Sourcing Group Lead - Insurance & Risk Management

About Function:

Business and Commercial Department handles the Supply Management function in the organization. We recognize that the supply chain is critical to our company's success, and Supply Management has become a key contributor to the company's competitiveness and performance. Moving from transactions to relationships, it has transitioned to fit its role as a strategic contributor. By continuously enhancing its skills mix and the performance of its resource base, the function has become a driving force for a change that is altering the way organisations do business.

About the Position:

- Scrutinize insurance tender documents; negotiate policy premium with vendors and analyze their performance; monitor claims recovery process and maintain monthly MIS with the objective of ensuring comprehensive insurance coverage during the policy period and reduce turnaround time for claims settlement.

Areas of Responsibility:

- Insurance Operation and Cost Management: Scrutinize (pre and post) insurance tender documents; cross check, verify and analyze insurance RFQ, quote comparison, negotiate policy premium with vendors, issue sanction note etc. For optimum rates, terms, conditions and coverage for insurance portfolio; analyze and update CWIP, capital advance, FAR additions on monthly basis with address and occupancy for insurance purpose in order to get maximum insurance coverage at minimum cost.

- Insurance and Risk Management: Underwrite insurance business, claims recovery, supervise insurance and risk management audit as per SOP; quantify, assess the risk and impact; implement risk mitigation and risk transfer techniques in order to minimize the losses.

- Vendor Management: Analyze performance of vendors on annual basis, provide feedback to vendors, set expectations and introduce new vendors in order to get various kinds of offerings and to pick the best possible deal.

- Industry Benchmarking: Track competitor activity and development of new insurance product in order to update management about new insurance policy available in the market with better coverage at minimum cost.

Relevant Experience

- 10 years (approx.) with minimum 3 years in managing the insurance and risk management portfolio