Insurance Officer at DAG Industries Nigeria Limited

Job Summary

• The Insurance Officer is responsible for managing the company’s insurance portfolios, ensuring adequate coverage of assets, operations, digital products, employees, and customers.
• The role focuses on insurance compliance, claims processing, product risk assessment, and partnerships with insurers, especially in a digital/fintech environment.

Responsibilities
Insurance Policy & Portfolio Management:

• Manage and administer all insurance policies covering digital products, customer assets, general business risks, cyber risks, health insurance, life insurance, and asset insurance.
• Ensure timely renewal of all insurance policies and negotiate favorable terms with insurers or brokers.
• Review existing insurance coverage to align with fintech operations such as digital wallets, mobile lending, payment solutions, or asset-backed finance.

Claims Management:

• Coordinate, process, and track insurance claims from initiation to final settlement.
• Verify all claim documentation (incident reports, digital logs, audit trails, receipts, valuations).
• Liaise with insurance providers to ensure prompt resolution and accurate claim payouts.
• Maintain up-to-date records of open, closed, and pending claims.

Risk & Compliance in a Fintech Environment:

• Assess insurance needs for digital financial services, including cyber insurance, fraud protection, device loss/theft, business interruption, and third-party liability.
• Support compliance with financial regulators (e.g., CBN, NDIC, NAICOM) on insurance requirements.
• Collaborate with Risk, Product, and Compliance teams to ensure insurance coverage aligns with new digital product launches.
• Conduct periodic reviews to identify emerging risks in fintech operations and recommend insurance solutions.

Data Analytics & Reporting:

• Maintain a centralized insurance database and ensure proper documentation of all policies, endorsements, and claims.
• Prepare periodic insurance performance reports, cost analyses, and risk exposure assessments.
• Track insurance KPIs such as claims cycle time, premium spend, coverage adequacy, and product-specific risk metrics.

Stakeholder Relationship Management:

• Act as the primary liaison between the company and insurance partners, adjusters, underwriters, and brokers.
• Support internal teams (Finance, HR, Operations, Product) with insurance-related inquiries.
• Work with Finance to reconcile insurance premiums, claims payments, and insurance-related expenses.

Product Support (Fintech):

• Provide insurance risk assessments for digital lending, device financing, transactional risks, or micro-insurance products.
• Support the integration of insurance APIs or digital insurance features into the fintech platform.
• Assist in designing or reviewing micro-insurance offerings for customers where applicable.

Key Performance Indicators (KPIs)

• Timeliness of policy renewals and adequacy of coverage.
• Claims processing turnaround time.
• Reduction of unresolved or disputed claims.
• Cost optimization in premium and insurance spend.
• Compliance with regulatory insurance obligations.
• Quality of insurance risk assessments for fintech products.

Requirements
Education:

• Bachelor’s Degree in Insurance, Finance, Economics, Business Administration, Actuarial Science, or related field.
• Professional certifications such as CIIN, ACII, ANIS, or related insurance qualifications are a strong advantage.

Experience:

• Minimum 3 – 5 years experience in insurance management, underwriting, claims processing, or risk management within the financial services or fintech sector.
• Experience working with insurance technology, digital risk management, or cyber insurance is a plus.

Skills & Competencies:

• Strong understanding of fintech operations (digital lending, wallets, P2P payments, mobile banking).
• Knowledge of insurance regulations, underwriting standards, and statutory requirements (NAICOM, CBN).
• Proficiency in data analysis and use of digital tools/insurance management systems.
• Excellent communication, negotiation, and stakeholder management skills.
• Strong analytical and problem-solving ability.
• High attention to detail and accuracy.