Financial Institutions Claims Specialist

4 weeks ago

London, United Kingdom Bruin Full time

Job Description

Job Title: Financial Institutions Claims Specialist

Company: London Market Insurer

Location: London, UK

Job Type: Full-time

Our client, a respected London Market Insurer is keening a Financial Institutions Claims Specialist to become an integral part of their Specialty Wholesale Claims team. We are seeking a dynamic and experienced professional to lead and oversee all aspects of the Financial Institutions claims book. This is an exciting opportunity to contribute to the success of the claims department and the broader goals of the company in the London market.

Key Responsibilities:

Claims Management:

  • Manage and monitor the performance of the Financial Institutions claims book.
  • Lead discussions with internal stakeholders, including Underwriting, Pricing, and Reserving functions.
  • Liaise with the broader corporate group internationally on Financial Institutions business and claims.

Claims Examination and Settlement:

  • Examine claims data and underwriting documents to determine the validity of notifications against cover provided.
  • Establish adequate reserves and make timely reserving judgments for potential anticipated losses.
  • Negotiate settlements and authorize claim payments in accordance with market expectations.

Leadership and Oversight:

  • Undertake leader obligations responsibly to preserve and protect the company's image as a respected underwriting entity.
  • Assist with claim reviews and audits at various offices to ensure compliance with terms and conditions.

Communication and Reporting:

  • Communicate with Underwriters and actuarial functions on losses of significant value.
  • Inform claims leadership of large or unusual losses for evaluation and corrective measures.
  • Draft Large Loss Notices for distribution within the company and maintain the Claims Watchlist.

Team Collaboration:

  • Participate in team discussions and foster a collaborative team approach.
  • Support senior members in advancing the company's business-wide goals.

Desired Skills & Experience:

  • Technical proficiency in handling heavyweight Financial Institutions claims.
  • Understanding of the insurance industry.
  • Effective and efficient communication skills (both oral and written).
  • Ability to support a collaborative team approach.
  • Adherence to existing procedures and creative thinking to streamline processes.
  • Previous managerial experience is desirable but not essential.

Qualifications:

  • Proven record in successfully handling Financial Institutions claims.
  • Experience in other Product Line claims (Management Liability and/or Financial & Political Risk) is desirable.
  • Hunger for personal development and growth within the role
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