What are the responsibilities and job description for the Claims Account Manager, Alterative Markets position at Arch Capital Group Ltd.?
With a company culture rooted in collaboration, expertise and innovation, we aim to promote progress and inspire our clients, employees, investors and communities to achieve their greatest potential. Our work is the catalyst that helps others achieve their goals. In short, We Enable Possibility℠.
The Claims Division is seeking a Claims Account Manager (CAM) to join the Alternative Market’s Team. In this role, the incumbent will have oversight responsibility for claims managed by our third-party claims administrators. Position will manage liability lines of business claims including, AL, GL, APD in our trucking, hetero, restaurant and construction groups. They will work closely with our Underwriting and Major Case Unit Teams, and will be assigned to specific captive business. These captives involve insured retentions and different expense treatments which require the candidate to work closely with the captive members, captive board, producers, and WC Alt Market’s CAM counterpart.
Position Responsibilities:
Specifics duties include but not limited to the below:
- Manage third party administrators (TPA) ensuring compliance with Arch's Best Practices
- Claim Account Managers will conduct two annual reserve adequacy audits of each program’s Third Party Administrators
- Monitor the third party administrator's compliance with state specific insurance department regulations and unfair claim practices
- Conduct ongoing training to assigned TPA adjusters
- Evaluate the TPA's service standards ensuring that they are providing our insureds with quality and timely service in accordance with Arch's established guidelines; ability to escalate issues when found
- Ensure that the TPAs are in full compliance with Arch's Reserving Philosophy
- Monitor, manage and provide direction to the third party administrator on all open claims within each assigned captive along with those losses that meet the Arch reporting criteria
- Maintain active monitoring file and diary ensuring files are managed effectively
- Manage exception to panel defense attorneys to be certain they are in compliance with Arch’s Litigation Guidelines
- Review and evaluate quarterly program scorecards to identify trends and provide input and commentary to the underwriting department and the captive board
- Provide timely notices to Arch's reinsurance department and assist with any audits by the reinsurance companies who participate in the Arch business
- Manage and direct any suits wherein Arch is named directly arising out of the assigned program
- Actively participate in the management and direction of high exposure claims directing counsel and attending mediations on an as needed basis
- Monitor and report CAT losses and any potentially large claim increases to Underwriting and Senior Claim management on an as needed basis
- Participate and present at captive risk control meetings
Qualifications
- College Degree preferred
- Minimum of 10 years working experience with claims handling
- Ability to handle high severity claims
- Experience managing casualty, trucking, and construction claims
- Strong understanding of contract law including risk transfer and insurance procurement requirements
- Ability to identify, evaluate and properly reserve damages including but not limited to special, general and punitive exposures
- Proper adjuster licenses in all applicable states
- Knowledge & expertise with multiple jurisdictions
- Hands-on experience and strong aptitude with Microsoft Excel, PowerPoint and Word
- Exceptional communication (written and verbal), influencing, negotiating, listening, and interpersonal skills to effectively develop productive working relationships with internal/external peers and other professionals across organizational lines
- Strong problem-solving, analytical, organizational, customer service and time management skills
- Ability to take part in active strategic discussions
- Ability to work independently and in a team environment
- Willing and able to travel 5%
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For individuals assigned or hired to work in the location(s) indicated below, the base salary range is provided. Range is as of the time of posting. Position is incentive eligible.
Hartford, Chicago: $97,100 - $131,13/year
NY, NJ: $107,900 - $145,700 /year
- Total individual compensation (base salary, short & long-term incentives) offered will take into account a number of factors including but not limited to geographic location, scope & responsibilities of the role, qualifications, talent availability & specialization as well as business needs. The above pay range may be modified in the future.
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