Claims Manager
3 weeks ago
I am seeking an AVP, Claims Manager – Financial Institutions to join my clients London Specialty Wholesale Claims team.
The successful candidate will be responsible for managing, performance managing and overseeing all aspects of their London Financial Institutions claims book. They will lead discussions on these matters with internal stakeholders (principally the Underwriting, Pricing and Reserving functions) and liaise with the wider corporate group internationally on issues related to Financial Institutions business and claims.
The role will also involve the examination, analysis, reserving, negotiation and settlement of heavyweight Financial Institutions claims from cradle to grave. This includes the review of claims data and underwriting documentation to ascertain validity of losses notified. The individual is required to establish adequate reserves and make reserving judgements of potential anticipated losses in a timely and professional manner to meet levels of service expected by internal and external customers. The role requires that the candidate recognises contentious issues and where appropriate inform claims management to discuss legal obligations and/or remedies and take appropriate action, therefore ensuring that only valid claims are paid.
The successful candidate will be actively involved in the negotiation of settlements, attending market meetings, and authorisation of claims, therefore must have good knowledge of London market processes. As well and adhering to all internally set Key Performance Indicators, the individual must comply with all regulatory requirements.
Desired Skills & Experience
The candidate needs to:
- Be technically proficient and have a proven record of successfully handling heavyweight Financial Institutions claims. Other Product Line claims (including Management Liability and/or Financial & Political Risk) experience is desirable but not essential
- Have a good understanding of the insurance industry
- Be an effective and efficient communicator both orally and in writing
- Participate in team discussions and help foster a collaborative team approach
- Support senior members of the company in advancing their business wide goals
- Adhere to existing procedures and think of creative and efficient ways of streamlining processes and procedures the clients International Claims Philosophy
- Previous managerial experience is desirable but not essential although the candidate must show potential to grow into the role and a hunger to further their personal development
Responsibilities include:
- Manage and monitor the performance of the Financial Institutions claims book and present the same to management and other business units
- Undertake leader obligations responsibly, thereby preserving and protecting my clients image as a respected leading underwriting entity
- Examine claims data and underwriting documents to determine validity of notifications received against cover provided and establish premium payment status
- Assist with claim reviews and audits at the offices of Coverholders, ceding companies, TPAs and other Insurers and to report on their compliance or otherwise with terms and conditions of risks written and their overall claims handling service
- Establish adequate reserves for the estimated amounts of anticipated loss and/or adjustment and coverage expenses
- Negotiate settlements and authorise claim payments in a professional and timely manner to meet the levels of service expected by the market, their customers and other stakeholders
- Recognise contentious issues and, where appropriate, inform claims management to discuss legal obligations and/or remedies and take appropriate action
- Inform claims leadership for onward reporting of any large or unusual losses in order that financial exposure can be fully evaluated and future corrective measures can be determined. This includes the drafting of Large Loss Notices in a timely manner for distribution around the business and the maintaining and updating of the company Claims Watchlist
- Manage outsourced Coverholders and TPAs where appropriate to ensure that customers are receiving a good level of service from both their external and internal claims handlers
- Maintain files and documentary evidence to create an audit trail of claim values into the computer system and through the books of the company
- Conduct regular reviews of the claim portfolio to assess the adequacy of reserves being carried
- Attend internal claim meetings, market meetings and seminars and to represent the company as and when required
- Communicate with Underwriters and actuarial functions on losses of significant value and losses with issues of note where appropriate
- Ensure that appropriate ‘soft skills’ are utilised in order to communicate with people internally and externally in an effective and professional manner, to actively encourage teamwork within both the claims department and the business as a whole and to aid in successful conflict resolution
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