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Insurance Brokerage Senior Account Manager/Consultant

Hackensack, NJ 07601 | Direct Hire

Post Date: 05/23/2016 Job ID: 11352 Industry: Brokerage - Risk Management
Our client, an insurance and risk management consulting firm is seeking a Senior Account Manager or Consultant for employment. The position entails handling all aspects of a  commercial account' s risk management needs.   The consultant will act as the outsourced risk manager for approximately 30 domestic and  international clients with combined annual property and casualty insurance premiums of over $40 Million. Client industries include construction, real estate, manufacturing, and hospitality.   Manage the insurance and risk management programs of those clients including the placement  of all traditional, non-traditional insurance and surety products for all clients.   Risk Management renewal responsibilities include:  
  • Gathering, summarizing and presenting all renewal exposures prior to the  renewal of all lines of property and casualty insurance coverage
  • Develop service requirements for potential insurance brokers and carriers;
  • Interview, vet and select the insurance brokers requested to bid on the insurance  programs
  • Design insurance policy language specifications; Prepare insurance renewal  submissions and provide them to the marketplace
  • Review and analyze all insurance proposals and negotiate the terms of coverage  as well as premiums and address any additional underwriting questions from the  marketplace.
  • Recommend to clients the  insurance  programs best suited for their particular  exposures and risks
  • Oversee the placement of winning insurance bids; ensure binders, policies and  endorsements are issued correctly and if not, request the necessary amendments  to be made.
  • Manage the day to day needs of clients' risk management programs which include:  Manage clients' internal risk management team/insurance departments
  • Report to CFO on implementation and management  of clients' corporate risk  control programs
  • Counsel senior management on transactional risk exposures through use of  economic models and risk vs. benefit analyses
  • Responsible for overseeing all insurance broker and other third party risk  management vendors  to ensure they are working in clients' best interests
  • Set up and coordinate clients' disaster recovery and business continuity plans
  • Review, draft and negotiate the insurance provisions in, and provide opinion on,  all vendor contracts, leases, loans and other types of contracts using all methods  of contractual risk transfer
  • Ensure compliance of insurance certificates requested by vendors of clients and  also review certificates received by clients from various third parties to ensure  acceptability
  • Schedule  and  coordinate all loss control inspections by insurance carriers, as well  as property valuations by appraisers; Address any loss control concerns and  amend valuations with carriers based on appraisals
  • Set up and train clients' claims staff as well  as review all incoming first party and  third party claims; Report all claims to the appropriate policies and insurance  carriers
  • Run quarterly claims review meetings to ensure all losses are being adjusted in  an efficient manner and that all reserves are set at appropriate levels
  • Create a loss pick and forecasting models using current Loss Cost Factors to  determine claim trends
  • Review loss frequency and severity by claim type to establish patterns and use  that knowledge to decrease future occurrences
  • Coordinate the claims recovery process and assist in the adjustment of all losses  for clients' maximum benefit and ensure receipt of appropriate payments
Additional Skillsets/Job Functions   Due Diligence project team for Private Equity clients. Responsibilities include:
  • Pre-acquisition risk management and insurance reviews of the target company.
  • Confirm the acquisition is free of problematic and costly insurance and risk  management issues
  • Establish benchmarks to evaluate insurance transactions and offers
  • Solicit  competitive bids for new insurance coverage to address the newly  acquired entity' s exposures
  • Analyze, negotiate and bind the appropriate coverages
  • Transition new entity into clients' master programs if appropriate, otherwise  move the coverage onto a stand-alone program
  • Post-acquisition portfolio company management
  • Create Master property insurance programs for portfolio companies to maximize  terms of coverage and buying power in the marketplace


New Construction practice. Duties included:
  • Design the insurance specifications for residential and commercial ground up and  rehabilitation projects ranging in size from $100 Million to $2 Billion
  • Oversee the acquisition and management of all insurance policies including the  construction liability and builders risk policies for both traditional insurance  programs and Wrap-Up (OCIP & CCIP) programs
  • Transition the completed projects onto either stand-alone policies or onto the  clients' master insurance programs

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