Senior Director

1 month ago


California, United States Northwestern Mutual Investment Services, LLC Full time
At Northwestern Mutual, we are strong, innovative and growing. We invest in our people. We care and make a positive difference.

Job Summary

The incumbent provides strategic and operational leadership of the Company’s property/casualty/bond risk management program and managing the Insurable Risk Management Division. The incumbent is responsible for identifying exposures to risk of loss arising out of the Company’s operations, subsidiaries and the Field and developing strategies to eliminate or minimize their financial impact. Acts as a liaison to attorneys, insurance companies, and individuals investigating any incidences that may result in loss and works to improves processes and procedures to prevent future losses.

Scope includes placing and managing the Company’s property/casualty insurance program. Currently $48 million in premiums covering $9.9 billion in assets. Negotiates the placement of the Errors & Omission Insurance program for the Company’s 10,500+ Financial Representatives which has a current premium of $13.6 million, as well as the Financial Institution Bond covering NM employees and Field, the Agents Crime Bond and Cyber insurance for both NM and the Field.

Accountabilities

  • Oversight and management of the Company’s insurance programs broker relationships and claims activities to ensure coordination across the various business partners.
  • Places and manages the Company’s property/casualty insurance program. This includes the placement of the following coverage: property insurance, general liability, excess liability, workers compensation, corporate aircraft liability, directors & officers’ liability, professional liability for the Series Fund as well as all Field programs (E&O, Fi-Bond, Agents Crime Bond, Cyber, Voluntary Umbrella, P&C coverages including EPLI.
  • Provide leadership to the Insurable Risk Management team.
  • Oversees claims and third-party claim handlers including the negotiations and settlement of losses. Interfaces with legal counsel and asset management on claims settlements. Assists HR with the oversight of Workers Compensation claims and manages the four monopolistic State Fund programs.
  • Understands the Company’s risk appetite and compares various methods of insurance coverage, including higher retentions, alternative risk programs, etc. Reviews all policies to ensure they meet our needs.
  • Develops strategies to minimize corporate and financial risk exposure including the assessment of new corporate operations and placement of coverage as necessary.
  • Accountable for preparing Board level presentations for internal and external use with key stakeholders and insurers.
  • Presents coverage terms to the Series Fund and Wealth Management’s board and committees twice a year.
  • Serves as a liaison to brokers, insurers and other third-party vendors. Negotiates service agreements and compensation.
  • Places and revises as necessary the Agent’s Errors & Omissions insurance program, Agent bond program, and the FI-25 Bond Program including actively leading the insurance discussions with the Managing Partner Bond Committee. Holds discussions and communicates changes and issues to the MP, MD, FRA and other stakeholders throughout the year via email, phone, the Daily, LINKnet, etc.
  • Actively participates in committees related to risk management, safety, and quality improvement. Leads the Safety activities for Sentry Loss Control.
  • Builds alliances with many areas within the organization and provides guidance to Law, Sourcing and Procurement, CEE and other departments on contract language in regard to insurance coverage and indemnification language.
  • Responds to crisis that have risk management implications and assist with problem solving.
  • Manages risk audits.

Requirements

  • Bachelor’s degree in risk management, insurance or business required. Law Degree preferred.
  • 10 or more years of risk management experience, including a minimum of three years of managerial experience, in a large corporate environment required.
  • Must be a vocal advocate for risk management and demonstrate leadership in words and actions.
  • Strong knowledge of insurance markets, policy structures, and risk management best practices.
  • Demonstrated understanding of exposures to risk that arise from a large real estate portfolio, oil & gas portfolio, a large field force, and those exposures common to the operations of a large financial service institution.
  • Excellent analytical, communication, and negotiation skills.
  • Proficiency with Microsoft products including but not limited to Word, Excel, and Power Point. Proficiency in RMIS systems, preferred.
  • Values continuous improvement and collaboration in management and relationships.
  • Chartered Property Casualty Underwriter (CPCU) is required.
  • Master’s degree in risk management or business and ARM preferred.

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