Experience in handling large corporate insurance portfolios and end-to-end claim settlements, particularly Marine/Transit, Property, Fire and other General Insurance claims, will be preferred.
  
  
• Experience in manufacturing, textile, chemical, logistics or other industrial sectors would be advantageous.

D. Desired Competencies

- Strong knowledge of General Insurance and Marine/Transit Insurance.
- Excellent claim negotiation and settlement skills.
- Strong understanding of policy wordings, coverage, exclusions and claim procedures.
- Excellent coordination and stakeholder management skills.
- Strong analytical, documentation and follow-up skills.
- Ability to independently manage multiple claims and work within strict timelines.
- Strong commercial judgement and financial acumen.
- High level of ownership, integrity and attention to detail.
- Strong communication and negotiation skills.
- Good understanding of Motor, Workmen Compensation, GMC, GPA and Project/Erection insurance.