Head of Insurance

3 days ago

Muscat, Muscat, Oman Petroleum Development Oman Full time
About the Company

Petroleum Development Oman is the leading exploration and production company in the Sultanate of Oman. The Company delivers the majority of the country's crude oil production and natural gas supply.

Purpose of the Job
  1. To ensure that Shareholders' investments are protected through the entire life cycle of a project from construction to retirement of assets.
  2. To ensure that the company's insurance policies in respect of its assets, and liabilities are implemented through effective and efficient placement strategies and are managed in a cost-effective and sustainable insurance program over the long-term.
  3. To ensure claims recoveries are maximized through claims preparation and timely submission.
  4. To continuously improve PDO insurances/ claims and processes through process modification and innovation to ensure PDO's insurance program remains highly competitive with the broadest coverage available and implemented in a timely and efficient manner.
  5. To manage daily operations, including conflict resolution, and completion of ad-hoc tasks on time and without error.
  6. To manage one staff member, including coaching and training of staff.
Education & Experience
  1. Bachelor's degree in finance, commercial or other disciplines, such as Accounting, Economics, Business Management, or related fields.
  2. Minimum experience of 10 years in management of insurance portfolio, with a minimum of 2 years in an oil and gas organization.
  3. Membership of Chartered Insurance Institute (CII) or equivalent qualification is preferable.
  4. Familiar with insurance policy terms and conditions in international standards.
  5. Familiar in managing interfaces with external stakeholders, in particular with international reinsurance brokers.
Main Responsibilities
  1. Manage and lead all insurance activities for PDO, including presentations to Tender Board, placement of insurance covers in the market for all insurances, etc.
  2. Prepare PDO's complete insurance strategy to effectively and efficiently manage market conditions, underwriting capacities in the market, and upcoming risks (projects and assets).
  3. Plan, prepare and manage the insurance strategy for upcoming projects which are in the pipeline to ensure that projects are on time and fully covered by insurance.
  4. Plan, prepare and manage all of PDO's insurance renewals.
  5. Identify, assess, and mitigate insurable risks arising out of PDO's activities and provide risk mitigations/ solutions for protection of PDO's assets and liabilities.
  6. Ensure that Shareholder investments are protected and insured by transferring the major perils risk to financially sound insurers.
  7. Coordinate gathering of underwriting information and explaining to the insurers for their risks assessment.
  8. Handle all insurance claims data collection and liaising with loss adjuster and claims brokers.
  9. Be the first point of contact and the sole advisor to PDO's Finance leadership team for the management of PDO's insurance, PDO's insurance strategy and PDO's insurance risks.
  10. Demonstrate and communicate a solid understanding of PDO's insurance requirements to all external stakeholders, including but not limited to local insurance companies and international reinsurance brokers.
  11. Negotiate in PDO's best interest with any external stakeholders and ensure that PDO's objectives and interests are achieved.
  12. Establish/ improve procedures, policies, and guidelines, for example with regards to claims lodgment and administration.
  13. Develop best practices in the energy insurance market and benchmark with others in the industry to ensure a best-in-class insurance strategy and services for PDO.
  14. Manage one staff member, including on the job coaching and training.
Skills Required

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