General
Job Title: Claims Manager
Division: Group Claims
Reports To: Claims Product Specialist and/or Claims Focus Group Leader, as per Beazley’s organisation chart
Key Relationships: Claims staff, underwriters, insureds, brokers and service providers
Job Summary:
To help achieve the Beazley vision of being the highest performing specialist insurer with a focus on mid to high value claims which may have coverage issues. To contribute to the overall performance, development, and management of the Beazley claims function. From a technical perspective this will be achieved through the proactive management of claims, primarily at the individual level but also at a portfolio level where required.
A key requirement of the role is to assist to optimise spend and achieve high levels of satisfaction for the client and broker through high quality claims management, resolution, and excellent client service. To support claims management to facilitate and foster a collaborative approach across the claims function to learn, share ideas and diverse perspectives, and work in a manner that best meets the challenges of our clients.
Key Responsibilities:
Individual Claims Leadership
- Manage individual claims on a proactive basis from notification to closure, investing the necessary level of involvement required for each claim depending on the nature, category, maturity, type,
- and quantum of the claim.
- Manage portfolio of Category 2 and some Category 1 claims (i.e., claims with an expected or actual value in excess of $250,000) including (depending on training and agreement of the Head
- of) Coverage Litigation but without allegations of bad faith.
- Adhere at all times to Beazley’s Claims Reserving Philosophy and Standards.
- Develop, iterate, document, and execute claims strategies taking into account uncertainties, key decisions, potential outcomes, and estimated associated costs.
- Understand and implement Beazley’s Conduct Risk Policy.
Claims Portfolio Management
Manage a claims portfolio to optimise performance including the:
Review of individual claims within the portfolio on a regular basis and ensuring reserves and claims records are maintained in a timely manner as required by Beazley’s claims controls
and standards.
- Identification of issues and trends in the portfolio, consult management/peers if required, and take appropriate and/or corrective action.
- Communication of any material claims to Reinsurance and Finance as set out by the applicable claims authority, claims protocols, and procedures.
- Working with Reinsurance to effect claims recoveries.
Strategy and Business Planning
- 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.
Working with Underwriters
- Develop an understanding of marketing and underwriting strategies for the respective business area.
- Contribute to business development and renewal opportunities through attending client meetings to provide inputs regarding the Beazley claims philosophy and claims handling approach.
- Provide inputs to client meetings regarding specific claims issues.
- Provide input to underwriters on review of potential or existing insured’s claims experience.
- Identify claims trends and developments and communicate their potential impact on the book.
- Identify wordings issues and suggest policy wording improvements.
Authority & Minimum Standards Observance
- Operate within approved claims authorities at all times.
- Maintain a thorough knowledge of industry regulations and minimum standards.
- Ensure compliance with the regulations and Beazley’s claims control standards and protocols.
Third Party Management
- Adhere to Beazley’s procedures for the selection and retention of 3rd party professionals and manage relationships to the benefit of Beazley.
- Hold overall ownership and accountability for delegated relationships as needed including appropriately managing escalation of items from delegated partners.
- Review TPA performance data consistency with claims service requirements, claims best practices, and financial goals on a periodic basis.
- Conduct file reviews or audits as required, and resolve any issues identified.
- Provide feedback on a regular and proactive basis regarding the claim actions undertaken by the Third-Party Administrator (TPA).
- Propose strategies for future claims handling, review case reserve adequacy, and ensure the TPA remains focused on claim finalisation.
Broker and Insured Relations
- Work proactively to develop and manage strong relations with key brokers and insureds.
- Promote the Beazley brand of excellence and professionalism in client service.
Operational
- Ensure the management of claims conforms to the agreed standardised processes and use of share service functions as appropriate.
- Contribute to the commitment to, and active development of a continuous improvement culture within the overall claims function.
- Support the Claims Business Management Team and Claims Solutions Team to identify and implement business performance improvement opportunities.
- Development and Mentoring of Junior Staff
- Assist claims management and peers to develop, mentor and empower junior staff.
- Ensure junior staff in the business unit have the knowledge and skills necessary to perform effectively in their given roles and responsibilities and increase their versatility for the broader
- Beazley business.
- Serve as a positive role model for junior staff.
Conflicts of Interest
- 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.
General
It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to:
- 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. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
- 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.
- Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.
Education and Qualifications
Graduate Calibre
Skills and Abilities
- Analytical skills: Problem solving (broad-based, analytical, conceptual, creativity), Analysis of financial statements, Financial assessments of claims, Data analysis, Decision-making
- Work management skills: Time and workload management, Self-starter, Planning, Achievement orientation, Productivity focus
- Interpersonal skills: Ability to influence others, Client and broker management skills, Purposeful communication, Flexibility, Active listening
- Candidates with fluency in a European language (ideally Spanish) would be advantageous but not a requirement.
Knowledge and Experience
- Legal training or past claims experience establishing liability and/or settlement resolutions.
- Functional knowledge & understanding: Claims management process, US/RoW Insurance market (general & focus group), US/RoW legal and regulatory environment, Alternative resolution approaches
- Experience of Cyber would be advantageous
Aptitude and Disposition
- Outcome focussed, self-motivated, flexible and enthusiastic
- Professional approach to successfully interact with senior management/ colleagues/ external suppliers
- Diplomatic
Competencies
- Problem-solving
- Decisiveness
- Customer-focused
- Influencing others
- Attention to detail
- Team work
- Self-starter
- Analytical thinking
- Managing resources effectively
- Technical competency and expertise
