• DUBAI DUBAI
Shailesh Kumar, PGDIRM

Shailesh Kumar, PGDIRM

Post Graduate in Insurance and Risk Management Qualified with over 12+ years experience with international exposure in General Insurance handling Underwriting Risks, Claims Management and Insurance Administration. Expertise spans allied operations with Account background.

Summary

  • 12+ years’ experience in Insurance Portfolio Management, Claim Management, Portfolio Analysis, Risk Management, Insurance Wealth Management, Client Relationship Management and Team Management
  • Responsible for planning, coordinating and delivering the full range of insurance management activities covering, procurement, budgeting, compliance with Lenders’ Insurance requirements, claims investigation and negotiation, insurance risk management and relationship management with close coordination with various levels within the company as well as external parties including Insurance Brokers, Local Insurance Companies, Underwriters, asset and/or damage assessors and claim managers.
  • Excellent analytical, negotiation & inter-personal skills with demonstrated communication and relationship management abilities.
  • Experience in handling project insurance and placing the Insurance Policy i.e. CAR, EAR, ALOP, DSU, Marine, PAR, IAR, Motor, CPM, Professional Indemnity, Employee Benefit (Medical, Life Policy), Miscellaneous Insurance, Political Insurance, Casualty and Liability Policy pertaining to project mainly Oil and Gas exploration, Thermal Power, Hydro Power, Road, Railway, Residential and commercial project.

Work History

Work History

Dy. Manager-Insurance

Mar 2010 - Aug 2012
LANCO INFRATECH LTD
  • Confirming terms received from Insurance companies, preparing analysis of quotes and terms received for EPC project and EPC assets for Insurance need.
  • Reviews and assesses all insurance contracts of the Company to ensure all property, other assets and personnel are adequately covered, under the various insurance policies and their provisions. Highlights areas of concern and investigates potential problems with management until questions are resolved. Initiates the placement of temporary or special insurance to meet operational needs as required from time to time.
  • Evaluates proposals submitted by local insurance companies and provides the appraisals as required. Implements and monitors approved recommendations as necessary. Keep up date and maintain expert knowledge of local and international insurance systems and practices to ensure that the companies’ insurance operations are compliant.
  • Liaises with the concern teams within the company to define and collect information for insurance underwriters when additional and/or specific insurances are required. Works with concern sections within the company to prepare tender package and coordinates all necessary clarification meetings. Assists in the evaluation of bids received and actively manages the administration of the resulting program.
  • Techno-commercial evaluation of offer received from various bidders and thus advises Sr. Management for their approval.
  • Analyzing latest marketing trends and tracking Insurance companies ’ activities and providing valuable inputs for fine tuning with Price negotiation and claims settlement strategies.
  • Timely settlement of ON ACCOUNT payments/FINAL settlements of claims.
  • Identify the Perils and Hazards involved in our business activity the risk vis-à-vis coverage’s, terms and conditions and cover that risk minimizing at Zero risk.
  • Key recommendation with draft wordings for amendments/endorsement on the basis of Gap Analysis.
  • Monitoring the process to ensure operational efficiency in the best interests of the company
  • Vendor Development
  • Maintaining the records of insurance policy and claims for Management review.
  • Assisting procurement team for drafting insurance clause for vendor for the execution of Job.

Claims Management - Coordinate and follow up internally for proper documentation and Technical discussions with Insurers & surveyors to get the best possible indemnification

