Placement Specialist

5 days ago

Mumbai, Maharashtra, India Anand Rathi Insurance Brokers Ltd Full time

Placement

Function Purpose

The Placement Function in our insurance broking company is responsible for ensuring optimal placement of insurance policies for our clients. This function involves liaising with insurance underwriters, analyzing risk profiles, negotiating terms, and securing the most appropriate insurance coverage at competitive rates for our clients.

Role Purpose

The purpose of the Placement Role is to effectively manage the placement process for insurance policies. The role involves analyzing clients' insurance needs, identifying suitable general insurance products, negotiating terms with insurers, and facilitating the policy placement to provide the best insurance solutions to clients.

Key Expectations of the Role

  1. Insurance Product Analysis and Selection:
  • Assess clients' risk profiles and insurance needs to determine the appropriate insurance products.
  • Analyze various insurance products available in the market and recommend the most suitable ones for clients.
  1. Negotiation and Terms Agreement:
  • Negotiate policy terms, coverage, and premiums with insurance underwriters to ensure optimal terms for clients.
  • Collaborate with insurers to negotiate policy conditions that meet clients' requirements while adhering to compliance and regulations.
  1. Policy Placement and Issuance:
  • Facilitate the smooth placement and issuance of insurance policies for clients.
  • Coordinate with internal departments to ensure accurate policy issuance and timely delivery to clients.
  1. Client Engagement and Education:
  • Engage with clients to provide updates on policy placements and ensure they understand the terms and conditions of their insurance coverage.
  • Educate clients on policy features, benefits, and coverage details.
  1. Market Research and Trends Monitoring:
  • Stay updated on market trends, insurance products, and industry developments to offer informed recommendations to clients.
  • Conduct market research to identify emerging insurance products and assess their suitability for clients.

Competencies Required for the Role

  1. Insurance Industry Knowledge:
  • Possesses a strong understanding of insurance products, policies, underwriting, and industry practices.
  • Stays informed about insurance market dynamics, regulations, and emerging trends.
  1. Negotiation Skills:
  • Demonstrates effective negotiation skills to secure favorable terms and conditions for clients during policy placement.
  • Balances the interests of clients and insurers to achieve mutually beneficial agreements.
  1. Analytical Thinking:
  • Utilizes analytical skills to assess insurance products, evaluate risk profiles, and make informed decisions regarding policy placements.
  • Can interpret complex data and information to draw meaningful insights.
  1. Client Relationship Management:
  • Builds and maintains strong relationships with clients, understanding their needs and delivering exceptional service.
  • Listens to clients, provides appropriate advice, and addresses inquiries effectively.
  1. Interpersonal Skills: Strong interpersonal skills, including the ability to negotiate, communicate effectively, and collaborate with clients and insurance underwriters.

Personal Qualifications

  • Educational Background: A bachelor's degree in business, insurance, finance, or a related field is preferred.
  • Experience: Prior experience in insurance placement, underwriting, or related roles within the insurance industry is advantageous.
  • Certifications: Relevant certifications in insurance broking or risk management are beneficial.
  • Technology Proficiency: Proficient in using insurance management software and Microsoft Office suite (Word, Excel, Outlook, etc.).

Work Experience

10 Years to 20 Years

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