Assistant Manager, Insurance

Position Overview

We are seeking a highly motivated and detail-oriented Assistant Manager, Insurance to oversee the comprehensive management of our trade credit insurance and fidelity guarantee insurance programs, as well as other financial insurance lines. This pivotal role will ensure seamless policy administration, precise risk assessment, and effective coordination with insurers and internal stakeholders. The ideal candidate will thrive in a fast-paced, deadline-driven environment, demonstrating strong analytical skills and meticulous attention to detail.

Key Responsibilities

The Assistant Manager, Insurance will play a critical role in managing and optimizing our insurance portfolio while ensuring compliance with policy terms and regulatory requirements. The following are the core responsibilities associated with this position:

• Policy & Risk Management:
  • Oversee the end-to-end administration of trade credit insurance and fidelity guarantee policies, including renewals, endorsements, and record-keeping.
  • Manage a diverse portfolio of Binzagr’s Retail Value Solutions (RVS) and client credit coverages in collaboration with cluster heads, business development, and credit control functions to maintain overall credit quality.
  • Review and evaluate credit limits, monitor exposures, and ensure strict adherence to policy terms and deadlines.
  • Support the assessment of customer creditworthiness and risk profiles to mitigate potential financial risks.
  • Track overdue accounts, coordinate with internal teams to issue dunning letters to defaulting accounts, and report these accounts to insurers.
  • Follow up on recovery plans, engage with internal teams on risk mitigation strategies, and participate in litigation procedures when necessary.
  • Collaborate with the Credit Control team to evaluate temporary extensions of credit to customers.
  • Work closely with the Claims and Finance Teams (CFT) to reconcile monthly and principal claims accounts in accordance with management-defined frequencies, preventing potential insurance breaches.
  • Partner with Internal Audit, HR, and Legal teams to investigate and report losses from RVS operations, and file fidelity guarantee claims with insurers.
  • Engage with legal teams and external collection agencies to recover bad debts and initiate pre-litigation procedures.
  • Conduct ongoing reviews of accounts receivable aging reports, follow up on overdue and aged balances with sales and branch accounts teams, and ensure timely resolution.
  • Evaluate the existing portfolio of active clients, recommend appropriate credit ratings, and propose mitigation strategies based on the latest financial insights and market conditions.
• Coordination & Communication:
  • Act as the primary liaison between the company and insurance providers, ensuring clear and consistent communication.
  • Prepare and submit essential documentation, including Know Your Customer (KYC) forms, claims applications, credit limit requests, customer trading experience reports, and turnover declarations.
  • Disseminate policy updates, limit approvals, withdrawals, and other critical information to sales, finance, legal, and management teams.
• Claims Handling:
  • Assist in the preparation of claim files, gather supporting documentation, and follow up with insurers to ensure timely processing.
  • Monitor claim timelines and verify compliance with policy conditions to facilitate smooth settlements.
  • Ensure accurate bookkeeping of claims settlements and maintain detailed records for auditing purposes.
• Reporting & Analysis:
  • Maintain precise records of credit limits, exposures, policy utilization, and loss ratios to support strategic decision-making.
  • Conduct data analysis to identify emerging trends, assess risks, and uncover opportunities for process improvements.
  • Prepare periodic credit risk management reports, highlighting areas of concern, concentration risks, claims status, and policy performance for senior management review.
• Process Improvement:
  • Recommend and implement enhancements to internal Standard Operating Procedures (SOPs), processes, and risk modeling techniques to improve efficiency and control effectiveness in credit risk management.
  • Ensure strict adherence to internal controls and regulatory requirements to maintain compliance and mitigate operational risks.
  • Educate and raise awareness among key stakeholders about credit risks and associated mitigation strategies to foster a risk-aware organizational culture.

Qualifications & Skills

To excel in this role, candidates must meet the following qualifications and possess the following competencies:

• A bachelor’s degree in finance, business administration, economics, or a related field from an accredited institution.
• Proven experience in trade credit insurance, credit analysis, or accounts receivable management, preferably within a large corporate environment.
• In-depth knowledge of credit principles, policies, and procedures, along with familiarity with accounting treatments related to insurance contracts and claims.
• Exceptional communication, negotiation, and interpersonal skills to effectively collaborate with cross-functional teams and external stakeholders.
• Strong analytical abilities with proficiency in data analysis tools and techniques to interpret financial data and assess risk exposure.
• Demonstrated ability to work under pressure, meet tight deadlines, and manage multiple priorities in a dynamic business environment.
• A commitment to continuous learning and professional development to stay abreast of industry trends and regulatory changes.