Industry: Accounting, Finance & Insurance•
8 - 10 years
Posted 28 days ago
Under broad oversight, fulfill Bond & Specialty Insurance (“Bond”) Claim’s mission by conducting thorough investigation, analysis, evaluation and disposition of Cyber claims, including Security and Privacy Breaches, Cyber Crime, Business Interruption, and ID Fraud, to achieve superior customer service and claim results at the most reasonable cost. Assume management role in Bond & Specialty Insurance Claim by providing leadership, expertise and technical guidance to a team of claim professionals within a designated line of business. Interact with, collaborate with, and provide legal advice and transactional support to claim and underwriting colleagues. Ensure compliance with Bond & Specialty Insurance Claim policies and procedures, drive claims and litigation strategies, and manage professional development of assigned staff. Provide underwriting business/marketing/legal support to assigned product line as required.
Primary Job Duties & Responsibilities
Claim Management. Maintain all necessary active adjusters licenses and remain current with all CE credit requirements. Directly handle a limited number of Bond and Specialty Insurance Claims, specifically those having the highest degree of complexity, sensitivity and/or financial exposure. Communicate operational policies, procedures and performance standards to staff to ensure compliance with all regulatory and Bond customer service standards. Supervise claim assignment process and proactively monitor staff caseloads to ensure optimum workflow efficiencies. Collaborate with 2nd Vice President in designing and implementing policies and procedures which will facilitate quality claim handling results within the assigned region or product line. Supervise decisions regarding claim handling issues for team of claim professionals while implementing appropriate strategies to ensure quality claims handling by direct reports within authority. Assist 2nd Vice President with Quality Assurance claims review process for assigned business unit as required. Ensure that senior management, underwriters and actuaries are apprised of high-exposure/high sensitivity losses, claim trends, legal decisions, and issues which may impact the product lines underwriting philosophy or overall industry. Review and revise, as necessary, all staff members Large Loss Memos, Quarterly Claim Reports, and other management reports to accurately reflect loss development, potential/actual financial exposure, coverage issues, claim and recovery strategies. Ensure rigorous management of ALA and ULAE by staff through active use of litigation management plans and cost effective claim resolutions (including appropriate business travel). Within designated authority, approve claim settlements, reserve changes, and expense/indemnity payment requests from direct reports and other unit claim professionals (e.g., BCMS approvals). Proactively pursue recovery opportunities through indemnitors and collateral or through identification of potential sources of recovery, to include potential responsible party, co-conspirators, beneficiaries and any third parties (Accountants and Banking Institutions, Scrap Yards, Employment Agencies, E&O, or other insurance, etc.), if applicable. Identify all recovery opportunities and coordinate recovery efforts with the Recovery Management Unit if the election is made by the claim professional not to independently pursue recovery. Consistently apply superior negotiating skills and expertise to drive terms and conditions consistent with Bond and Specialty Insurance standards and drive claim resolution strategy, including when the matter is in litigation. Keep management apprised of status of claims which are beyond authority level. Communicate large reserve adjustments, high exposure/ high sensitivity losses, claim trends, legal decisions and issues which may impact product line to both claim and underwriting. Perform other duties as assigned.
Bachelors degree required. Juris doctorate degree required. Properly licensed, registered or authorized, and in good standing, to practice law in the jurisdiction in which you will be working. Minimum of 10 years work experience in a legal (including in-house) or insurance environment.
Education, Work Experience & Knowledge
Prior work experience in business line.
8+ years of relevant legal or claim handling work experience preferred.
Formal management experience preferred
Job Specific & Technical Skills & Competencies
Strong communication (written and verbal), influencing, negotiating, listening, and interpersonal skills to effectively develop and maintain productive internal and external relationships. Effectively communicates strategy to team members. Takes initiative to keep people at all levels informed. Influences others through the use of appropriate language, tone and style in all communications. Encourages open communication and provides timely and candid input and feedback. Convinces/persuades others to help achieve resolution of claims and understand and work towards strategic objectives.
Operates standard office equipment. Requires extended periods of computer use. Requires extended periods of sitting.
Licensing or Certificates
Maintain an active license in the state of your principal office location and remain current with all CLE credits.