Team Member - Insurance

About the Organization

Adani Group is a prominent Indian conglomerate comprising ten publicly traded companies with pan-India operations in logistics and energy sectors. With headquarters in Ahmedabad, Gujarat, it leads infrastructure development with O & M practices adhering to global norms and holds the distinction of being India's only Infrastructure Investment Grade issuer.

AEL Corporate Services manages key corporate functions such as finance, insurance, and secretarial support for all Adani units, streamlining efficiency, compliance, and governance, ultimately enabling the group's sustainable growth and nation-building.

Role Purpose

This position entails executing operational activities within the insurance domain to ensure comprehensive protection for assets, liabilities, and ventures. The incumbent will handle annual insurance renewals, RFP preparation and issuance, claims management, and precise policy documentation, collaborating with internal teams and insurers to maintain regulatory compliance and risk mitigation, thereby supporting organizational resilience.

Key Responsibilities

• Evaluate insurance needs for new projects or acquisitions by collecting detailed asset, liability, and risk information from business units.
• Identify insurable exposures related to new assets and secure appropriate coverage by liaising with local insurance providers.
• Collaborate across business, finance, and technical teams to ascertain accurate asset data critical for insurance determinations.
• Keep current records of insured assets to guarantee all ventures have adequate insurance.
• Manage the annual renewal cycle for assets and liabilities, coordinating with business units to verify insured sums and asset valuations.
• Review Fixed Asset Registers to ensure all assets are included in renewals, and negotiate with insurers and reinsurers to attain optimal premium rates and terms.
• Monitor market trends affecting insurance costs and coverage to anticipate changes impacting renewals.
• Ensure timely completion of renewal documentation to avoid coverage gaps.
• Draft and issue Requests for Proposals for various insurance types, effectively communicating group requirements to potential insurers.
• Oversee end-to-end RFP processes, including proposal preparation, insurance market engagement, responses evaluation, and approval workflows.
• Incorporate technical input for accurate risk representation in RFPs for insurer assessment.
• Prepare final recommendations, manage approval cycles, and facilitate payment requests following policy agreements.
• Administer claims by prompt reporting, coordinating with surveyors and loss adjusters, ensuring accurate damage assessment and timely settlement in line with policy conditions.
• Maintain and update policy documents, executing digitization to store records in a centralized accessible repository.
• Build and nurture partnerships with local insurers, securing competitive quotations and favorable terms.
• Regularly consult insurers on coverage boundaries, capacity, pricing, and evolving risk factors to safeguard comprehensive protection.
• Keep leadership informed about market developments, pricing shifts, and underwriting standards influencing insurance strategies.
• Standardize insurance processes organization-wide to ensure consistent procurement, claims handling, and document management.
• Integrate uniform insurance-related forms to enhance compliance and operational efficiency.
• Coordinate with internal experts and business units to communicate risk details accurately to insurers and ensure coverage completeness.
• Verify insurance contract terms align with agreements, preventing restrictive clauses detrimental to the group.
• Maintain a centralized database of finalized insurance contracts and endorsements for easy retrieval.
• Prepare compliance reports including insurance certifications and auditor filings, collaborating closely with legal and compliance teams to ensure regulatory adherence.
• Identify emerging risks and update leadership accordingly, supporting establishment of third-party risk frameworks ensuring vendor and contractor liability coverage.
• Liaise with finance to reconcile insured sums and manage premium payment matters; assist legal team in contract interpretation to assure sound legal standing.
• Resolve claim discrepancies among stakeholders to facilitate smooth claims process and maximize recovery.

Key Stakeholders

Internal: CFO, Financial Controller, Business Unit Heads, Legal, ABEX, Technical Teams, Senior Leadership

External: Local Insurance Providers, Insurance Brokers, Surveyors, Loss Adjusters

Candidate Profile

Qualifications: Bachelor of Engineering or Technology is mandatory; an MBA specializing in Insurance or additional insurance qualifications is advantageous.

Experience: Candidates should have 6 to 8 years’ experience in corporate insurance or underwriting, focused on negotiating terms and managing insurance procedures for corporate assets.

Industry: Preference given to applicants with power and energy sector background and comprehensive knowledge of insurance products and market dynamics.