Senior Executive - Insurance and Risk Management

Job Description

Job Summary The Senior Executive – Insurance and Risk Management is responsible for proactively managing its insurance portfolio and supporting the development and implementation of comprehensive risk management strategies and programmes. This role involves assisting in the management of the insurance portfolio, identifying potential risks, and ensuring the development and implementation of effective risk management strategies. The position requires collaboration with internal stakeholders and external partners, including insurance brokers and legal teams, to ensure optimal insurance coverage and minimize financial risks. The Senior Executive works closely with internal departments and external partners to secure optimal insurance coverage while minimizing financial exposure. Additionally, the role supports the Vice President – Business Assurance and Compliance in risk assessment activities, manages the claims process, and contributes to the preparation of risk management reports for senior management’s strategic decision-making. Through regular risk evaluations and training programs, this position fosters a risk-aware culture within the organization, ensuring that risk management practices are embedded in day-to-day operations. The role also ensures that the insurance framework aligns with the organization's growth, projects, and the evolving regulatory environment in Singapore and globally. Equipped with an analytical mindset and communication skills, the role requires problem-solving abilities and the capability to collaborate effectively with a diverse group of stakeholders to ensure comprehensive risk mitigation. Job Responsibilities/Key Tasks Insurance Program Management Support the management of the organization’s insurance portfolio, including procurement and management of insurance policies. Stay updated with regulatory changes and adjust insurance coverage or risk practices accordingly. Ensure insurance coverage is adequate and relevant to organizational needs. Conduct periodic reviews of insurance policies to ensure they remain aligned with organizational risk profiles. Liaise with brokers, underwriters, and legal teams to negotiate insurance terms and premiums. Collaborate with brokers to perform detailed risk evaluations and customize insurance plans. Monitor insurance budgets and track premium costs, claim payouts, and potential future liabilities. Support forecasting and financial analysis related to insurance and risk management. Assist in developing cost-saving strategies in insurance premium negotiations. Claims Management Manage the end-to-end process of insurance claims, including submission of claims and liaising with insurers for prompt settlement. Review and analyze claims to identify trends and recommend actions to minimize future claims. Ensure all claims are properly documented, and follow-ups with insurers are conducted timely. Prepare risk management reports, including risk exposure, insurance coverage, and claims performance for senior management. Conduct internal audits of risk management processes and insurance policies to ensure full statutory compliance. Risk Assessment and Management Collaborate with business units to identify potential risks, conduct comprehensive risk assessments, and document risks across the organization. Support the development of risk mitigation strategies and monitor their effectiveness. Work with internal and external stakeholders to implement appropriate insurance solutions for identified risks. Perform risk reviews of contracts, new business scope, and major projects. Support the development and revision of risk management policies and procedures to align with industry regulations. Prepare regular reports on risk exposure, insurance coverage, and claims analysis for senior management. Training and Awareness Conduct workshops and develop educational materials to enhance organizational awareness of insurance and risk management practices. Stakeholder Management Maintain relationships with internal stakeholders to align insurance and risk management with organizational goals. Crisis Management Coordinate crisis response efforts by collaborating with stakeholders and establishing communication channels. Others Undertake any assigned projects or duties directed by Management. Job Requirements Knowledge of Singapore’s regulatory environment and industry best practices. Understanding various insurance products and their application in mitigating supply chain risks. Detail-oriented, resourceful, and adaptable to changing environments, with thorough risk assessments and compliance. Proficient in MS Office Applications / Microsoft Power Platform Applications. Professional certifications in risk management or insurance (e.g., ARM, CPCU) are an advantage. Ability to articulate concepts clearly and relevantly to the target audience. Excellent facilitation, collaboration, and problem-solving skills. Ability to plan, organize, and prioritize tasks effectively. Self-starter capable of performing multiple tasks independently and as a team player. Commitment to ongoing learning and self-improvement. Professional Qualifications & Relevant Experience Diploma/Bachelor’s degree in Business Administration, Finance, Accountancy, Risk Management, or a related field. 3-5 years of experience in insurance, risk management, or related fields; experience in the supply chain industry or a corporate risk management role is preferred. #J-18808-Ljbffr