Lead - Insurance

Job Description: Lead - Insurance

About PhonePe:

PhonePe is a leading digital payments and financial services company in India. The Corporate
Insurance Team plays a crucial role in protecting the company's assets and mitigating risks.

Key Responsibilities:

 Risk Management: Identify, assess, and understand various risks to PhonePe, including
asset, marine, and liability risks.
 Policy Management: Administer insurance policies, including quality control, accounting,
and renewals. Ensure accurate documentation and compliance with regulations.
 Claims Management: Report and manage insurance claims, ensuring timely and accurate
settlement.
 Vendor Management: Onboard and manage insurance vendors, attending seminars, and
maintaining market knowledge.
 Stakeholder Management: Collaborate with internal stakeholders (IT, Finance, Legal, etc.) to
understand risks, conduct risk inspections, and provide policy education.
 Policy Negotiation and Improvement: Negotiate policy terms and conditions with insurers,
striving for improvements without increasing premiums.
 Asset Management: Oversee asset insurance, including accurate grouping, sum insured
calculation, and monthly declarations.
 Marine Insurance: Manage marine insurance policies, including sum insured finalization,
monthly utilization tracking, and claims.
 Liability Insurance: Handle various liability insurance policies (D&O, Cyber, Crime, CGL, PI),
including incident reporting and claims.
 Documentation: Maintain accurate records and documentation for all insurance-related
activities.

Specific Tasks:

 Conducting risk assessments and identifying new risks.
 Analyzing insurance policies and ensuring they meet PhonePe's needs.
 Preparing and submitting Request for Quotes (RFQs).
 Managing relationships with insurance companies and intermediaries.
 Tracking and managing Cash Deposit balances.
 Providing guidance to internal teams on insurance policies and procedures.

Requirements:

 Strong understanding of insurance principles and practices.
 Experience in risk management and claims processing.
 Excellent communication and negotiation skills.
 Ability to work independently and as part of a team.
 Strong analytical and problem-solving
 Detail-oriented and organized.
 Ability to manage multiple tasks and meet deadlines.

Key Performance Indicators (KPIs):

 Successful claims settlement rate.
 Accuracy of policy administration.
 Effective risk mitigation.
 Cost optimization of insurance premiums.
 Positive feedback from stakeholders.

Why this role is crucial for PhonePe:

 Product Innovation: Enables the evaluation of risks associated with new products and
services.
 Regulatory Compliance: Helps PhonePe navigate the regulatory landscape and ensure
compliance.
 Operational Efficiency: Contributes to business continuity and minimizes losses.