Dy. Manager-Insurance

Aug 2012
Dodsal Engineering and Construction Pte Ltd.
  • Managing overall Insurance and risk management functions for all EPC/Construction projects
  • Review contracts and other commercial agreements being negotiated by Supply Department prior to execution to ensure appropriateness of insurance and indemnity clauses.
  • Reviews and assesses all insurance contracts of the Company to ensure all property, other assets and personnel are adequately covered, under the various insurance policies and their provisions. Highlights areas of concern and investigates potential problems with management until questions are resolved. Initiates the placement of temporary or special insurance to meet operational needs as required from time to time.
  • Evaluates proposals submitted by local insurance companies and provides the appraisals as required. Implements and monitors approved recommendations as necessary. Keep up date and maintain expert knowledge of local and international insurance systems and practices to ensure that the companies’ insurance operations are compliant.
  • Liaises with the concern teams within the company to define and collect information for insurance underwriters when additional and/or specific insurances are required. Works with concern sections within the company to prepare tender package and coordinates all necessary clarification meetings. Assists in the evaluation of bids received and actively manages the administration of the resulting program.
  • Prepares annual insurance premium budget. Reviews all invoices to ensure adherence to the terms and conditions of the subject policy. Provides the Accounts Department with an amortization schedule for each paid premium.
  • Advises different departments including legal on the magnitude of the risk and the extent of the insurance coverage to ascertain if they are in compliance with the Company’s requirements and insurance coverage.
  • Provides advice to various Departments and contractors at the tender stage on coverage required for Insurance purposes. Participates in analysing the scope of work and possible risks, to ensure that the Company is fully covered.
  • Responsible for the timely notification of insurers of all incidents which will, due to their significance, result in a claim. Advises the concerned department(s) on required reports and documents necessary to prepare a formal claim. Files the claim with the insurers and arranges visits for inspectors, surveyors and consultants. Assists in negotiating all claims to a final settlement.
  • Analyses ongoing insurance policy performance especially prior to renewal dates and highlights any shortfalls and provides specific recommendations with financial support, for improvement in the renewal provisions.
  • Negotiates on an as-needed basis with existing and new insurance providers to obtain the most cost effective coverage for the Company or its expansion projects.
  • Handling Insurance Product i.e. Fire, General Accident including Casualty, Engineering (CAR, CPM, MBD etc.), Marine policies, Property All Risks, Liability Insurances, Professional Indemnity, Money, Group Personal Accident, Group Health Insurance, Fidelity Guarantee and Special lines of businesses such as Kidnap & Ransom Insurance, CGL, Political Insurance, Decennial Liability, Marine Open policies, EEI, and Miscellaneous Insurance product.
  • Support during the bidding phase to estimate insurance cost for new projects review and analyze the insurance clause and terms and advise management to overall impact.
  • Obtaining non-binding indicative quotes from multiple insurers for a successful bid.
  • Post-award contract scrutiny scanning project schedules, key milestones, insurance risks / requirements, liabilities, guarantees, warranties, force majeure clauses etc.
  • Optimizing the Insurance cost effectively according to the project and work on cost saving.

Assistant Vice President-Commercial Insurance

Jun 2006 - Mar 2010
RR Insurance Brokers Pvt. Ltd.
  • Ensuring seamless service and best practices in the area of effective risk, underwriting, and policy servicing, compliance and claim management.
  • Handled key accounts like Lanco Infratech Ltd., Indian Express, Moser Baer, Talbros Group, Berger Paints, Kajaria Ceramic, BPTP Ltd. Era Infra Engineering Ltd., Omaxe, Saraswati Sugar Mill, SVIL Mines, Panasonic Industrial, etc.
  • Carried out Insurance audit of existing insurance policies and prepare a gap analysis report and design an insurance programme for renewal of insurances so that all insurable exposures are identified and insured.

.

Ecosmart Consultant Pvt

Jul 2005 - May 2006
Ecosmart Consultant Pvt
with. Ltd., New Delhi, India as(A Wealth Management Company) Manager-Insurance Services.

Relationship Manager

May 2004 - Jun 2005
Kare India Insurance Brokers Pvt
with. Ltd., New Delhi, India as Relationship Manager.

Education

Education

B.Com

Magadh University

Post Graduate Diploma in Insurance and Risk Management

May 2003 - May 2004
Birla Institute of Management Technology


2004


Certifications

Certifications

Honors Diploma In Computer Science

Lakhotia Compute Centre


Fellowship from Insurance Institute of India

Insurance Institute of India


Licentiate from Insurance Institute of India

Insurance Institute of India


Skills

Skills

  • Excellent analytical, negotiation & inter-personal skills with demonstrated communication and relationship management abilities.

Text Section

Text Section