TM Insurance CB

Job Purpose
To collect, check and compile data pertaining to all Property Insurance policies for all Units for enabling timely renewal, accurate insurance coverage, policy compliances and premium refund. To check and maintain the policy documentation and data (physical and soft) for quick retrieval. To effectively handle all claims below Rs.1 Cr. Maintenance and accounting for Cash deposit accounts with Insurance companies.

Job Context & Major Challenges

• Follow up with Units and Surveyors for Claims (which are less than Rs. 1 Cr.) related requirements and documentation. Entails dealing with too many people on regular basis.
• Regular (in fact daily) Follow up is required with Insurance Companies for quick settlement of claims.
• Follow-up with the Insurance brokers through regular interaction and MIS for policy data and documentation.
• Number of transactions with Cash deposit statements are high. Require proper checking since it is matter of financial transactions.
• Detailed MIS takes considerable amount of time each month.
• Monitoring & ensuring monthly declarations under Fire and marine policies

Key Result Areas
KRA (Accountabilities) (Max 1325 Characters)
Supporting Actions (Max 1325 Characters)
KRA1 Portfolio of Motor policy renewal and Claims

Accountability: To execute renewal plan for timely renewal of all Motor insurance policies pertaining to All Units across the Business, in order to avoid period of non-coverage of Cars / Other vehicles. -Collect the renewal data from Units and Insurance company separately.

• Drafting of quote slips and submission to superior for review and finalization.
• To send the finalized quote slips to nominated insurers and resolve queries, if any.
• To compare and analyze different quotes submitted by insurance companies.
• To prepare the quote comparison report for management review, negotiations and finalisation.
• Post finalization with insurer, draft and send policy placement letters to insurance companies.
• Reconcile the information and identify the new vehicles for insurance renewal in Corporate and marketing offices.
• To timely renew all old and new car insurance policies pertaining to Corporate office & CMO vehicle policies.
• To send renewed policy to respective employees of Corporate office & CMO, before policy expiry date.
• To oversee renewal of motor policies at all Units in India and intervene, if required.
• To co-ordinate with employee in case of claims for Claim intimation, deputation of surveyor and documentation.
• Facilitate the claim settlement whenever there are delays or claims with disagreements.

KRA2 Preparation of Insurance Premium and Claims MIS

Accountability: To prepare accurate Insurance MIS system for all insurance policies and all insurance claims in order to facilitate management analysis and quick data retrieval. The MIS should be submitted to superior on monthly basis before 5th of following month. -To prepare detailed insurance MIS capturing Premium data and other key details of all policies serviced by the Team.

• Update the above MIS every month highlighting the changes.
• Updating MIS of monthly Cash deposit balances.
• To prepare monthly claims MIS for historical claims data.
• To prepare weekly claim MIS for updated status of outstanding claims.

KRA3 Maintenance and accounting of Cash Deposit (CD) Accounts :

Accountability: To periodically check and monitor the CD maintained with different insurance companies related to property Policies, Motor policies and other general policies in order to insure prompt premium payment and its necessary accounting. To monitor and maintain the CD with different insurance companies related to employee benefits policies periodically in order to ensure coverage of eligible employees for the benefits. -To create cash deposit accounts with insurers and arrange payment of deposits after management approval.

• To ensure sufficient balance is maintained through regular monitoring.
• Collect monthly statements from insurance companies and check the utilization and split the entries unit wise.
• To cross check that the premium shown in policy documentation matches with the amounts shown in the statement.
• Highlight and follow-up with insurance companies to get the discrepancies rectified.
• Submit unit wise debit/credit instruction to the Corporate Accounts team to do the accounting.
• To do periodic reconciliation exercise of balances with insurance companies vs. balances as per corporate Accounts.
• To track the premium requirements each month for purpose of endorsement and ensure replenishment of CD by submitting premium payment approval note to superior.

KRA4 Prompt and rightful Settlement of all property Insurance Claims below Rs.1 Cr –

Accountability: Ensure swift intimation of claims to Insurance company and Surveyor, guide the Units through different stages of Insurance claim process, and provide additional documents, references, arguments for rightful settlement of claim. Follow up for prompt settlement. -Based on the loss advice received from the units, seek additional information and clarity to check the claim eligibility.

• For all eligible claims, send the claim intimation to insurance company and also depute the surveyor in consultation with superior.
• To ensure quick survey in coordination with surveyor and units
• To be in regular touch with the Units during the reinstatement period and update the superior about every movement.
• To guide and follow-up with Units for collection of documents required for claim purpose.
• Check the documents from Insurance perspective before final submission to surveyor.
• Follow up with Surveyors for their Final Survey Report to Insurance Companies and address queries if any.
• Follow up with Insurance Company for settlement of claims quickly.
• Update Unit and Accounts upon Claim settlement and complete the filing.

KRA5 Endorsements related to all insurance policies

Accountability: To identify coverage gaps within the policy and have endorsement issued by the Insurers, in order to keep insurance coverage updated for avoiding loss during claim settlement. To incorporate the new developments (based on inputs received from units) within the policies. -To notify insurers about any coverage gap in the policy and get rectification done through an endorsement.

• To update the insurance company about development in the business operation (as communicated by the Units) and get the same incorporated in the policy and obtain endorsements.
• To extract the fixed assets report from SAP on quarterly basis and update the sum insured.
• To check SAP Stock reports against the Stock policy Sum Insureds on monthly basis.
• To cover mid year purchase of laptops under portable equipment policy.
• To cover acquired Units under liability policies as per instructions.
• Follow up with Insurers for processing of endorsement.
• To Check the endorsement for accuracy.
• To send the endorsements (hard copy and soft copy) to the Units.

KRA6 Support renewal process of insurance policies.

Accountability: Draft / update Request for quotes with latest and additional / revision in terms

Cirulation of RFQs to prospective underwriters

Compile & reply queries under guidance of SH & DH

Compile quote comparative for renewal / placement decision making -Post finalization with insurer, prepare detailed premium working for each policy and ensure correct premium is charged by insurance company.

• To prepare approval notes and coordinate for insurance premium payments before the renewal dates.
• To draft policy placement letters and send approved letters to insurance companies
• Check the policy documentation in detail to identify the errors and/or omissions and highlighting to Superior / Broker.
• To organize filing of all documents, physical and soft form, for the Insurance function and maintain the data effectively for quick retrieval.

KRA7 Support renewal process of insurance policies.

Accountability: Draft / update Request for quotes with latest and additional / revision in terms

Cirulation of RFQs to prospective underwriters

Compile & reply queries under guidance of SH & DH

Compile quote comparative for renewal / placement decision making -To track renewal dates of all Insurance policies for renewal to be done on time.

• Prepare draft renewal work plan and data collection templates for sending to all units.
• To collect and compile the data from various units for various policies
• To follow-up with Units to submit the data on time.
• To give clarifications regarding guidelines.
• To analyze the data prepared for renewal, to note and highlight key developments and changes as inputs for drafting technical quote slips.
• To draft technical quote slips for superior's review and finalization.
• To send finalized quote slips to nominated insurers and resolve queries, if any.
• To compare and analyze different quotes submitted by insurance companies.
• To prepare/to check (prepared by broker) quote comparison report for management review and negotiations.