Insurance Specialist

Insurance Specialist

Job Purpose:
 The Insurance Specialist is responsible for managing Corporate and Single and Multi-Parent Captive insurance programs, analyzing insurable risks, and coordinating with operational groups to ensure appropriate insurance coverage. The Insurance Specialist will assist in the renewal process, claims management, and risk mitigation while maintaining relationships with brokers and service providers.

Job Status:

• Full-Time
• Exempt
• Reports to: Risk Manager

Core Functions:

• Risk Management:
   Research, evaluate, and make recommendations on trends in risk management and loss control strategies to minimize potential risks.
• Insurance Renewal Process:
   Collect underwriting information across the company's portfolio, manage contract reviews, negotiate terms and premiums, and handle broker communications during the annual renewal process.
• Financial Analysis & Reporting:
   Assist in preparing budgets, forecasts, and financial reports, including analyzing insurance premiums, evaluating the financial performance of insurance programs and captives, and determining premium allocations.
• Claims Management:
   Oversee claims management, including coordination with third-party administrators, communication with insurers and operational groups, facilitation of claim review meetings, and analysis of claim reserves.
• Vendor & Broker Relations:
   Maintain strong relationships with insurers, brokers, and program administrators. Manage services provided by these partners and ensure all aspects of the insurance program run smoothly.
• Data Analysis & Reporting:
   Analyze loss data and prepare management reports. Ensure loss data trends are identified and risk mitigation strategies are implemented where needed.
• Insurance Certificates & Documentation:
   Coordinate with brokers to issue insurance certificates, Auto ID cards, and other necessary insurance documents. Manage day-to-day interactions related to insurance needs.
• Contract Support:
   Assist in the review of contracts to ensure risk-related provisions comply with insurance policies and assure competitiveness in the marketplace.

Qualifications & Skills:

• Required Education:
  • Bachelor’s degree in Risk Management, Insurance, Business, Finance, or a related field.
• Experience:
  • 5-7 years of experience in multiline insurance coverages, preferably in an agent/brokerage environment.
• Skills:
  • Strong knowledge of insurance programs, risk mitigation strategies, and claims management.
  • Excellent organizational skills, with proven ability to prioritize and manage multiple tasks to meet deadlines.
  • Strong analytical skills, with the ability to evaluate data and provide insights into risk management strategies.
  • Strong communication and interpersonal skills, with the ability to interact with all levels of the organization and external partners.
  • Self-motivated, proactive, and able to work independently, while also collaborating effectively with internal teams.
  • Advanced proficiency in Microsoft Office Suite (Excel, Word, PowerPoint), and experience with database administration.

Job Expectations / Working Conditions:

• Travel:
   Occasional travel may be required for meetings with brokers, insurers, or other stakeholders.
• Work Environment:
   Office environment, with the ability to work at a desk for extended periods of time.

Physical Requirements:

• Light lifting and minimal physical tasks may be required.
• Occasional overtime may be needed to meet deadlines.