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 rationalization
Competitive renewals and negotiations
Claims-driven premium reduction strategies
Risk improvement initiatives linked to premium benefits
Benchmark 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, stock
Fire, Natural Catastrophe, Business Interruption
Liability Risks:
Public & Product Liability
Employers’ Liability
Professional Indemnity
Directors & Officers (D&O) Liability
People Risks:
Group Health, Top-Up, Personal Accident, Term Life
Workmen Compensation
Cyber & Emerging Risks:
Cyber security & data breach insurance
Technology, reputational and regulatory risks
Ensure 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 recovery
Drive 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.
4. 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 surveys
Loss prevention and risk improvement programs
Ensure 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 brokers
Insurers and reinsurers
TPAs, surveyors and loss assessors
Define 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.
6. Compliance, Governance & Reporting
Ensure compliance with:
Regulatory requirements
Lending / lender insurance covenants
Internal policies and delegation of authority
Prepare management, audit committee and board-level reports on:
Insurance coverage adequacy
Claims status
Key risk exposures
Support internal and statutory audits related to insurance and claims.
7. 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 coverage
Claims settlement ratio and turnaround time
Reduction in uninsured / underinsured risks
Closure rate of insurer risk improvement recommendations
Quality and effectiveness of service provider management
Qualifications & Experience
Chartered Accountant / Cost Accountant / MBA (Finance) / Risk Management professional
10–12+ years of experience in:
Corporate insurance management
Manufacturing / infrastructure / large corporate setup
Strong exposure to:
Industrial insurance programs
High-value claims handling
D&O and Cyber insurance (preferred)
Experience working with brokers, insurers and surveyors is essential.
Key Competencies
Insurance structuring & negotiation
Risk assessment & mitigation
Analytical and cost optimization mindset
Stakeholder & vendor management
Strong governance and compliance orientation
Crisis and claims handling capability