Officer - Insurance Operations

Job Purpose

• Ensure proper and comprehensive insurance coverage of Bank properties and operations.
• Provide assistance regarding Bank Insurance Operations (local & overseas branches).
• Supervise and approve the processing of declarations & payments.
• Ensuring compliance with all insurance policies terms/conditions and proper notifications/declarations to Insurance company on a monthly/quarterly basis as mandated in the policies.
• Study, analysis, and processing of claims.
• Verifying invoices relating to due premiums in line with set schedule/placement orders to insure continuation of cover.
• Reconciling accounts which are used by the Insurance Unit and also responsible to issue the Insurance Unit MIS.
• Collecting the required reports/data from various units (HR, Admin, CAD, Legal, Products Team) – Locally and Overseas relating to Loans/Credit Shield products and/ or any other product being looked after by the Insurance Unit.
• Check them and verify premium calculation, send them to the insurance company in order to include them under relevant policies.

Key Result Areas

• Ensure the renewal of all Insurance bank policies -10 Bank wide policies (Local and Overseas) and 4 Mashreq HQ Policies prior to date of expiry.
• Obtain the sum-insured records from CAD in respect of each line of insurance.
• Study the records provided by CAD in comparison to the insurance policy terms and conditions.
• Coordinating with the insurance company regarding the COE assets (Egypt and Pakistan), following up and facilitating required documents to both parties during the time of renewals.
• Review all invoices for appropriate documentation and approve prior to payment processing and arrange debiting branches’/ units’ cost centers in accordance with the bank’s procedures for facilitating payment process.
• Processing of monthly/quarterly payments for all insurance policies-General Insurance and Product Policies on I-procurement, receiving them on system and updating the register.
• Organizing meetings and coordinating with Insurance companies/ service providers on a daily basis for facilitating urgent services required by various departments within the Bank.

Declarations & Premium Payments

• Ensure accurate calculation and settlement of premiums within the credit facility period.
• Review the monthly declarations reported to the insurance companies as per SLA & TAT for final approval by the department manager.
• Review the monthly premium payments to the insurance companies based on insurance policies rates as per SLA & TAT for final approval by the department manager.

Claims

• Study and analyze claims reported by Bank departments (local and overseas) and obtain additional supporting documents prior to the submission of the claim to the respective insurance company.
• Follow-up and respond to the insurance company inquiries during claim processing.
• Assess the insurance company’s response (acceptance or rejection) to claims and ensure it is in compliance with the corresponding policy terms and conditions.
• Handling any complaints associated with a claim or premium payments.
• Meet with the assigned loss adjusters during claims processing.
• Prepare, maintain, and reconcile the monthly claims register.

Others

• Provide internal instructions related to Insurance Operations addressed to local and overseas branches.
• Attend to queries of the bank management and various departments.
• Address and resolve ad-hoc issues that may arise whether in the areas of policy renewal and amendment, claims processing, or declarations and premium payments.
• Reconciling monthly statements.
• Booking of Monthly Insurance Expense provision for the unit.

Knowledge, Skills & Experience

• At least 5 years of experience in various lines of Insurance. Especially, Corporate Insurance.
• Fair knowledge of different types of Insurance Policies
• Analysis and evaluation of relevant claim information in order to figure out appropriate courses of action to ensure fair claim settlement/ reimbursement.
• Professional Communication skills (oral and written)
• Organization and prioritization of information and tasks to optimize efficiency and adhere to present deadlines (time management and multi-tasking)
• Interpersonal and leadership skills (commitment to teamwork)
• Ability to review and check the work products of subordinates to ensure compliance to standards.
• Adequate understanding of Banking.
• Strong problem-solving and analytical skills
• Manage flow of work volume to comply with delivery standards of working hours