Insurance Adviser, Insurance Risk Management

Job description

Segment

Corporate & Functions
Role synopsis

BP Insurance Risk Management (IRM) is a 17 member team based in London with 12 insurance and risk management professionals located in London and 5 in Houston. The team has responsibility to implement the Group's Policy on Insurance for BP's global operations. The Insurance Adviser will report to the Regional Leader, Europe located in London, and provide risk management and insurance services to BP's European businesses. They will also play a key role in servicing the risk and insurance needs of the Group. The Insurance Adviser will need to develop and maintain close relationships with BP operating businesses, other teams in BP (e.g. Treasury, BP Tax, and BP Legal) in addition to maintaining relationships with BP IRM's key external service providers.

Req ID

74777BR
Location

United Kingdom - South East - London
Is this a part time position?

No
Relocation available

No
Travel required

Yes - up to 25%
Key accountabilities

The Insurance Adviser will be responsible for supervising outsourced agents to deliver compliant insurance programmes within the Europe region. They will also participate in risk management activities, such as risk engineering, contractual risk allocation, financial assurance and environmental risk management. There will be opportunity to develop and apply new risk management and insurance techniques in the context of the wider BP Group and to work with the Group's captive insurance companies.

Specifically, accountabilities will include:
Relationships
Develop good working relationships with BP Business clients, joint venture partners and key external service providers.
Develop insurance risk financing solutions to meet customer needs, win confidence of clients, build credibility and sustain relationships
Implementation of Group Insurance Strategy
Provide practical advice to Businesses on the application of the Group's Policy on Insurance, which broadly describes the Group's risk retention philosophy.
Risk Management
Develop a keen understanding of BP's hazard risks along with the risk management options available to deal with those risks.
Participate in value adding risk management projects.
Insurance Purchases
Manage, plan, and arrange specific insurance purchases, either directly or through appointed agents.
Examine alternatives such as self-insurance to ensure the best risk management results.
Outsourced Agent Oversight
Oversee the work assigned to insurance brokers and other agents to ensure that they are operating within the framework of the Group policy and providing effective and low-cost support to the Businesses.
Project Management:
Coordinate aspects of insurance projects, which may involve organising resources from other functional areas, such as BP Legal, BP Procurement, BP Tax, plus external insurance brokers or consultants.
Claims Oversight:
Coordinate insurance claims handling and activities following insured losses; advise Businesses of applicable coverage, notify broker/insurer, and work with the appointed adjuster to obtain a favourable settlement.

Essential Education

Have a BS or BA Degree, preferably in finance, engineering, legal, risk management or equivalent

Desirable criteria and qualifications

In addition any of the following skills, experience or accomplishments would be beneficial for this position:
Degree in Insurance or associated field
Associate in Risk Management designation (ARM) , Associate of the Chartered Insurance Institute (ACII) or equivalent
Experience in placing or purchasing commercial insurance products, especially in the corporate or energy insurance sectors.
Good relationships with key insurance markets and consultants
Contractual risk allocation experience
Negotiating skills
MBA in Finance or other related subject
The ability to speak /read multiple languages (Fluent in English required).

About BP

Our business is the exploration, production, refining, trading and distribution of energy. This is what we do, and we do it on a truly global scale. BP operates with business activities and customers in more than 80 countries across six continents. Every day, we serve millions of customers around the world. We are continually looking for talented, committed and ambitious people to help us shape the face of energy for the future.

BP Treasury is a global team whose vision is to be the world's best corporate bank at the heart of a great company. Its strategic intent is to manage the funding of the Group, key financial risks, cash management, foreign exchange dealing, and interface with banks centrally, in a manner that optimizes the overall Group's position and takes full advantage of the Group's size and credit strength. Specifically, Treasury will be accountable for the application of the following: Economic Evaluation Methodology, Corporate Structuring & Internal Funding, Group Funding, Cash & Banking, Financial Risk Management, Insurance, Financial Institutions Credit Risk Management, Banking Relationships and Group Pensions Assets Management.
Application close date

07-Jan-2017
Sub-category

Corporate Finance & Treasury
Job category

TREASURY
Countries (State/Region)

United Kingdom - South East

Desired profile

Essential experience and job requirements

Experience applying risk management principles to major commercial operations.
Ability to work independently or as part of a team, prioritise and organise multiple assignments
Stakeholder management skills
Strong oral and written communication skills
Ability to present effectively and discuss BP's position with partners, contractors, lenders, brokers, insurers and internal BP staff.
Other Requirements (eg Travel, Location)

Up to 25% travel, no relocation offered.