Risk Management & Captive Insurance Manager

Department: Finance

Employment Type: Full Time

Location: United States

Compensation: $100,000 – $120,000 / year

Description

Responsibilities

• Serve as the company’s primary internal owner for P&C claims across participating operating companies, including workers’ compensation, automobile liability, general liability and property.
• Establish clear guidelines for when incidents should be submitted as insurance claims versus handled directly by an operating company, taking into account deductibles, captive funding, administrative costs, loss experience and total economic impact.
• Maintain active oversight of material and developing claims rather than relying solely on the TPA or carrier for claims strategy.
• Conduct recurring claim reviews with TPAs, adjusters, brokers, operating company leadership and other appropriate parties.
• Challenge reserves, settlement strategies, litigation strategy, vendor utilization and claim handling where appropriate.
• Escalate significant, sensitive or poorly developing claims to executive leadership.
• Ensure appropriate pursuit of subrogation, recovery, return-to-work and other loss-mitigation opportunities.
• Establish claim-handling expectations and special instructions for TPAs and monitor adherence.
• Track claim closure rates, reserve development, claim duration, legal expense and other relevant performance indicators.

• Serve as the company’s primary internal point of coordination for its participation in the captive insurance program.
• Develop a strong understanding of captive funding mechanics, loss allocations, A-fund or similar retained-loss structures, shared loss experience, administrative charges and other factors affecting the company’s total cost of risk.
• Evaluate the economic consequences of claim submission and settlement decisions across individual operating companies and the consolidated organization.
• Monitor captive performance by operating company and coverage line.
• Reconcile claims and loss information among internal records, TPAs, brokers, carriers and captive reporting.
• Coordinate with the captive administrator, broker, actuary, carrier/fronting company and other service providers as required.
• Prepare management reporting explaining captive performance, loss development and significant financial exposures in straightforward business terms.
• Identify opportunities to improve program structure, retentions, funding or claim-handling practices.

• Coordinate the annual P&C renewal process with the company’s insurance broker and operating companies.
• Own the collection and validation of exposure information, loss data, renewal applications and supporting documentation.
• Analyze historical losses and current exposures to support decisions regarding deductibles, retentions, captive participation and risk transfer.
• Review renewal proposals with Finance and executive management and provide a clear assessment of changes in premium, retained risk and total cost of risk.
• Maintain visibility into insurance program structure, limits, deductibles, exclusions and material coverage issues.
• Coordinate with brokers and carriers on material coverage questions and program changes.

• Develop consistent reporting of claims frequency, severity, incurred losses, reserves and total cost of risk by operating company.
• Establish transparent methodologies for internal allocation of captive and insurance costs in partnership with Finance.
• Identify loss trends and root causes and communicate them to operating company leadership and Safety.
• Translate insurance and captive concepts into actionable operating decisions for non-insurance leaders.
• Develop scorecards that allow management to compare operating company performance while accounting appropriately for differences in exposure.
• Partner with operating companies to improve claim reporting quality, incident documentation and claim-management discipline.

• Act as the primary day-to-day business contact for TPAs and claims service providers.
• Establish measurable service expectations for claims administrators and periodically assess their performance.
• Coordinate among the broker, TPA, carrier, captive administrator, actuary, defense counsel and other external parties so responsibilities are clear and issues do not fall between organizations.
• Identify opportunities to improve service levels or reduce administrative and claims-management costs.

Qualifications

• 7+ years of relevant experience in commercial P&C insurance, corporate risk management, claims consulting, TPA account management or captive insurance.
• Strong working knowledge of workers’ compensation, automobile liability and general liability claims.
• Experience with loss-sensitive insurance programs, large deductibles, self-insurance or captive insurance strongly preferred.
• Demonstrated experience overseeing TPAs, adjusters, brokers or insurance carriers.
• Ability to analyze claim and loss information financially rather than viewing claims solely from an adjusting perspective.
• Strong Excel and data-analysis capabilities.
• Strong judgment and willingness to challenge external service providers when appropriate.
• Ability to communicate effectively with field operating leaders, finance professionals, executives and insurance specialists.
• Experience in construction, field services, industrial services, transportation or another decentralized operating environment strongly preferred.
• Professional designations such as ARM, CPCU, AIC or similar credentials are helpful but not required.

Benefits

• Competitive salary
• Comprehensive health insurance (including dental and vision) 
• Health Saving Account with company contribution 
• Paid Life Insurance
• 401(k) plan with company matching
• Flexible time off (FTO)   
• Paid Holidays

Tagged as: $75k to $150k