The Senior Claims Specialist - Surety is a critical role in our growing Claims Department, and will be responsible to direct all aspects of in-house file handling of Performance Bonds and Payment Bonds. The Senior Claims Specialist will direct the adjusting and litigation process, strategically partner with counsel, experts and vendors, and drive optimal claim resolutions. In this role, the Senior Claims Specialist will analyze and determine coverage, manage the claim investigation, evaluate the overall claim, communicate promptly with internal and external stakeholders, and pursue recoveries and risk transfer where warranted.
Key Responsibilities- Thorough investigation and assessment of claims against surety bonds for coverage, damages, and pursuit of recoveries and subrogation/contribution opportunities.
- In-depth understanding of coverage issues, bond forms, contracts, regulatory requirements, and changing legal landscape for Performance Bonds and Payment Bonds.
- Proactive and prompt management of claims, considering all aspects with a strategic vision for optimal claim outcome.
- Continual evaluation of claim to set appropriate, timely reserves over the life of the claim to reflect changes in exposure.
- Demonstrate strong technical claims proficiency through consistent execution of best claim practices.
- Strategically coordinate and manage outside counsel and vendors to obtain optimal claim outcome.
- Present high exposure claims to Claims Leadership and Key Stakeholders.
- Collaborate with internal and external business partners for client meetings, product development and improvement, and account audits.
- Innovative mindset - looks for ways to improve claim efficiencies and outcomes.
Qualifications- Bachelor's degree required; JD a plus.
- 8 years+ experience in handling surety matters.
- Detail-oriented, adaptable, and strategic in decision-making.
- Understanding of technical claims proficiency and execution of best claim practices.
- Ability to work independently, multi-task, and remain self-motivated in a fast-paced environment.
- Strong organizational skills and time management of claims desk.
- Strong business acumen and ability to collaborate with other departments and vendors.
- Customer-service and relationship oriented.
- Innovative, dynamic and growth mindset.
- Good verbal and writing skills for internal and external communication, presentations and reporting.
- Good analytical thinking, advocacy and negotiation skills.
- Willingness to travel for mediations, settlement conferences, and client or account meetings. (25%)
- Maintain valid adjusters' license(s) in states assigned or an ability to obtain same.
The Company is open to considering candidates in numerous locations, including: Philadelphia (PA), Chicago (IL), Hartford (CT), Atlanta (GA), or Princeton (NJ). The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.
The base salary range anticipated for this position is
$101,700 - $155,900, plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).
The salary estimate is adjusted to reflect the varying market conditions across different locations, with the higher end being more aligned with the Princeton (NJ) job market. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.
We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:
- Two options for your health insurance plan (PPO or High Deductible).
- Prescription drug coverage (included in your health insurance plan).
- Vision and dental insurance plans.
- Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
- Short and Long Term Disability coverage.
- Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
- Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).
In addition to the above insurance offerings, our employees also enjoy:
- A robust 401k plan with up to a 5% employer match
- A retirement savings plan that is 100% company funded.
- Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
- Eligibility to receive a yearly bonus as a Munich Re employee.
- A variety of health and wellness programs provided at no cost.
- Paid time off for eligible family care needs.
- Tuition assistance and educational achievement bonuses.
- A corporate matching gifts program that further enhances your charitable donation.
- Paid time off to volunteer in your community.
#LI-MB1
