Job Summary The Senior Insurance Specialist plays a key role in supporting Mowasalat's vision of delivering agile, safe, and sustainable transport solutions by coordinating and administering the Company's insurance portfolio. The role is responsible for ensuring appropriate insurance coverage, effective policy management, claims coordination, cost efficiency, and compliance with contractual and regulatory requirements. The position supports the protection of company assets, employees, operations, and other insurable interests through insurance assessment, renewal management, risk monitoring, portfolio analysis, and continuous improvement of insurance arrangements.
Key Responsibilities Insurance Portfolio Administration & Management
Maintain and update comprehensive records of insurance policies, including coverage details, insured assets, premiums, policy limits, deductibles, exclusions, insurers, and renewal dates.
Coordinate the administration of insurance policies covering vehicles, property, liability, workmen's compensation, cybersecurity, and other operational risks.
Monitor insurance policies to ensure validity, adequate documentation, and alignment with business requirements.
Coordinate with relevant departments to obtain accurate information on insured assets, employees, operational activities, and exposure changes.
Maintain organized insurance documentation, endorsements, certificates, policy schedules, and related records.
Insurance Policy Review & Renewal
Coordinate periodic policy reviews and timely renewals to ensure uninterrupted insurance coverage.
Review policy terms, coverage limits, deductibles, exclusions, and premiums to identify areas for improvement.
Obtain and analyse quotations and renewal proposals from insurers and brokers.
Assess operational changes, asset values, and insurance requirements prior to renewals.
Prepare recommendations on renewal strategies, coverage enhancements, and cost optimization opportunities.
Insurance Coverage Assessment & Improvement
Assess the adequacy of existing insurance arrangements against organizational assets, risks, and contractual obligations.
Identify coverage gaps and recommend policy enhancements, endorsements, and revised terms.
Monitor insurance market developments and emerging risks relevant to the transportation industry.
Prepare technical assessments and cost-benefit analyses to support insurance-related decisions.
Insurance Claims Coordination & Monitoring
Coordinate with insurers, brokers, claim administrators, and internal stakeholders regarding insurance claims.
Ensure claims are supported by the required documentation and submitted within policy timelines.
Monitor claim progress, settlements, recoveries, and related correspondence.
Review claims trends and outcomes to identify opportunities for improved insurance arrangements.
Escalate delayed, disputed, or material claims and support their resolution.
Insurance Risk, Compliance & Governance
Coordinate with relevant departments to identify material insurable risks and ensure appropriate insurance coverage.
Support reviews of insurance requirements arising from contractual obligations, regulations, and company policies.
Coordinate with Internal Audit and stakeholders to address insurance-related audit findings and control gaps.
Track corrective actions and maintain supporting documentation for audit follow-up and closure.
Maintain effective records and controls to support insurance governance, compliance, and audit readiness.
Premium Analysis & Cost Management
Monitor insurance premiums, renewal quotations, payment schedules, and insurance expenditure.
Analyse insurance cost trends and identify opportunities for cost efficiency without compromising coverage.
Coordinate with Finance and Procurement regarding quotations, payments, and vendor-related requirements.
Prepare insurance expenditure reports, forecasts, and comparative analyses to support financial planning.
Reporting & Stakeholder Coordination
Prepare periodic reports covering policy status, renewal schedules, claims, premium expenditure, coverage gaps, and outstanding actions.
Provide insurance-related information and supporting documentation to management, Internal Audit, and other stakeholders.
Coordinate with insurers and brokers on policy matters, claims updates, and technical clarifications.
Maintain an insurance renewal calendar and communicate upcoming renewal requirements to relevant departments.
Recommend improvements to insurance administration, documentation, reporting, and internal controls.
Governance & Confidentiality
Ensure the highest standards of confidentiality are maintained to safeguard sensitive and confidential organizational information.
Qualifications & Requirements Education
Bachelor's Degree in Insurance, Risk Management, Finance, Business Administration, or a related discipline.
Experience
Minimum 7 years of relevant experience in insurance administration, insurance portfolio management, corporate insurance, claims coordination, or risk-related activities.
Certifications & Training (Preferred)
Professional qualifications or training in Insurance, Risk Management, Claims Management, or Insurance Underwriting.
Any other relevant insurance or risk management certification.
Skills & Competencies
Corporate insurance administration.
Insurance policy interpretation and management.
Insurance coverage assessment and gap analysis.
Premium and quotation analysis.
Claims coordination and monitoring.
Insurance renewal management.
Insurance risk identification and assessment.
Audit documentation and compliance support.
Insurance expenditure monitoring and cost analysis.
Analytical thinking and problem-solving.
Attention to detail and planning skills.
Effective communication and collaboration.
Integrity, confidentiality, and accountability.