Insurance Analyst

IKO North America•Toronto, ON

About The Position

We are seeking a detail-oriented and analytical Insurance and Risk Analyst to join our team. The ideal candidate will be responsible for analyzing insurance and claim data, evaluating risk, and developing strategies to minimize costs and maximize coverage. You will work closely with underwriters, claims adjusters, and other insurance professionals to ensure optimal policy management. Additionally, you will manage claims, assist in policy management, and the preparation of insurance documentation.

Requirements

Bachelor’s degree in finance, Business, Insurance, Risk Management, or a related field.
CIP designation
3 yrs proven experience as an Insurance and Risk Analyst or similar role
Proficiency in Microsoft Suite.
Strong analytical and problem-solving skills.
Excellent written and verbal communication skills.
Knowledge of insurance policies, regulations, and industry standards.
Attention to detail and strong organizational skills.
Ability to work independently and as part of a team.

Nice To Haves

Experience with other risk management tools would be a bonus.
Experience working for a global manufacturing company would be an asset.

Responsibilities

Collect and analyze claims data to identify trends and patterns.
Prepare detailed reports and presentations for management.
Evaluate risk and forecast future insurance trends.
Consider risk mitigation strategies and recommend appropriate coverage options.
Conduct regular reviews of policies to ensure completeness and accuracy.
Assist in the development and modification of insurance policies and coverage.
Maintain an inventory or the Company’s insurance policies.
Assist in the preparation and compilation of underwriting information.
Follow up on obtaining from the broker policies, binders, and other insurance documentation.
Perform an initial review of policy documentation.
Prepare the allocation of insurance premiums.
Place the Company’s insurance bonds.
Maintain the relationship with the Company’s third party adjuster.
Process and manage claims including submitting data, managing claims through to settlement and analyzing insurers coverage position.
Prepare monthly claim reports for discussion with the insurance and risk team.
Prepare Ad-Hoc claim reports as requested.
Identify claim trends and emerging risks.
Provide guidance and support to internal clients regarding insurance policies and claims.
Address internal client inquiries and resolve any issues related to insurance coverage.
Handle routine simple insurance inquiries.
Work closely with claims adjusters to review and process insurance claims.
Participate in team meetings and contribute to insurance placement strategy and insurance program development.