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Executive Director of Risk Management and Insurance

2 months ago


Lansing, Michigan, United States InsideHigherEd Full time
Job Summary

The Executive Director of Risk Management and Insurance is a key leadership position responsible for developing and implementing strategies to reduce risks associated with university operations and activities. Reporting to the Senior Vice President/CFO/Treasurer, this role requires a strong understanding of the property and casualty insurance industry and the ability to analyze complex proposals, regulations, and contracts.

Key Responsibilities
  • Provide risk management consultative services to campus stakeholders on a broad spectrum of risks, making recommendations to reduce exposures to loss.
  • Develop major goals and objectives for the unit and build strong working relationships with leadership and staff from major administrative units.
  • Establish policies and procedures to manage risks and control losses, creating and managing department budget, and regularly monitoring all claim payments and associated costs.
  • Analyze loss experience across various exposure areas to determine optimal levels of purchased insurance limits, self-insured retentions, and deductibles.
  • Negotiate on behalf of the University all commercial insurance programs, excluding employee benefits, such as general and professional liability, directors and officers, property, workers compensation, international, and athletic accident.
  • Administer self-insurance funds to ensure appropriate payments and maintain adequacy of reserves to reflect claim trends and exposure levels.
  • Review and update methodologies for insurance premium and expense allocations to auxiliary units in conjunction with general fund costs.
  • Assist other campus unit risk management staff with issues unique to their operations, such as health care, recreational sports, and extension services.
  • Make recommendations on indemnification and insurance provisions in university contracts and agreements with third parties, providing interpretation of technical insurance policy language.
  • Manage claims involving University-owned tangible property, advocating for the University to ensure maximum recoveries from insurers.
  • Oversee liability claims and work collaboratively with the Office of the General Counsel on those involving litigation and settlements.
  • Coordinate the damage assessment function within the University emergency response system.
  • Serve as the primary contact for all matters pertaining to the operation of the university's captive insurance company.
Requirements
  • Bachelor's degree in business, risk management, law, or public administration.
  • Extensive knowledge of the property and casualty insurance industry.
  • Ten or more years of progressively responsible management-level experience working with large entity insurance programs.
Preferred Qualifications
  • Advanced degree in business, risk management, law, or public administration.
  • Experience working in higher education or a similarly complex organization.
  • Professional designation of Chartered Property Casualty Underwriter (CPCU) and/or Associate in Risk Management (ARM).
  • Ability to analyze complex proposals, regulations, and contracts, maintain efficient and effective risk management control systems and procedures.
  • Strong verbal and written communication skills to facilitate work across disciplines at the University.