Reinsurance Claims Specialist

Company

Munich Re America

Location

Princeton , United States

Exciting opportunity for candidates with a broad variety of experience. Have you worked in a legal role for a few years and want a new challenge? Do you have a JD and are asking what’s next? Keep reading!

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. We will consider a range of experience for this role and the offer will be commensurate with that.

The Company

Munich Re US (MR US) offers the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

We address the key challenges of the future – that is what we have been doing in the US property/casualty reinsurance market since 1917. As a leading reinsurer, we deal with the issues that affect business and society and work to devise risk management and risk transfer solutions that render tomorrow’s world insurable. Our recipe for success: we anticipate risks early on and deliver solutions tailored to our clients’ needs, creating opportunities to achieve sustained profitable growth.

The Opportunity

Future focused and always one step ahead

The purpose of this position is to administer Munich Re's rights and duties under its contracts with clients, vendors, reinsurers, retrocessionaires and insureds; determine proper reserve needs, and control loss exposures, while providing sound claim services to clients both internal and external. Collaborate with Contracts Department, including a 6-month job rotation within first two years of employment.

Responsibilities

• Confirms and interprets the applicability of the subject contracts to loss reports.
• Develops and analyzes loss information for accurate and timely reserving.
• Investigates, evaluates (reserves rights, if applicable), and negotiates coverage issues with client company as may be required under the subject contract and authorized by division management. Confirms the applicability for insurance contracts recognizing coverage issues and appropriately reserving and protecting the coverage rights of the company as authorized by division management.
• Effectively implements litigation management controls to any circumstance that warrants it whether reinsurance or direct insurance.
• Presents claims before committee for issue evaluation and development of further action plans.
• Verifies billings and cash calls for accuracy and directs prompt payments and collections.
• Authorizes/negotiates settlements and monitors trial developments.
• Conducts claim reviews and compliance audits at Client Companies/ and pre-quote reviews at Prospective Companies
• Identify and share information on legal and claims trends and developments, both with internal and external stakeholders, and analyze their impact on the Company’s portfolio.
• Identify and proactively flag potential wording issues to UW and Contracts Department.
• Conduct research and/or participate in assigned projects as required.
  
  
  

Qualifications

• Juris Doctorate from an accredited law school
• Prior legal experience required
• Knowledge and understanding of reinsurance, underwriting, contracts and/or claims principles a plus
• Strong analytic and problem-solving skills
• Interest to use technology and data analytics to identify claims trends
• Ability to work independently and decisively as well as in a team environment
• Superb time management skills
• Excellent interpersonal and networking skills, including verbal and written communication
• Strong negotiation and presentation skills
• Proficiency with Microsoft Office software (Outlook, Word, Excel) which includes the ability to learn new and complex computer system applications.
  
  
  

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.