Insurance & Risk Manager

Insurance & Risk Manager

London

Job Description

The Insurance Manager is responsible for the ongoing development and management of a portfolio of commercial insurance policies, contract risk and claims for Group Lotus, and play a crucial role in identifying, assessing, and mitigating risks across the organisation, ensuring that Group Lotus maintains a robust risk management framework whilst minimising insurance costs.

Responsibilities

• Developing and implementing comprehensive insurance programs to safeguard Group Lotus against various risks, including on the water/stock transportation risk, events, property, and employer/employees.
• Evaluate and select insurance policies and coverage options that align with the company's risk appetite and strategic objectives.
• Regularly review and update insurance policies to ensure they remain effective and in line with business needs.
• Consider ability to combine group entity policy needs to achieve savings
• Engage and collaborate with internal stakeholders throughout the business, including finance, operations, and legal, to identify and assess potential risks to the organisation.
• Be key contact for answering ad hoc queries, and business partnering to assist colleagues with organising insurance coverage for events.
• Managing and maintaining effective relationships with external parties, including insurance brokers, insurers, loss adjusters, and other external partners and official bodies.
• Conduct risk assessments and contribute to the development of risk mitigation strategies.
• Stay informed about insurance regulations, compliance requirements, industry trends and emerging risks that may impact the automotive sector, ensuring that Group Lotus adheres to all relevant insurance laws and regulations.
• Oversee the claims management process, working closely with insurance providers to ensure timely and fair resolution of claims, and maintaining accurate records of claims data to identify areas for improvement.
• Communicate risk management policies and procedures to internal stakeholders, providing training and guidance on risk management best practice to employees at all levels.
• Negotiate and manage contracts with insurance providers to secure favourable terms for the organisation.
• Constant oversight, continual review and audit of the insurance portfolio to ensure current and future business risk is mitigated.
• Providing oversight, questions, and challenges related to Insurance Risk with appropriate forums (e.g., Functional Risk Committees, Exec Committee etc.), ensuring strategic decisions are informed by a balanced view of Insurance Risk (including line of business / portfolio strategy statements, and reinsurance purchasing).

Challenges

• Creating an effective communication channel so that the business can be proactive in setting up/organising necessary insurance coverage
• Collating current information to ensure that, for instance, insurance renews are provided on the most accurate information, thereby minimising over/under insurance risks.

Essential Criteria

• Bachelor’s degree in business, Risk Management, Finance, or a related field.
• Professional certifications in risk management and insurance are highly desirable.
• Proven experience in insurance management and enterprise risk management, preferably within the automotive industry.
• Strong knowledge of insurance principles, policies, and regulations.
• Excellent analytical and problem-solving skills.
• Effective communication and interpersonal skills.
• Ability to work collaboratively with cross-functional teams.

Desirable Criteria

Experience in insurance management and enterprise risk management, within the automotive industry.