Hybrid Principal, Insurance and Claims Management

at Medtronic

• Job title: Principal, Insurance and Claims Management
• Job type: Full Time
• Experience level: Lead
• Salary: $96,800 - $145,200 per year
• Degree requirement: Bachelor's Degree
• Location requirements: Hybrid, Los Angeles, United States

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)