The Head of Insurance is responsible for managing all the aspects of insurance within the client: assessment of insurable risks, coverage strategies, مفاوضة, استحواذ, and operational management of insurance contracts and related services. The incumbent will discharge his/her responsibilities under the coordination and supervision of the Chief Financial Officer.
• Develop and maintain an effective risk assessment framework for insurable risks in coordination with the Group Risk Management team and the Insurance Units at asset/country levels by defining:
• The principles for insurable risk identification, attitude and behavior towards risk;
• The metrics for evaluation of risks, their emphasis being to use holistic methods to appropriately discount or connect risk,
• The methodology for conducting risk surveys.
Insurance needs identification and consolidation
• Based on the information provided by the business lines at asset/country levels and by the Group Business Development and M&A team, define the consolidated insurance needs and consolidated risk tolerance of the Group, on the back of the principles contained in the Group Insurance Management Policy.
Coverage strategy definition
• Define the strategy for the coverage of insurable risks, with the aim to ensure optimal risk allocation to the market, compliance to regulatory and contractual arrangements while minimizing overall cost of risk .
• Set the strategy for the Captive Insurance Company for its continual involvement in the insurance program, including strategic asset portfolio, risk retention levels and correspondent premiums in line with the tolerance levels of the Group.
• Ensure the procurement of the best value insurance coverage and related services at the best prices and in compliance with the principles contained in the Insurance Management Policy and with the Group Procurement Manual.
• Ensure the optimization of the contractual structure and drive efficiencies also through the elimination of coverage redundancies.
Insurance programs management
• In coordination with the Insurance Units at asset/country levels,
• Set the principles for the management of global and local insurance contracts and ensure the effective management of all the activities related to insurance programs and commitments.
• Ensure control over insurance documents issuances and documental evidence compliance as well as coordinate the validation of the insurance contracts.
• Provide the business lines with coverage conditions and premium payment instructions.
• Provide the business lines with advice on the interpretation of insurance contracts
Insurance Market relationships
• Manage, for Global Insurances, the relationships with brokers, insurance and reinsurance companies.
• Supervise, for Local Insurances, the relationships with the insurance market managed at asset or country level, under primary responsibility of the Insurance Units at asset/country levels.
Insurance claims management
• Set the principles for insurance claims management at Group level and the coordination processes between the Group Insurance team and the Insurance Units at asset/country levels and the levels of their delegation and involvement.
• Coordinate relations and communications with the insurance companies, insurers engineers and Loss Adjusters and make proposals on possible legal assistance.
• Negotiate with the Insurance Brokers and insurance companies specific claims management procedures to be fulfilled in case of a claim.
• Render advice on the interpretation of insurance contracts in relation with claims management activities.
• Prepares and submits to the Executive Management a Claims Report containing, among others, a qualitative and quantitative view of all group pending unsettled claims, Loss Ratio trends on settled claims as well as claim settlement projections for the year.
Insurance data management and reporting
• Ensure an effective integrated process for data gathering, analysis, quality control and reporting related to insurable risks.
• Ensure, in coordination with the Insurance Units at asset/country level, the set-up of an information technology platform with global view aimed at providing, among other, dashboards and dynamic reports to the Executive Management on insurance coverages, insurance costs, insurance underwriting, claims management and claims history.
• Provide Insurance advisory services to all corporate functions.
• Provide support for reviewing and negotiating insurance related aspects of procurement contracts and and financing agreements
• Coordinate the activity of external insurance advisors.
• Provide support to Business Development and M&A functions for green field developments and acquisitions (i.e. due diligence process, inputs for business evaluation, competitive bidding)
Leadership/Coordination of the Insurance Units of the Group s subsidiaries and associates
• Provide leadership, coordination and support to the Insurance Units of the Group s subsidiaries and associates
Financial Authority : According to Delegation of Authority Manual
Budget Responsibilities : Group Insurance Budget