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VP of Financial Lines Claim Leader

Company: P&C / Life / Health Insurance, Jersey City, NJ
Location: Jersey City
Posted on: April 15, 2019

Job Description:

Company is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, Company provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Responsibilities: - Directly supervise and oversee financial lines claims teams in the region including completion of performance reviews and recommendations of annual compensation. - Monitor daily workflow of claims within the unit to ensure service and compliance level adherence. - Ensure appropriate and proactive handling activities in all phases of the claim, including coverage, investigation, case management, reserving, evaluation, negotiation, and file documentation. - Ensure thorough coverage evaluations, and detailed analysis that are well documented. Escalate and appropriately communicate coverage issues to discipline leadership as appropriate. - Demonstrate, implement and coach adjuster teams on effective resolution and claim strategies to ensure favorable disposition of each claim. - Manage a portfolio of highly technical, highly service oriented claims. Escalate any anomalies and make recommendations to address the situation in proper resolution of the claim. Negotiate settlement of claims to bring them to a successful conclusion. This may involve policy holders, other professionals, insurers, loss adjusters, brokers, agents, solicitors and third parties by letter, telephone, meetings or depositions. Partner with actuarial, senior leadership, underwriting, risk consulting, and other parties as required to ensure excellent service and appropriate issue resolution. - As part of the cross-functional leadership team, manage, analyze, and provide insights to this team regarding trends and observations identified during claims settlement, reporting patterns and forecasted development during severe weather or cat events, and recommendations to the pre-loss assessments or gathered underwriting information that may aid portfolio, quality of risk and post-loss management. - Provide supervision to direct staff to ensure appropriate service and performance levels. Provide coaching, training and development opportunities for staff. Ensure talent is built throughout the team. - Develop goals and complete performance management plans (PMPS) for direct staff and recommend annual compensation levels. - Work within the framework of Company ethical and service standards. Fulfill compliance and regulatory requirements (including complaints procedures). Take responsibility for the control mechanisms which are in place and ensure the team is fully aware and engaged in them. -Coach adjuster teams to proactively adjust losses and utilize aggressive diary management system to achieve favorable inventory results and prompt resolution. -Maintain current oversight diaries on files as necessary to monitor development provide direction and identify trends that require positive reinforcement or attention for improvement. -Partner with Supervisors to facilitate effective resolution and claim strategies to ensure favorable disposition of claims. -Ensure adherence to individual authority grants, all statutory and regulatory requirements and fair claim practices and local compliance requirements, including examiner licensing. - Where appropriate, facilitate in claim committee process both as a participant on claims in inventory and as a resource to others. - Ensure all files are handled in accordance with all aspects of the Best Practices. - Exposure recognition – Ensure that exposures are quantified as soon as possible. - Confer with Company senior leadership team on individual exposures, developing trends, and trends within the industry and legal environment. - Assist in a technical capacity with claims that are high value and/or complex. - Compile effective executive summaries on files/issues as necessary/appropriate; escalate to claim leader and other discipline leadership. - Ensure timely & accurate reserve practices are being followed to cultivate favorable reserve adequacy results. - Manage authority requests for all experts with an emphasis on building consultants; ensure vendors are routinely provided specific direction as to scope, budget and timely reporting. - Provide a level of service that generates positive commentary and results on surveys indicative of customers being highly satisfied; results should meet or exceed today’s traditional standards (96%). - Work collaboratively with teams to drive consistent level of customer service. QUALIFICATIONS - Bachelor’s degree or equivalent education. - Designations from CPCU, SCLA, AIC, etc. are preferred. - Demonstrated management and leadership capabilities. - Minimum of 5-7 years of claims handling experience. - Prior management responsibilities are helpful. - Extensive coverage/contract knowledge. - Strong analytical and investigative skills. - Strong abilities in coverage application, litigation, and contractual relationships. - Knowledgeable in professional liability claims; ability to resolve high-exposure claims. - Superior verbal and written communication skills, including large-group presentation skills.

Keywords: P&C / Life / Health Insurance, Jersey City, NJ, Jersey City , VP of Financial Lines Claim Leader, Accounting, Auditing , Jersey City, New Jersey

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