Job Title: Sr. Claims Specialist - Financial Institutions
Job Responsibilities:
The Sr. Claims Specialist for Financial Institutions is tasked with a wide array of responsibilities aimed at managing and resolving claims efficiently and effectively. Key responsibilities include:
- Handling and managing various Management Liability Claims such as Bankers Professional Liability (BPL), Investment Advisors, Private Equity Errors and Omissions (E&O)/D&O, and Insurance Company Professional Liability (ICPL). Experience with Transactional Liability claims, including Representations and Warranty, Judgment Preservation & Contingent Risk, is considered advantageous.
- Conducting thorough investigations, analyses, and evaluations of coverage liability and damages, ensuring adherence to best practices and maintaining appropriate documentation.
- Offering technical advice, training, and guidance to junior team members and internal business partners as needed.
- Reviewing claims related to financial institutions to determine the nature of loss, coverage provided, and claim scope, guiding strategic decisions regarding settlement and disposition.
- Developing and maintaining relationships with internal and external partners.
- Escalating coverage issues and recommending assignments for outside coverage counsel when necessary.
- Formulating claims and litigation strategies, assigning, directing, and managing outside counsel.
- Managing costs associated with coverage counsel and litigation while collaborating with the Litigation Management and Vendor Management teams to ensure cost management and enhance panel counsel.
- Fostering relationships and communicating extensively with senior executives, brokers, reinsurers, actuaries, underwriters, insureds, and auditors, both external and internal.
- Supporting underwriting inquiries and information requests, drafting reports on claim trends, conducting data analysis, and performing risk assessments.
- Leading and participating in presentations and discussions with Underwriters and Insureds regarding large losses and claim trends.
- Participating in claim audits and special projects, as well as department initiatives.
- Identifying trends and issues related to liability and coverage, formulating processes and strategies for handling such claims, and ensuring consistent claims management across impacted underwriting segments and lines of business.
- Performing other duties as assigned.
Education and Experience Information:
- A Juris Doctorate is required for this position.
- A minimum of 5-7 years of experience handling Management Liability claims is necessary.
- Demonstrated ability to work effectively as part of a team, meet deadlines, and successfully perform in a dynamic and sometimes challenging work environment.
- Skills in high exposure/complex claim exposure evaluation are essential.
- Proven capacity to manage the "flow" associated with Financial Institutions (FI) claims and manage Key Performance Indicators (KPIs).
- Excellent negotiation, communication, and interpersonal skills are crucial.
Key Skills & Abilities:
- A minimum of 5-7 years of experience in Management Liability claims management is required.
- Possession of necessary state claims adjusters licenses or the ability to obtain such licenses within 90-120 days of hiring is preferred, especially in states such as NY, CA, FL, and TX.
- Demonstrated leadership, organizational, and management skills or experience in practicing law and claims management (both directly managed and Third-Party Administrator (TPA) managed claims).
- Ability to influence and collaborate at all organizational levels, both internally and externally, and to identify and resolve complex, disputed claims.
- An analytical thinker capable of driving results using all facets of the legal and claims processes.
- Understanding and ability to balance immediate claim issues with the broader portfolio impact and customer service impact of coverage disputes and issues.
- Excellent oral and written communication skills, with the ability to handle conflicting expectations, differing opinions, and multiple viewpoints effectively.
- Demonstrated ability and experience in handling management liability claims involving a wide variety of loss scenarios, as well as reporting and presenting about the same to senior management.
- In-depth knowledge of claims, litigation, arbitration, and trial processes, along with excellent analytical, investigative, and negotiating skills.
- A Juris Doctorate is required, and admission to practice law is considered a plus.
- Technical knowledge, skills, and training within the field are necessary, including complex coverage analysis and experience, financial institutions knowledge, confidence in coverage evaluation and reserving, excellent presentation, writing, and editing skills, solid negotiation and settlement skills, and a supervisory perspective with experience providing direction and authority to adjusters. Familiarity with KPI, data, and metrics is a plus.
Salary Information:
The text does not provide specific salary information for the Sr. Claims Specialist - Financial Institutions position.
