Job Summary:
Insurance Specialist supports the company's financial risk management framework by executing technical insurance processes, maintaining global policy documentation, and ensuring alignment with operational and contractual risk exposures. The role focuses on administering insurance programs, supporting claims management, and contributing to coverage adequacy assessments to safeguard the company's financial interests across drilling and operational activities.
Roles & Responsibilities:
Insurance Program Administration:
- Executes the implementation and ongoing maintenance of global insurance and risk management guidelines that reflect the organization's drilling and operational profile.
- Assists in the placement, renewal, and record-keeping of corporate insurance policies across multiple business lines, including offshore/onshore operations and logistics.
- Reviews and process insurance certificates, ensuring contractual compliance and internal approval workflows are met.
- Maintains accurate and updated records of premiums, deductibles, policy terms, and renewal schedules for audit and reporting purposes.
Policy Review and Advisory Support:
- Analyses insurance policy terms, limits, and exclusions to validate alignment with project-specific and corporate requirements.
- Supports the evaluation of insurance and liability clauses in commercial contracts (e.g., EPC, drilling, construction) to ensure adequate protection is in place.
- Assists operational teams by identifying potential coverage gaps and documenting mitigation recommendations for review by senior stakeholders.
Claims and Risk Documentation:
- Supports the end-to-end insurance claims process, including document collation, communication with insurers and brokers, and monitoring settlement timelines.
- Coordinates with internal stakeholders to ensure prompt and accurate incident reporting to insurers and maintain visibility on ongoing claims status.
- Maintains a central repository of claims, correspondence, and settlement documentation in accordance with company policies.
Operational Support Across Projects Phases:
- Ensures insurance documentation is in place for each project stage-acquisition, pre-drilling, mobilization, drilling, completion, and production-by coordinating with finance and project teams.
- Liaise with external brokers and insurers to ensure timely issuance and confirmation of binders, policies and endorsements.
Portfolio Monitoring & Optimization:
- Monitors key milestones within the insurance portfolio to ensure renewals, endorsements and premium payments are executed on time.
- Supports cost-efficiency assessments by tracking trends in premium fluctuations and insurance market conditions in collaboration with brokers.
- Assists in periodic portfolio reviews and benchmarking to enhance policy structure, coverage and cost-effectiveness.
Job Requirements:
Education & Experience:
- Bachelor's degree in Finance, Risk Management, Insurance, or a related field.
- Minimum 3 years of experience in insurance administration, ideally within the Oil & Gas, energy, or drilling sector.
- Familiarity with complex insurance programs is preferred.
Skills/Competencies Required:
- Solid understanding of corporate insurance principles, risk profiling, and basic claims management.
- Proficient in Microsoft Office Suite, especially Excel and PowerPoint for reporting and data tracking.
- Excellent attention to detail, documentation accuracy and ability to manage multiple priorities.
- Strong written and verbal communications skills in English.
- Ability to collaborate across departments and external vendors in a time-sensitive, project-driven environment.
Certifications:
- CII (Chartered Insurance Institute) certification is highly preferred.
