Risk Management Specialist

Designation: AGM / DGM – Insurance, Risk Management & Claims Function: Finance / Risk Management Location: Corporate Office (with multi-location oversight) Role Purpose To strategically manage the organization’s insurance portfolio and risk framework covering plants, assets, employees, offices, directors & officers, cyber and specialty risks, with a focus on optimizing insurance costs, ensuring adequate coverage, minimizing uninsured exposures, and driving efficient claims management, while building strong partnerships with insurers, brokers, TPAs and other service providers. Key Responsibilities 1. Insurance Strategy & Cost Optimization • Design and implement the overall insurance strategy for the organization aligned with business risk appetite. Evaluate and recommend optimal coverage structures, deductibles, self-insurance limits, and risk retentions. Optimize insurance costs through:Policy consolidation and portfolio rationalizationCompetitive renewals and negotiationsClaims-driven premium reduction strategiesRisk improvement initiatives linked to premium benefitsBenchmark insurance programs against industry best practices and peer comparisons. 2. Insurance Portfolio Management Manage end-to-end insurance coverage for: Property & Asset Risks:Plant, machinery, buildings, warehouses, stockFire, Natural Catastrophe, Business InterruptionLiability Risks:Public & Product LiabilityEmployers’ LiabilityProfessional IndemnityDirectors & Officers (D&O) LiabilityPeople Risks:Group Health, Top-Up, Personal Accident, Term LifeWorkmen CompensationCyber & Emerging Risks:Cyber security & data breach insuranceTechnology, reputational and regulatory risksEnsure adequacy, compliance and continuity of coverage across all locations and entities. 3. Claims Management & Recovery • Own end-to-end claims lifecycle: Claim intimation, documentation, surveyor coordination, settlement and recoveryDrive timely, maximum and dispute-free claim settlements. Analyze claims trends and root causes to reduce loss frequency and severity. Build a claims MIS dashboard for management and board reporting. Lead strategic claims negotiations with insurers and surveyors, especially for high-value losses. Risk Governance & Loss Prevention • Identify, evaluate and monitor enterprise-wide insurable and non-insurable risks. Partner with EHS, Operations and IT teams on:Risk assessments and insurance surveysLoss prevention and risk improvement programsEnsure closure of insurer survey recommendations to strengthen coverage and reduce premiums. Support business continuity and disaster recovery planning from an insurance standpoint. 5. Service Provider Strategy & Vendor Management • Strategically select, appoint and manage: Insurance brokersInsurers and reinsurersTPAs, surveyors and loss assessorsDefine SLAs, KPIs and performance scorecards for service providers. Conduct periodic reviews to improve service quality, turnaround time and cost efficiency. Lead broker and insurer negotiations for renewals and special risk placements. Compliance, Governance & Reporting • Ensure compliance with:Regulatory requirementsLending / lender insurance covenantsInternal policies and delegation of authorityPrepare management, audit committee and board-level reports on:Insurance coverage adequacyClaims statusKey risk exposuresSupport internal and statutory audits related to insurance and claims. Leadership & Stakeholder Management • Act as a key advisor to senior management on insurance and risk matters. Engage with plant heads, HR, IT, Legal and Finance teams across locations. Lead and develop a centralized insurance and risk management team. Drive awareness across the organization on risk culture and loss prevention. Key Deliverables / KPIs • YoY insurance premium optimization without compromising coverageClaims settlement ratio and turnaround timeReduction in uninsured / underinsured risksClosure rate of insurer risk improvement recommendationsQuality and effectiveness of service provider management Qualifications & Experience • Chartered Accountant / Cost Accountant / MBA (Finance) / Risk Management professional10–12+ years of experience in:Corporate insurance managementManufacturing / infrastructure / large corporate setupStrong exposure to:Industrial insurance programsHigh-