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Insurance Risk Management Officer

Insurance Risk Management Officer - August 25, 2023


The Business Risk Management Specialist is responsible for comprehensive management of insurance policies and operations within the bank, including insurance policies management, insurance operation regulation, claim notification, insurance training, and insurance analytics and risk optimization.

Job Description

1. Insurance Policies Management:

  • Manage and oversee insurance policies, encompassing both Financial and Non-Financial Line Policies. Take charge of centralizing the organization of underwriting information, handling tasks related to policy renewal, extension, and cancellation
  • Conduct comprehensive research on the continuous advancements within the global risk reinsurance markets. This includes evaluating suitability and accessibility across diverse markets, with particular emphasis on the Asian region
  • Collaborate closely with and offer guidance to various data units (such as Finance, Branches, and Subsidiaries) to ensure the timely preparation and updating of necessary data essential for insurance policy renewals

2. Insurance Operation Regulation:

  • Formulate regulations to govern insurance operations throughout the Bank
  • Create a protocol for handling claims, ensuring seamless interaction between the Broker and the Bank
  • Establish procedures for processing insurance claims while upholding uniformity through comprehensive comprehension and practical application
  • Develop a standardized operating procedure (SOP) for various insurance-related activities

3. Claim Notification and Processing:

  • Monitor significant incidents and legal cases that could potentially fall under insurance policy coverage criteria
  • Collaborate with Business Units to gather necessary documents and create comprehensive claim submissions for the insurer
  • Actively pursue and expedite the process of indemnity payment

4. Insurance Training and Awareness:

  • Develop an annual program for insurance training to educate new employees, distribute information on insurance topics, update relevant departments about policy changes, address related matters like the claiming process, and highlight the advantages of insurance coverage
  • Compile and generate assessment reports from training sessions and present them to management for acknowledgment and potential enhancements
  • Create reports on insurance management for distribution to connected Business Units, sharing insights and updates on pertinent insurance-related subjects

5. Insurance Analytics and Risk Optimization:

  • Collaborate with an international broker specializing in technical and market relationships to provide expert guidance and support
  • Utilizing a global analytic program to optimize risk management strategies

6. Insurance Management Support:

  • Establish insurance and expenditure budgets in accordance with approved standards
  • Create a strategy for distributing premiums by seeking input from the Finance department
  • Compile and merge Business Impact Analysis (BIA), Business Continuity Planning (BCP), and BCP Testing Results. Present these findings to executives for approval and promptly raise any identified concerns or necessary actions


  • A Bachelor’s or Master’s Degree in areas such as Business Administration, Banking and Finance, Insurance, or related fields relevant to Banking business management or Insurance Management.
  • 2-3 years of experience in banking, finance, or business management, with experience in project management involving international brokers or consulting firms will be an advantage
  • Alternatively, having a minimum of one year's experience specifically in insurance management.
  • Demonstrating a profound understanding of both banking and insurance industries.
  • Proficiency in computer applications like Office 365 and Microsoft Office.
  • Strong aptitude for communication and coordination.
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