The Insurance Specialist is responsible for identifying, assessing, and managing potential risks that may impact a company's operations, financial stability, and overall profitability. They analyze various risk factors, develop risk management strategies, and implement risk mitigation measures to ensure the company's compliance with regulatory requirements and industry best practices. The Insurance Specialist collaborates with different departments, such as Legal, Procurement Sourcing and Operations, Finance, and other operational leaders across the Firm to evaluate risks associated with insurance policies, investments, and business operations.

• Risk Assessment: Conduct comprehensive risk assessments to identify potential risks and evaluate their potential impact on the company's financial stability and profitability.
• Risk Management Strategies: Develop and implement risk management strategies, policies, and procedures to minimize potential risks and ensure compliance with regulatory requirements.
• Risk Mitigation: Identify and implement risk mitigation measures, such as insurance coverage, reinsurance agreements, and risk transfer mechanisms, to minimize the company's exposure to potential losses.
• Compliance: Stay updated with industry regulations and ensure the insurance company's compliance with legal and regulatory requirements related to risk management.
• Data Analysis: Analyze data related to insurance policies, claims, investments, and market trends to identify emerging risks and develop appropriate risk management strategies.
• Risk Reporting: Prepare and present risk reports to senior management, highlighting key risk areas, potential impacts, and recommended risk mitigation measures.
• Collaboration: Collaborate with different departments, including underwriting, claims, finance, and legal, to assess risks associated with insurance policies, investments, and business operations.
• Training and Education: Provide training and education to employees on risk management practices, policies, and procedures to enhance risk awareness and promote a risk-conscious culture within the organization.
• Crisis Management: Develop and implement crisis management plans to effectively respond to and mitigate the impact of unforeseen events or disasters.
• Continuous Improvement: Continuously monitor and evaluate the effectiveness of risk management strategies and processes, making recommendations for improvements as necessary.
• Operationally manage policy renewals on behalf of the organization, be the escalation point for insurance related Supplier contract negotiations, and support the organization with insurance coverage questions, COIs, and filing claims.

• Bachelor's degree in risk management, finance, business administration, or a related field. A master's degree or professional certifications (e.g., Certified Risk Manager) may be preferred.
• 3-5 years' experience in insurance risk management, preferably within the insurance industry.
• Strong knowledge of insurance products, underwriting principles, and regulatory requirements.
• Excellent analytical and problem-solving skills, with the ability to assess complex risks and develop effective risk management strategies.
• Proficiency in data analysis and risk modeling techniques.
• Strong communication and presentation skills, with the ability to effectively communicate complex risk concepts to both technical and non-technical stakeholders.
• Ability to work collaboratively with cross-functional teams and build strong working relationships.
• Attention to detail and ability to work under pressure in a fast-paced environment.
• Knowledge of industry best practices and emerging trends in risk management.