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Insurance Manager at Oando Plc

Posted on Fri 04th Jul, 2025 - hotnigerianjobs.com --- (0 comments)


Oando Plc is one of Africa’s largest integrated energy solutions provider with a proud heritage. It has a primary listing on the Nigeria Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. With shared values of Teamwork, Respect, Integrity, Passion and Professionalism (TRIPP).

We are recruiting to fill the position below:

Job Title: Insurance Manager

Location: Lagos, Nigeria
Job type: Full-time
Category: Legal

Scope of Responsibility & Accountability

  • Internal: Employees, Legal, Technical & Finance department
  • External: Insurances Companies & Insurance Brokers

Job Purpose

  • Insurance Program Negotiations, Placement, and claims: To create, manage and administer appropriate insurance risk strategy aimed at protecting the Group’s assets and business operations

Reports to:

  • Chief Legal Officer
  • Executive Assistant to the DGCE/Deputy Division Manager, Insurance

Supervises:

  • Assistant Manager
  • Insurance Officers

Major Responsibility Areas
Essential Function:

  • Identify the risks inherent in each of Oando’s business operations and ensure adequate insurance coverage for each identified risk.
  • Auditing insurance coverage in the Group’s assets and advising on relevant cover for deficiencies.
  • Advising on insurance aspects of mergers & acquisitions, and other financing transactions.
  • Provide advice to entities/units on insurance matters; discuss their insurance requirements, taking into account any changes that have happened over the past year (including oil and gas Industry changes) or are about to happen as regards their operations and assets.
  • Review, negotiate, and, where required, issue opinions on any contractual provisions relating to insurance in any contracts to which any of the Oando entities is a party.
  • Ensure that all insurance policies a prudent operator should procure are in place and effective.
  • Liaise with upstream joint venture partners and ensure strategies and implementation on jointly owned assets are aligned and in line with the provisions of the relevant joint operating agreements.
  • Provide advice on, and support the implementation of, cost optimization and improved insurance risk management strategies.
  • Manage the reporting and processing of all claims made by the Company where damage has occurred to any of its insured properties or items or claims made against the Company by third parties, and ensure that any payments received are passed to the appropriate entity/unit.
  • In collaboration with the Company’s brokers, negotiate annually the applicable premium payable on the group’s insurance policies and ensure compliance with all applicable insurance legislation.
  • Manage the preparation of reports on a need-basis to appropriate officers, management, and committees on insurance matters, e.g., an annual report to entity/team leads on the reserves and provisions required to maintain the Company’s insurance fund; an allocation report to Finance which allocates the cost of insurances across the Group and all entities.
  • Ensure timely payment of insurance premiums of all the Oando Entities before expiration of subsisting insurance policies and ensure that there is no exposure as a result of unpaid premiums.
  • Conduct periodic review of the appointment of the Company’s brokers and insurers.
  • Directly supervise the activities of the Assistant Manager and Insurance Officers assigned to provide support for the insurance desk.
  • Provide high-level periodic reports to the Executive Assistant to the DGCE (Dep. Div. Manager, Insurance) on all insurance matters.
  • Work with the Risk and Control team with a view to ensuring all risks that can be mitigated through insurance coverage have been included in the insurance register.

Key Performance Indicators

  • 100% of identified insurable Group assets and operations covered under appropriate insurance policies before policy effective date.
  • Annual insurance renewal and placement completed not later than 10 days before expiry.
  • Achieve at least a 5–10% year-on-year reduction in total insurance premiums without compromising coverage (measured through benchmarking and negotiation outcomes)
  • ≥85% satisfaction score from internal stakeholders (business units, finance, legal, HCM) on the effectiveness and responsiveness of the insurance function (via annual survey).
  • Annual risk review conducted and documented for all major insured assets and operations.
  • Recommendations on alternative risk transfer or self-insurance strategies presented to Management annually
  • >95% of recoverable claim value successfully recovered from insurers within policy terms.
  • 85% of claims settled (or resolved) within 90 days of submission.

Job Specifications

  • B.Sc. Degree in Insurance, Law, Risk Management, or any other relevant field from a reputable tertiary institution
  • 8 - 12 years of working experience in the Insurance sector.
  • Minimum of 5 years working experience on Oil & Gas sector, Power, and Special Risks insurance programs.
  • Certification from the Chartered Insurance Institute of Nigeria (or equivalent) will be an added advantage
  • Experience as an in-house advisor in an E&P firm will be an added advantage.
  • Skilled in Insurance Advisory
  • Ability to interpret and advise on insurance contracts.
  • Good Microsoft Office suite competency

Core Competencies:

  • Strong Interpersonal skills.
  • Strong negotiation & communication skills
  • Strong report-writing capabilities
  • Versatility in the user Microsoft Excel
  • Good understanding of insurance and risk management as a whole
  • Good understanding of the Nigerian Oil & Gas Industry
  • Knowledge of the insurance legal/regulatory framework
  • Strong oral/written English language
  • Organized and adaptable to changes.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should:
Click here to apply online


  

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