Overview
Insurance Supervisor Jobs in Riyadh, Saudi Arabia at Al Majed Oud.co
Title: Insurance Supervisor
Company: Al Majed Oud.co
Location: Riyadh, Saudi Arabia
Job Purpose
To oversee and manage the company's insurance portfolio by ensuring adequate and cost-effective insurance coverage for employees, assets, operations, and supply chain activities. The role is responsible for administering insurance policies, negotiating contracts with insurers and brokers, managing claims, and ensuring compliance with corporate policies and regulatory requirements, particularly within a multi-branch retail environment.
Key Responsibilities
- Oversee the company's insurance programs and ensure all insurance policies are renewed in a timely manner.
- Manage the corporate Medical Insurance Program, including policy administration, employee support, and coordination with insurers and healthcare providers.
- Supervise Motor Insurance for the company's fleet, including policy issuance, renewals, endorsements, additions, deletions, and claims management.
- Manage Property Insurance covering stores, warehouses, offices, distribution centers, equipment, and other company assets.
- Oversee Marine Cargo and Transit Insurance for domestic and international shipments, ensuring appropriate coverage and efficient claims handling.
- Review the organization's insurance requirements and recommend appropriate coverage based on operational and business risks.
- Lead insurance tendering processes (RFP/RFQ), evaluate technical and commercial proposals, and recommend the most suitable insurance providers.
- Negotiate insurance contracts, policy terms, exclusions, deductibles, premiums, and service level agreements with insurance companies and brokers to achieve optimal coverage and cost efficiency.
- Review and analyze insurance contracts to ensure compliance with company policies, legal requirements, and risk management objectives.
- Manage all insurance claims from notification through settlement while ensuring timely resolution and maximizing claim recoveries.
- Develop and maintain strong relationships with insurance companies, brokers, loss adjusters, and other relevant stakeholders.
- Monitor insurance market trends and recommend improvements to insurance programs and risk financing strategies.
- Prepare periodic reports for senior management covering insurance costs, claims analysis, policy performance, risk exposure, and renewal recommendations.
- Ensure compliance with applicable insurance regulations, internal governance policies, and audit requirements.
- Support business continuity and enterprise risk management initiatives through effective insurance planning.
Qualifications
- Bachelor's degree in Insurance, Finance, Business Administration, Risk Management, or a related field.
- Professional certifications in Insurance or Risk Management (preferred).
Experience
- Minimum 5–8 years of progressive experience in corporate insurance management.
- Proven experience within the Retail Industry, preferably in organizations operating multiple branches.
- Hands-on experience managing:
- Medical Insurance
- Motor Insurance
- Property Insurance
- Marine Cargo / Transit Insurance
- Strong experience in insurance claims management and contract administration.
- Demonstrated success in negotiating insurance contracts and leading insurance tenders.
Required Skills
- Excellent negotiation and contract management skills.
- Strong knowledge of commercial insurance products and insurance market practices.
- Ability to review, analyze, and interpret insurance policies and contractual terms.
- Strong claims management and dispute resolution skills.
- Excellent analytical, financial, and reporting skills.
- Advanced proficiency in Microsoft Excel and Microsoft Office Suite.
- Strong communication, presentation, and stakeholder management skills.
- Ability to manage multiple priorities in a fast-paced retail environment.
- Leadership, planning, and problem-solving capabilities.
Key Performance Indicators (KPIs)
- Annual insurance cost savings achieved.
- Successful renewal of insurance policies within agreed timelines.
- Claims settlement turnaround time.
- Claims recovery ratio.
- Reduction in uninsured or underinsured risks.
- Employee satisfaction with the Medical Insurance Program.
- Contract negotiation outcomes and premium optimization.
- Compliance with insurance policies, regulatory requirements, and internal audit standards.
- Accuracy and timeliness of insurance reporting.
- Continuous improvement of insurance coverage and risk mitigation strategies.
