What are the responsibilities and job description for the Reinsurance Claims Analyst position at Allied World Assurance Company?
Job Summary:
Responsible for the analysis, investigation, negotiation, compromise and settlement of assumed reinsurance claims within granted authority level, and also responsible for assigned claim reviews, special reports, and assisting with routine department administrative tasks as assigned. Also, when assigned, they are responsible for analysis, reporting and billing claims to reinsurers of the company.
Responsibilities:
- Analyze claim notices for proper attachment to reinsuring agreements and years of account.
- Identify and evaluate notices for potential exposure to the company’s financial interest. Prepare claim correspondence to brokers and ceding companies on questions of
- Investigate, follow-up, and otherwise monitor the development of claims. Establish and authorize adequate reserve amounts based on evaluation of liability, damages and other obligations set forth in the reinsuring agreements.
- Negotiate settlements and compromise payments within specified authority with authorization and under supervision of VP Reinsurance Claims Set-up and authorize claim payments within specified authority.
- Liaise with underwriters, legal counsel and outside vendors on coverage, liability, damages and settlement issues when assigned.
- Prepare claim and statistical reports on both ceded and assumed business when requested by SVP or VP Reinsurance Claims
- Prepare and present case evaluations to claims, underwriting and corporate management.
- Coordinate strategies for resolving coverage disputes.
- Assist in projects and reports as required.
- When assigned to ceded reinsurance business, create reporting and billing files for direct claims
- Prepare and present reports and invoices to reinsurers of the company
- Participate as requested in settlement and collection of disputed collections of ceded reinsurance balances from the company’s reinsurers
- Maintain the system for identifying, billing, and collecting outward reinsurance claims on all lines of direct business when assigned to the ceded reinsurance administration area
- Perform claim reviews of assumed reinsurance accounts as requested, remotely or on-site
Compensation:
The below annualized base pay range is a broad range based on analysis of similar positions in the market. The actual base pay for the position may be above or below he listed range and determined by a number of considerations, including but now limited to complexity, location, and scope of the role, along with experience, skills, education, training, and other conditions of employment. Base salary represents one compensation of Allied World comprehensive total reward package, which may also include annual incentive compensation rewards.
$70,000 – $80,000
About Allied World:
Allied World Assurance Company Holdings, Ltd, through its subsidiaries, is a global provider of insurance and reinsurance solutions. We operate under the brand Allied World and have supported clients, cedents and trading partners with thoughtful service and meaningful coverages since 2001. We are a subsidiary of Fairfax Financial Holdings, Limited and benefit from a strong capital base and a worldwide network of affiliated entities that allow us to think and respond in non-traditional ways.
Our generous benefits package includes Health, Dental and Disability Insurance, a company match 401k plan, and Group Term Life Insurance. Allied World is an Equal Opportunity Employer. All qualified applicants will be considered for employment without consideration of any disability, veteran status or any other characteristic protected by law. To learn more, visit awac.com, or follow us on Facebook at facebook.com/alliedworld and LinkedIn at linkedin.com/company/allied-world.