Insurance Specialist

Job Title: Insurance Specialist

Department: Finance

Location: Riyadh, Saudi Arabia

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.

• Develop reports and analyses on risk mitigation plans, insurance coverage effectiveness, and risk management measures to support informed decision-making.

• Contribute to the preparation of reports on operational activities, performance, and achievements, providing insights for management reporting and strategic decision-making.

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.