Insurance Specialist
3 days ago
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $80,000.00 and $124,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
**Role Description**:
The Insurance Specialist is responsible for identifying, assessing, and managing potential risks that may impact a company's operations, financial stability, and overall profitability. They analyze various risk factors, develop risk management strategies, and implement risk mitigation measures to ensure the company's compliance with regulatory requirements and industry best practices. The Insurance Specialist collaborates with different departments, such as Legal, Procurement Sourcing and Operations, Finance, and other operational leaders across the Firm to evaluate risks associated with insurance policies, investments, and business operations.
**Role Objectives**:
- Risk Assessment: Conduct comprehensive risk assessments to identify potential risks and evaluate their potential impact on the company's financial stability and profitability.
- Risk Management Strategies: Develop and implement risk management strategies, policies, and procedures to minimize potential risks and ensure compliance with regulatory requirements.
- Risk Mitigation: Identify and implement risk mitigation measures, such as insurance coverage, reinsurance agreements, and risk transfer mechanisms, to minimize the company's exposure to potential losses.
- Compliance: Stay updated with industry regulations and ensure the insurance company's compliance with legal and regulatory requirements related to risk management.
- Data Analysis: Analyze data related to insurance policies, claims, investments, and market trends to identify emerging risks and develop appropriate risk management strategies.
- Risk Reporting: Prepare and present risk reports to senior management, highlighting key risk areas, potential impacts, and recommended risk mitigation measures.
- Collaboration: Collaborate with different departments, including underwriting, claims, finance, and legal, to assess risks associated with insurance policies, investments, and business operations.
- Training and Education: Provide training and education to employees on risk management practices, policies, and procedures to enhance risk awareness and promote a risk-conscious culture within the organization.
- Crisis Management: Develop and implement crisis management plans to effectively respond to and mitigate the impact of unforeseen events or disasters.
- Continuous Improvement: Continuously monitor and evaluate the effectiveness of risk management strategies and processes, making recommendations for improvements as necessary.
- Operationally manage policy renewals on behalf of the organization, be the escalation point for insurance related Supplier contract negotiations, and support the organization with insurance coverage questions, COIs, and filing claims.
**Qualifications and Skills**:
- Bachelor's degree in risk management, finance, business administration, or a related field. A master's degree or professional certifications (e.g., Certified Risk Manager) may be preferred.
- 3-5 years’ experience in insurance risk management, preferably within the insurance industry.
- Strong knowledge of insurance products, underwriting principles, and regulatory requirements.
- Excellent analy
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