What are the responsibilities and job description for the Insurance & Risk Specialist position at Aimic Inc?
Duties/ Responsibilities:
- Assess, procure, and maintain appropriate insurance policies, including general liability, professional liability (malpractice), workers' compensation, property, and vehicle insurance.
- Liaise with insurance brokers, carriers, and internal stakeholders to ensure adequate coverage.
- Review and analyze policy terms, endorsements, and exclusions to mitigate financial risk.
- Manage insurance claims, working closely with insurers and legal teams to ensure timely resolution.
- Monitor policy renewals, ensuring continuous coverage with optimal premium rates.
- Conduct regular risk assessments for both the medical clinic (patient care, malpractice, HIPAA compliance) and contracting company (construction safety, site liabilities, worker injuries).
- Develop and implement risk management strategies to minimize financial losses and operational disruptions.
- Maintain a risk register, tracking incidents, claims, and mitigation efforts.
- Ensure workplace safety policies and procedures comply with industry regulations and best practices.
- Ensure compliance with local, state, and federal regulations related to insurance and risk management.
- For the medical clinic, ensure malpractice coverage aligns with healthcare regulations, including HIPAA and OSHA compliance.
- For the contracting company, manage workers' compensation coverage, safety protocols, and contractor liability requirements.
- Stay updated on changes in insurance laws and industry standards that impact business operations.
- Oversee insurance claims processes, including documentation, investigation, and settlement negotiations.
- Work with legal counsel and insurance providers to handle disputes, liability claims, and settlements efficiently.
- Maintain accurate records of incidents, claims, and resolutions for reporting and risk analysis.
- Review contracts with vendors, subcontractors, and partners to ensure proper risk allocation and insurance requirements.
- Verify that subcontractors and third parties carry appropriate insurance coverage.
- Develop and maintain indemnification clauses to protect company interests.
- Analyze insurance costs and identify cost-saving opportunities while maintaining adequate coverage.
- Prepare reports for management outlining risk exposure, insurance claims, and cost-benefit analysis.
- Assist in budgeting and forecasting insurance-related expenses.
- All other duties as assigned.
Required Skills/Abilities
- Strong understanding of corporate insurance policies and claims handling.
- Knowledge of regulatory compliance in both medical and contracting industries.
- Ability to analyze and mitigate risks effectively.
- Excellent negotiation and communication skills.
- Proficiency in risk management software, Microsoft Office, and Google Suites
- Ability to handle frequent change.
- Excellent organizational skills
- Ability to manage multiple tasks, such as handling claims, renewing policies, and conducting risk assessments simultaneously.
- Requires staying up-to-date with changing insurance laws, healthcare regulations, and construction safety policies
- Engaging with insurers, legal teams, executives, and employees requires strong interpersonal skills and the ability to convey technical information clearly.
Experience
- Minimum 3-5 years in corporate insurance, risk management, or a related field, preferably in healthcare or construction industries.
Education/Certifications/Licenses
Required
- Education: Bachelor's degree in Risk Management, Finance, Business Administration, or a related field.
- Certifications such as Associate in Risk Management (ARM), Certified Insurance Counselor (CIC), or Certified Risk Manager (CRM) are preferred
