Claims Manager - International Financial Lines Job at Social Value Portal Ltd (London)

Job Description

An independent claims handler who will manage and oversee the end-to-end claims process for a wide variety of matters under management liability and financial institution professional indemnity policies. Supports Beazley’s vision of being the highest performing sustainable specialty insurer through proactively managing claims, at an individual and portfolio level where required.

Job Responsibility

Proactively manage a diverse portfolio of management liability, employment practice, professional indemnity and crime claims
Handle claims from first notice of loss through resolution, assessing severity, complexity, and direct financial loss to determine the appropriate level of involvement based on claim type, maturity, and quantum, while working closely with brokers, insureds, and underwriting partners
Evaluate policy coverage in line with underwriting intent, draft clear and well-reasoned coverage position letters, and effectively communicate coverage determinations to brokers, insureds and other relevant stakeholders in accordance with Beazley’s Claims Service Standards
Manage portfolio of medium to high severity claims, including Category 2 and some Category 1 claims (i.e., claims with an expected or actual value in excess of $500,000 or having material coverage issues) including (depending on training and agreement of the Head of) Coverage Litigation but without allegations of bad faith
Review of individual claims within the portfolio on a regular basis ensuring claims records are maintained in a timely manner as required by Beazley’s claims controls and standards as well as regulatory minimums
Establish appropriate and timely case reserves adhering at all times to Beazley’s authority protocols and Beazley’s Claims Reserving Philosophy and Standards while using all tools available to demonstrate potential loss exposure
Develop, iterate, document, and execute claims strategies taking into account uncertainties, key decisions, potential outcomes, and estimated associated costs
Ensure the management of claims conforms to the agreed standardized processes, maintain accurate and updated claims files including proper documentation and data
Communicate any material claims to Reinsurance and Finance as set out by the applicable claims authority, claims controls/protocols, and procedures
Working with Reinsurance to effect claims recoveries
Understand and implement Beazley’s Conduct Risk Policy
Contribute to the continuous improvement culture within the overall claims function
Maintain an awareness of the overall strategic objectives and business plans of the Beazley claims function to the degree required to identify gaps or future opportunities to Claims Management
Understand marketing and underwriting strategies for the business area
Where requested, join client meetings to share Beazley’s claims philosophy and address specific claims issues
Provide input to underwriters of potential or existing insured’s claims experience
Identify issues and trends, consult relevant stakeholders if required, and take appropriate and/or corrective action
Identify wordings issues and suggest policy wording improvements
Leverage networking opportunities within the business to develop standardized underwriting policy and best practices within Beazley
Work with Claims team members and underwriters to maximize business opportunities and profitability within the department including sharing market information, marketing sources and cross-selling opportunities
Help produce presentations and marketing literature as required
Operate within approved claims authority at all times
Maintain a thorough knowledge of and ensure compliance with relevant regulation, minimum claim handling standards and Beazley’s claims controls and protocols
Adhere to Beazley’s procedures for the selection and retention of 3rd party professionals
Where applicable, appropriately manage escalation of items from delegated partners
Where applicable, conduct file reviews or audits as required, and resolve any issues identified
Where applicable, provide feedback on a regular and proactive basis regarding the claim actions undertaken by the Third-Party Administrator (TPA)
Where applicable, propose strategies for future claims handling, review case reserve adequacy, and ensure the TPA remains focused on claim finalization
Work proactively to develop and maintain strong relations with key brokers and insureds
Promote the Beazley brand of excellence and professionalism in client service
Adhere to Beazley’s Conflicts of Interest policy, alert the appropriate person to any potential conflicts of interest, and take steps to resolve them promptly
Immediately advise your Head of or Group Head of Claims if any Beazley employee seeks to exert undue influence on you or any other team member to act improperly in the management, reserving, or settlement of any claim
Comply with Beazley procedures, policies and regulations including the code of conduct, which incorporates the PRA and FCA Conduct
Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system
Display business ethics that uphold the interests of all our customers
Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs
Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas
Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system

Requirements

University degree
Three of more years' experience handling commercial liability insurance claims, preferably under management liability and financial institution policies
Adjuster license(s) may be required as part of your job responsibilities. If required, those licenses must be obtained within the first 90 days of your employment and in accordance with an individual licensing plan established by Beazley Compliance and your Manager
Legal training or claims experience, including assessing liability and negotiating settlements
Functional expertise includes: claims management procedures, knowledge of both US and international insurance markets (general and specialised areas), familiarity with US and global legal and regulatory frameworks, as well as alternative dispute resolution methods
Analytical skills: Problem solving (broad-based, analytical, conceptual, creativity), analysis of financial statements, financial assessments of claims, data analysis and decision-making
Work management skills: Time and workload management, self-starter, planning, achievement orientation, productivity focused
Interpersonal skills: Ability to influence others, client and broker management skills, purposeful communication, flexibility, active listening

Nice to have

Law degree preferred
Category 1 claims experience (including coverage litigation but without allegations of bad faith) depending on training and agreement of the Head of

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Claims Manager - International Financial Lines

Job Description

Job Responsibility

Requirements

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