Operational Insurance Broker at BAC managing insurance policy processes and client relations. Ensuring policy management and supporting sustainable business growth through insurance solutions.
About the role
- Leading Insurance and Claims Management for Medtronic's Diabetes division in a hybrid role. Focused on insurance program placement and claims resolution across global stakeholders.
Responsibilities
- Provides input and reviews Broker’s strategy for accuracy during the renewal negotiations
- Coordinates internal data requests of pre-binding information by market/function in preparation to renewals (e.g., data collection and review for accuracy, compilation of underwriting and data exposure) in accordance with Insurer’s request; influences data collection timeline internally (key stakeholders) and externally (brokers)
- Contributes with recommendations on renewals (e.g., risk tolerance, premiums x coverage relationship, fees, etc.) to the Sr. Director, Insurance and Risk Management
- Reviews of insurance policies and endorsements for accuracy
- Key point of contact for claims from triage to resolution; assists with claims settlement between key internal stakeholders and external partners (brokers and/or insurers)
- Notifies Sr. Director, Insurance and Risk Management to determine next steps for damages that might influence business sustainability / could impact the business or function’s ability to meet its strategic plan objectives
- Manages requests for issuance and revision of COIs; coordinates COIs renewal process for internal distribution; and auto identification cards process
- Supports claims management including worker’s compensation and auto insurance claims
- Provides insurance budget guidance to Finance according to trends provide by the Brokers/Insurers
- Coordinates premium allocation across different legal entities
- Reviews premium invoices and coordinates payments; troubleshoot reconciliations if needed
- Monitors of loss control program compliance and acts as key point of contact between the business and key insurers in case of visits and audits
- Documents key risk management processes, insurance manuals, builds presentations to educate key stakeholders about Medtronic Diabetes Risk Management; assists with the Insurance Program Strategy Playbook and the Risk Management SharePoint site
- Supports Sr. Director, Insurance and Risk Management in performing insurance due diligence reviews for mergers/acquisitions and new business, and potential Requests For Proposals (RFPs), if needed
Requirements
- Bachelor’s Degree in Insurance, Business, or Engineering and 7 years of relevant risk management and insurance experience with emphasis on managing global risk exposures
- Or, advanced degree and 5 years of relevant risk management and insurance experience with emphasis on managing global risk exposures
- Master’s Degree with specialization in Risk Management, Insurance, or Finance
- Professional insurance designations or equivalent experience
- Professional and management liability, and property and casualty insurance experience
- Expertise in professional and management liability, and property and casualty insurance, particularly within the MedTech field
- Proficient in Microsoft 365 packages (Excel, PowerPoint, Word, SharePoint, Teams)
Benefits
- Health, Dental and vision insurance
- Health Savings Account
- Healthcare Flexible Spending Account
- Life insurance
- Long-term disability leave
- Dependent daycare spending account
- Tuition assistance/reimbursement
- Simple Steps (global well-being program)
- Incentive plans
- 401(k) plan plus employer contribution and match
- Short-term disability
- Paid time off
- Paid holidays
- Employee Stock Purchase Plan
- Employee Assistance Program
- Non-qualified Retirement Plan Supplement (subject to IRS earning minimums)
- Capital Accumulation Plan (available to Vice Presidents and above, or subject to IRS earning minimums)
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