Job Summary:As the Assistant Vice President of Financial Lines, Middle Market D&O and EPL Claims at Starr Insurance Companies, you will be responsible for Middle Market Directors & Officers and Employment Practices Liability claims for highly valued insureds. Your role will involve analyzing and evaluating claims and coverage, implementing effective claims processes for your assigned accounts, ensuring compliance with industry regulations, serving as a brand ambassador, and leading a team of claims professionals while assisting with the development of junior team members.
You will collaborate with internal and external stakeholders to drive efficient claims resolution, maintain strong client relationships, and contribute to the growth and profitability of the organization. Additionally, you will stay updated with industry trends and developments to identify opportunities for improvement and enhance the company's competitive edge.
Responsibilities:- Provide strategic leadership and guidance to junior financial lines claims professionals.
- Foster a collaborative and high-performance work environment.
- Mentor and develop team members to enhance their technical and professional skills.
- Lead initiatives to improve team efficiency and effectiveness.
- Oversee the end-to-end claims process, ensuring accuracy, efficiency, and adherence to company policies and procedures.
- Evaluate and analyze complex financial lines D&O and EPL claims, primarily under duty to defend primary or low excess policies.
- Collaborate with underwriters, brokers, and external experts to investigate claims and determine coverage and liability.
- Review and interpret policy terms and conditions to ensure proper claim handling.
- Monitor claims reserves and evaluate settlement offers to minimize financial risk.
- Develop and implement best practices for claims management and resolution.
- Develop and maintain strong relationships with clients, brokers, and other key stakeholders.
- Serve as a primary point of contact for assigned accounts to address escalated claims issues and resolve conflicts effectively.
- Communicate claim status and updates to internal and external parties in a timely and professional manner.
- Provide exceptional customer service and ensure client satisfaction.
- Represent the company at industry events and conferences to enhance brand visibility.
- Stay updated with industry regulations, laws, and best practices related to financial lines claims.
- Ensure compliance with regulatory requirements and internal policies.
- Implement strategies to mitigate risks and maintain a strong control environment.
- Conduct regular audits and reviews to ensure compliance and identify areas for improvement.
- Analyze claims data, trends, and patterns to identify areas for improvement and develop strategies to enhance claims handling processes.
- Collaborate with senior management team to develop and implement strategic initiatives.
- Provide insights and recommendations for product development and risk management strategies.
- Lead projects aimed at improving operational efficiency and effectiveness.
- Oversee the financial aspects of claims management, including budgeting, forecasting, and financial reporting.
- Monitor and control claims-related expenses to ensure cost-effectiveness.
- Develop and implement strategies to optimize financial performance and profitability.
Qualifications and Skills:- Four-year Undergraduate degree required.
- Juris Doctor strongly preferred, with private practice experience a plus.
- Prior experience handling financial lines claims, including primary private and non-profit D&O claims along with Public D&O claims.
- Extensive experience in D&O and EPL claims management within the financial lines insurance industry.
- Strong knowledge of financial lines insurance policies, coverage, and industry practices.
- Excellent leadership and team management skills.
- Strong relationships with financial lines brokers.
- Analytical mindset with the ability to interpret complex claims information.
- Strong negotiation and conflict resolution abilities.
- Exceptional communication and interpersonal skills.
- Sound understanding of regulatory requirements and compliance.
- Proficiency in relevant claims management software and tools.
- Proven track record of strategic thinking and problem-solving abilities.
For individuals assigned and/or hired to work in New York, Starr Insurance Companies is required by law to include a reasonable estimate of the compensation range for this role. The wage range for this role takes into account the wide range of factors that are considered in making compensation decisions including but not limited to skill sets: experience and training: licensure and certifications: and other business and organizational needs. A reasonable estimate of the current range is $185,000-$220,000
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