Manager (Insurance Underwriter & Optimization)

Date: 10 Jul 2024

Location: Kuala Lumpur, WP Kuala Lumpur, MY, 59200

Company: Tenaga Nasional Berhad

Title

Manager (Insurance Underwriter & Optimization)

CLOSING DATE

24 JULAI 2024

SALARY

RM 6,300 - RM 16,000

REQUIREMENT

  1. Malaysian citizenship
  2. Required language(s): Bahasa Malaysia and English.
  3. Minimum 8 years of working experience in commercial insurance for power generation industry or related fields.
  4. Prior experience in commercial insurance underwriting for an insurance company, a brokerage firm, or a risk management consultancy is highly desirable.
  5. Experience dealing with insurance optimization strategies, such as negotiating favorable terms, implementing risk management programs, or optimizing the insurance portfolio, is an advantage.
  6. Strong analytical and problem-solving skills, excellent communication and interpersonal skills, and a deep understanding of the power generation industry.
  7. Ability to analyze financial data to assess the financial implications of different insurance options is valuable.

ACADEMIC QUALIFICATIONS

  1. Minimum a bachelor's degree in a relevant field such as Risk Management, Finance, Business Administration, Actuarial Science, or Law.
  2. Masters in Business Administration with a specialization in Risk Management or Insurance, would be an advantage.
  3. Basic knowledge in plant operation and maintenance as well as plant project management.
  4. Familiarity with relevant insurance regulations and compliance requirements is important.
  5. In-depth knowledge of different types of insurance products and its coverage is essential.
  6. Understanding the principles of risk assessment, pricing, and policy issuance is crucial for evaluating insurance proposals and making informed decisions.
  7. Relevant professional certification related to insurance management or risk management (i.e. Chartered Property Casualty Underwriter or Associate in Risk Management or Certified insurance Counselor) is an advantage.

Accountability & Responsibility

a)    Insurance Portfolio Strategy

  • Perform ongoing monitoring and analysis of proposed legislation, emerging issues, and trends to determine the potential impact on the organization.
  • Conduct research on various markets or industries as designated to find resources on new market areas, benchmarking against industry standards and trends for expansion for internal use to identify market opportunities (market-intel source). 
  • Collaborate with placement, business partners, and team members to gather feedback on reinsurers. Subsequently, engage in discussions and negotiations to define optimal insurance terms and establish a strategic action plan for future renewals.
  • Analyze insurance costs and develop strategies to optimize premiums and coverage not limited to the following strategy establishment of captive, insurance cost-pass thru, risk financial optimization, total costs of risks (TCOR), Business Interruption (BI) review, Combined Single Limit (CSL) and actuarial study.

 

b)    Underwriting

  • Determine the acceptability, conditions, and pricing of routine moderate to complex insurance risks and agree coverage within TNB Genco’s objective, risk appetite and regulatory requirements.
  • Maintain in-depth knowledge of current legislation, underwriting acceptance levels, systems, and underwriting guidelines.
  • Negotiate pricing, policy terms, coverages, and deal structure so that coverage terms align with TNB Genco directives.
  • Establish and ensure diligent use of pricing/modelling tools and robust reflection of pricing to exposure and risk quality. 
  • Drive TNB Genco’s objective, business origination and enhance relationship building with insurance brokers/insurers/reinsurers. 

 

c)    Communication & Stakeholder Management

  • Collaborate closely with relevant internal and external stakeholder to achieve organization objectives using appropriate communication channels and program.
  • Address escalated issues and concerns in a timely and effective manner, help manage expectations, mitigate relationship risks, and apply judgement as to when to escalate major issues to senior level colleagues ensuring compliance.
  • Offer technical and transactional support for complex or high-priority relationships when needed to ensure relationship satisfaction and facilitate mutual internal and external understanding.
  • Collaborate and benchmark with local and international power plants to identify and understand risk exposures. 


d)    Market Engagement 

  • Proactively build and maintain strong external connections through networking, fostering a positive image of TNB Genco. 
  • Develop and implement targeted engagement strategies to enhance TNB Genco's value proposition for insurance brokers, insurers, and reinsurers.
  • Actively engage in industry events and conferences to cultivate a robust professional network, maintain market awareness, and effectively represent TNB Genco.


e)    Common Roles

  • Ensuring Department / Unit activities comply with all relevant laws and statutory requirements, internal guidelines or procedures and industry best practices by staying up to date on legal requirements and implementing necessary control measures.
  • Establish, maintain and review periodically elements of TNB GenCo Integrated Management System (ISO 14001, ISO 45001, ISO 55001, ISO 37001, ISO 9001) and other management system standards based on roles and functions as and when required to meet the ISO standard requirements to achieve TNB Genco’s policies and objectives.

APPLICATION

Applicant can submit their soft copy of resume / CV with their copy of relevant certificates at website: https://jobs.tnb.com.my/ >> klik ELECTRIFYINGCAREERS

NOTES

  • Only shortlisted candidates will be contacted.
  • By submitting an application, you agree and consent to TNB Power Generation Sdn. Bhd. to process your personal data in accordance with the Personal Data Proctection Act 2010 (PDPA).


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