Insurance Risk Management Specialist

6 days ago

Västerås, Västmanland, Sweden Hitachi Vantara Corporation Full time

Job Overview

The Insurance Risk Manager plays a critical role in managing insurance risk across Europe and its cluster countries. This includes responsibility for local Product Groups, subsidiaries, affiliated companies, joint ventures, and support for Country Treasurers and global Work Stream teams.

Main Responsibilities

  1. Support the creation of a Global Insurance Risk Management Portal to ensure effective risk management across the organization.
  2. Manage surety bond relationships with Brokers, Insurers, and coordinate with Export and Trade Finance for Guarantee Management to mitigate potential risks.
  3. Review and monitor insurance needs across countries, establishing key contacts in Business and Finance to ensure proper coverage and minimize exposure to risk.
  4. Ensure adherence to global Directives & Instructions for local insurance purchases, focusing on reputable and creditworthy insurers and compliance with local insurance requirements to maintain a stable risk profile.
  5. Actively support local Divisions, Business Units, and the Legal Department with tenders and Risk Review processes to identify and address potential risks.
  6. Integrate local risk control efforts with PG Group worldwide through liaison with GF-GTI, leading risk control activities including Property Risk Engineering surveys and Transport Risk Control workshops to optimize risk management strategies.
  7. Design and implement systems with GF and Brokers for insurance premium distribution, providing financial incentives for better risk control, and distribute budget advice annually to promote responsible risk-taking.
  8. Prepare and conduct insurance risk management seminars with local business organizations and other Group Functions to educate stakeholders on effective risk management practices.
  9. Provide input on insurance risks during M&A due diligence processes to ensure informed decision-making.
  10. Manage departmental operating budget and maintain local manuals in addition to GF's manual to ensure consistent risk management practices.

Broker Management

  1. Establish and actively manage insurance brokers in all countries within the region to ensure reliable risk management services.
  2. Develop and implement procedures manuals for brokers in each country to standardize risk management practices.
  3. Establish a process to ensure compliance of contractual clauses with Brokers and the Legal function to maintain a stable risk profile.
  4. Direct brokers for local policy placement and renewals, coverage adequacy, premium and tax payments, and distributions, including acquisitions/divestments to minimize exposure to risk.
  5. Direct brokers to establish necessary local insurance programs and self-insurance funds/accounts in cooperation with the business to optimize risk management strategies.
  6. Establish contracts with third-party administrators for claim management, as necessary in each country to ensure efficient risk management.
  7. Define roles, responsibilities, and authority for claim management and settlements to ensure timely and effective risk mitigation.
  8. Support critical cases of incidents and claims management across various countries to provide prompt assistance.
  9. Initiate the issuance of specific insurance certificates to facilitate risk management.

Requirements

  1. A minimum of 10 years' experience in insurance risk management is required, ideally in a similar role.
  2. A University Degree (Bachelor or Master) in Law, Economics, Engineering, or another relevant subject is preferred.
  3. Significant experience in reviewing and pleading large projects contracts globally is desirable.
  4. Strong inter-personal skills and sound judgment are essential for effective risk management.
  5. Excellent written and verbal communication skills, including proficiency in English, are necessary for successful collaboration.
  6. Ability to work independently and in a team environment is required to ensure effective risk management.
  7. Proficiency in the use of Microsoft office suite applications is necessary for efficient risk management.
  8. Willingness to travel on a monthly basis is required for effective collaboration and risk management.
  9. A valid Work Permit is necessary for employment in this role.

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