Claims Specialist

Company
Munich Re America
Location
Chicago , United States

Claims Specialist, Reinsurance

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Munich Re Specialty Insurance (MRSI) provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Products include: property, casualty, professional liability and other specialty insurance solutions. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients’ needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.

Munich Re Specialty Insurance (MRSI) is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on MRSI, including licensing, regulatory-required, and other information on the operating companies, visit https://www.munichre.com/us-non-life/en/general/munich-re-specialty-insurance-disclosures.html.

The Opportunity

The Claims Specialist is a critical role in our growing Public Entity team as part of the Core Claims team, and will be responsible to direct all aspects of file handling on third-party administered claims in the Public Entity Reinsurance line of business. The Public Entity Reinsurance Claims Specialist will manage the claim investigation with the Cede, analyze and determine coverage, evaluate the overall claim, and pursue risk transfer as warranted in a variety of public entity claims. The Claims Specialist will also manage the litigation process with the Cede and/or its TPA, strategically partner with reinsurance partners and counsel to drive optimal claim outcomes on reinsurance claims.

Responsibilities:

• Thorough investigation for coverage, trigger (liability, wrongful act, breach), damages, and subrogation/contribution opportunities under reinsurance agreements and the reinsured casualty policies issued by the Cede.
• In-depth understanding of coverage issues, policy forms, contracts, regulatory requirements, and changing legal landscape for casualty claims and reinsurance claims.
• Proactive management of reinsurance claims, considering all aspects with a strategic vision for optimal claim outcome.
• Continual evaluation claim to set appropriate, timely reserves over the life of the claim to reflect changes in exposure.
• Strong technical claims proficiency through consistent execution of best claim practices.
• Strategically coordinate with, direct and manage relationship with Cede’s TPA, claim administrators, risk manages, and/or counsel and Cede’s defense counsel to obtain optimal claim outcome.
• Present high exposure PERS reinsurance claims to Claims Leadership and Key Stakeholders.
• Collaboration with internal and external business partners for client meetings, product development and improvement, and account audits.
• Innovative mindset - looks for ways to improve claim efficiencies and outcomes.
• Proactive management of claims with a strategic, total cost of claim mindset.
• Highly technical, analytical and critical thinking ability to properly determine coverage and liability.

Job Requirements:

• Successful candidates will possess the following experience/skills/qualifications:
• 8+ years’ experience of handling claims; some of that may be relevant legal experience.
• Experience in Public Entity or relevant lines of business. Reinsurance coverage and/or claim handling experience a plus.
• In-depth understanding of coverage issues, policy forms, contracts, regulatory requirements, and changing legal landscape for casualty claims and reinsurance.
• Strong technical claims proficiency through consistent execution of best claim practices.
• Highly collaborative and proactive with strong interpersonal skills
• Innovative mindset - looks for ways to improve property claim efficiencies and outcomes.
• Excellent verbal and writing skills for internal and external communication, presentations and reporting.
• Superior analytical thinking and negotiation skills.
• Ability to travel for client or account meetings, claim or underwriting audits and presentations. (25%)
• JD preferred.
• Adjuster licenses required (or willingness to obtain)

This role is being offered in Chicago, IL; New York, NY; Philadelphia, PA, Atlanta, GA; or Princeton, NJ.

The salary range posted below applies to the Company’s NYC location.

The base salary range anticipated for this position is $110,500 - $162,000plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).

The salary estimate displayed represents the typical salary range for candidates hired in this position in NYC. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

At Munich Re, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.