Risk Insurance Manager

Confidential; Saudi Arabia; On-site; SAR 320,000 - 520,000; Full time

Job summary

Confidential is seeking an Insurance Risk Manager to identify, assess, and mitigate risks through robust insurance strategies and risk management practices. You will oversee the enterprise-wide insurance program, coordinate renewals, and supervise claims to minimize financial exposure.

The ideal candidate holds a bachelor’s in a related field, 7–10 years of experience in insurance or risk management, and strong skills in risk analysis, negotiation, and stakeholder management.

Qualifications

• Bachelor’s degree in risk management, insurance, finance, business administration or related field required.
• Professional certifications preferred (e.g., CII, ARM, IRM, CPCU).
• Minimum 7–10 years of experience in insurance or risk management.

Responsibilities

• Identify potential operational, financial, and strategic risks across the organization.
• Maintain a risk register and conduct regular risk assessments.
• Review and manage all corporate insurance policies and renewals.
• Oversee the end-to-end claims process with insurers and brokers.
• Develop and implement risk mitigation plans with internal teams.
• Ensure compliance with local regulations and audits.
• Monitor insurance costs and support budgeting and cost optimization.
• Collaborate with Finance, Legal, HR, and Operations; advise on contracts.

Skills

Risk analysis

Negotiation

Communication

Attention to detail

Financial analysis

Stakeholder management

Decision-making under pressure

Education

Bachelor's degree in Risk Management, Insurance, Finance, Business Administration, or related field

Job description

Job Title: Insurance Risk Manager

Job Purpose

The Insurance Risk Manager is responsible for identifying, assessing, and mitigating risks across the organization through effective insurance strategies and risk management practices. The role ensures adequate insurance coverage, minimizes financial exposure, and supports business continuity.

Key Responsibilities

1. Risk Identification & Assessment

• Identify potential operational, financial, and strategic risks across the organization.
• Conduct regular risk assessments and maintain a risk register.
• Analyze risk exposure and recommend mitigation strategies.

2. Insurance Program Management

• Review and manage all corporate insurance policies (e.g., property, liability, medical, motor, etc.).
• Ensure appropriate coverage levels aligned with business needs.
• Coordinate renewals, policy updates, and endorsements.

3. Claims Management

• Oversee and manage the end-to-end claims process.
• Liaise with insurers and brokers to ensure timely settlement of claims.
• Analyze claims trends and recommend preventive actions.

4. Risk Mitigation & Control

• Develop and implement risk mitigation plans.
• Work with departments to improve internal controls and reduce exposure.
• Promote a risk-aware culture within the organization.

5. Compliance & Governance

• Ensure compliance with local regulations and insurance requirements.
• Support internal and external audits related to risk and insurance.
• Maintain proper documentation and reporting standards.

6. Financial & Cost Management

• Monitor insurance costs, premiums, and deductibles.
• Support budgeting and cost optimization initiatives.
• Evaluate cost-benefit of insurance coverage vs. self-insurance.

7. Stakeholder Coordination

• Collaborate with departments such as Finance, Legal, HR, and Operations.
• Act as the main point of contact with insurance brokers and providers.
• Provide advisory support for contracts and projects.

8. Reporting & Analytics

• Prepare regular risk and insurance reports for management.
• Track KPIs such as claims ratios, incident frequency, and risk exposure.
• Provide data-driven insights for decision-making.

Qualifications & Requirements

• Bachelor's degree in Risk Management, Insurance, Finance, Business Administration, or related field.
• Professional certifications preferred (e.g., CII, ARM, IRM, CPCU).
• Minimum 7–10 years of experience in insurance or risk management.
• Strong knowledge of insurance policies, claims handling, and risk frameworks.

Core Competencies

• Risk analysis and problem-solving
• Strong negotiation and communication skills
• Attention to detail
• Financial and analytical skills
• Stakeholder management
• Decision-making under pressure

Key Performance Indicators (KPIs)

• Reduction in risk exposure and incidents
• Claims settlement turnaround time
• Claims ratio improvement
• Insurance cost optimization
• Compliance and audit results