Insurance Specialist
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Key skills for this role
About the Role
A confidential company in Riyadh seeks an Insurance Specialist to administer insurance for company assets and mitigate risks. The role requires 4-6 years of experience in insurance, knowledge of policies and claims, and strong analytical skills.
Key Skills for This Role
Responsibilities
- Administer insurance to company assets and set controls to ensure risk mitigation
- Ensure work is performed in accordance with approved policies, processes, procedures, and instructions
- Identify opportunities for continuous improvement in systems, practices, cost optimization, productivity, and operational efficiency
- Ensure compliance with all applicable laws, regulations, standards, and internal governance requirements
- Assist in developing asset insurance processes, procedures, and templates
- Provide guidance and information on asset insurance programs and coverage to relevant stakeholders
- Support forecasting of potential losses to help maintain operational continuity and business resilience
- Assist in developing effective systems for the administration and management of asset insurance claims
- Participate in the annual evaluation of insurance providers to identify the most suitable coverage options and commercial terms
- Review insurance provisions within leases, contracts, construction projects, facility modifications, acquisitions, vendor/contractor insurance requirements, and indemnification agreements
- Enhance disaster recovery and business continuity initiatives by implementing appropriate asset insurance solutions
- Develop reports and analyses on risk mitigation plans, insurance coverage effectiveness, and risk management measures
Requirements
- Bachelor’s degree in Finance, Business Administration, or related field
- 4–6 years of relevant experience in insurance
- Knowledge of insurance policies, claims administration, and risk assessment
- Strong analytical and problem solving capabilities
- Experience reviewing contracts and insurance requirements
- Effective communication and stakeholder management skills
- Strong reporting and organizational skills
Full Job Posting
Job Purpose
- Administering insurance to the company assets and setting controls to ensure risk mitigation.
Key Responsibilities
- Ensure work is performed in accordance with approved policies, processes, procedures, and instructions.
- Identify opportunities for continuous improvement in systems, practices, cost optimization, productivity, and operational efficiency.
- Ensure compliance with all applicable laws, regulations, standards, and internal governance requirements.
- Escalate issues and challenges to ensure timely and effective resolution.
- Stay abreast of industry trends, best practices, and benchmarks, assessing their implications on asset insurance programs.
- Assist in developing asset insurance processes, procedures, and templates in line with organizational requirements.
- Provide guidance and information on asset insurance programs and coverage to relevant stakeholders.
- Support forecasting of potential losses to help maintain operational continuity and business resilience.
- Assist in developing effective systems for the administration and management of asset insurance claims, including claims arising from projects, tenders, and reinsurance activities.
- Participate in the annual evaluation of insurance providers to identify the most suitable coverage options and commercial terms.
- Review insurance provisions within leases, contracts, construction projects, facility modifications, acquisitions, vendor/contractor insurance requirements, and indemnification agreements to assess insurance adequacy and risk exposure.
- Enhance disaster recovery and business continuity initiatives by implementing appropriate asset insurance solutions.
Qualifications
- Bachelor’s degree in Finance, Business Administration, or in any related field
- 4–6 years of relevant experience in insurance.
Preferred Competencies
- Knowledge of insurance policies, claims administration, and risk assessment.
- Strong analytical and problem solving capabilities.
- Experience reviewing contracts and insurance requirements.
- Effective communication and stakeholder management skills.
- Strong reporting and organizational skills.
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