Role Purpose:
The Insurance Risk Manager is responsible for developing and implementing strategies to identify, assess, and mitigate insurance-related risks across the Organization. This role ensures optimal insurance coverage, compliance with Saudi Regulatory requirements, and effective risk transfer mechanisms to safeguard the Company's assets, operations, and reputation. The incumbent acts as a key advisor to Senior Leadership, manages relationships with insurers and brokers, and drives continuous improvement in Risk Management practices.
The role supports the Company's overall success by contributing to its strategic goals and aligning responsibilities with the Organization's vision and objectives.
Key Responsibilities:
Insurance Strategy & Governance
- Develops and implements the Organization's Insurance and Risk Management Framework aligned with business objectives and regulatory standards.
- Establishes and enforces Insurance Policies and Procedures across all Business Units.
- Ensures compliance with Insurance Authority and other regulatory requirements.
Risk Assessment & Analysis
- Identifies, evaluates, and quantifies insurance-related risks for all assets, projects, and operations.
- Conducts risk assessments for new ventures, contracts, and investments.
- Recommends appropriate insurance coverage and risk transfer solutions.
Insurance Program Management
- Manages all corporate insurance programs, including but not limited to Property, Liability, Health, Motor, Marine, and specialized coverage.
- Negotiates terms, premiums, and conditions with insurers and brokers to secure optimal coverage.
- Maintains all insurance policies, ensuring they always remain active & compliant.
- Monitors policy renewals, endorsements, and claims handling.
- Initiates the policy renewal process at least 90 days before the expiration date to avoid coverage gaps and ensure continuity.
Claims Management
- Manages the end-to-end claims process, ensuring timely reporting, documentation, and settlement.
- Liaises with insurers, legal teams, and internal stakeholders to resolve disputes and minimize financial impact.
Financial & Compliance Oversight
- Monitors insurance budgets, premiums, and cost optimization opportunities.
- Ensures accurate recording of insurance-related expenses and compliance with IFRS and local accounting standards.
- Prepares risk and insurance reports for Senior Management, highlighting trends and recommendations.
Stakeholder Engagement
- Collaborates with internal departments (Finance, Legal, Operations) to align insurance strategies with business needs.
- Maintains strong relationships with insurers, brokers, and regulatory bodies.
- Provides expert advice on contractual risk transfer and insurance clauses.
Continuous Improvement
- Stays updated on industry trends, emerging risks, and regulatory changes in KSA.
- Implements best practices and innovative solutions for risk mitigation and insurance optimization.
Qualifications (Education & Certifications):
- Bachelor's degree in Risk Management, Insurance, Finance, or related field.
- Professional certifications (e.g., CII, ARM, CPCU) preferred.
Experience:
- Minimum 710 years in Insurance and Risk Management, with at least 3 years in a managerial role.
- Proven experience in negotiating insurance contracts and managing complex claims.
- Strong knowledge of Saudi Insurance Regulations and Compliance requirement.
- Excellent Analytical, Negotiation, and Stakeholder Management skills.
- Proficiency in Risk Assessment tools and Insurance Management systems.
- Strong communication and Leadership capabilities.
