Solid reputation, passionate people and endless opportunities. That's Travelers. Our superior financial strength and consistent record of strong operating returns mean security for our customers - and opportunities for our employees. You will find Travelers to be full of energy and a workplace in which you truly can make a difference.
This position will manage Professional Liability claims of varying severity in the areas of Accountants’ Professional Liability and Real Estate Professional Liability. Accountants' Professional claims include liability arising from tax preparation, audits, bookkeeping and payroll services, and other accounting practice areas. Real Estate Professional claims include claims against real estate agents and brokers, and property managers.
Fulfill Bond & Specialty Insurance (Bond) Claims mission by conducting thorough investigation, analysis, evaluation and disposition of claims to achieve superior customer service and claim results at the most reasonable cost.
Effectively manage all assigned Bond claims, typically of moderate severity or complexity. Interact and collaborate with underwriting colleagues as well as external business associates. This job does not manage others.
Hartford - Connecticut - United States
Alpharetta - Georgia - United States, Blue Bell - Pennsylvania - United States, Morristown - New Jersey - United States, Naperville - Illinois - United States, New York City - New York - United States, Richardson - Texas - United States, Seattle - Washington - United States, St. Paul - Minnesota - United States
Primary Job Duties & Responsibilities
Manage and directly handle a variety of Accountants and Real Estate Professional Liability claims, reporting to the Managing Director for the team. Coordinate and collaborate on risk management services (presentations and written content) provided by the claim team in support of the Accountants and Real Estate Professional Liability business units. This position will involve occasional travel for mediations/settlement conferences, account meetings, and risk management presentations.
Claim Handling Responsibilities:
Maintain all necessary active adjusters licenses and remain current with all CE credit requirements. Within authority limit, thoroughly analyze, investigate, negotiate and resolve moderate severity Bond claims with moderate supervision by claims management.
Make appropriate decisions within own claim authority and make appropriate recommendations to management when necessary.
Comply with applicable policies and procedures, including compliance, regulatory and Bond performance and customer service standards.
Maintain accurate documentation/information in claim file and Bond Claim Management System (BCMS) and adhere to Claim documentation standards (i.e. coverage analysis, reserve and settlement rationale, current diary).
Prepare reports (i.e., Large Loss Memos, quarterly claim, EC, trial, class action) to management which accurately reflect loss development, potential/actual financial exposure, coverage issues, claim and recovery strategies.
Proactively optimize pre-loss recovery opportunities through identification of potential sources of recovery, to include potential responsible party, co-conspirators, beneficiaries and any third parties (Accountants and Banking Institutions, Scrap Yards, Employment Agencies, E&O, or other insurance, etc.).Identify all recovery opportunities and coordinate recovery efforts with the Recovery Management Unit and claims management.
Within authority limit, retain, monitor, manage and approve payments to outside counsel on routine litigation matters, actively utilizing litigation management plans and budgets. Guidance is needed for non-routine litigation.
Within authority limit, make quick, sound decisions and negotiate terms and conditions consistent with Bond standards. Solicit input and guidance from management when resolving claims which are beyond authority level. Communicate reserve adjustments to underwriting.
Assist/mentor less experienced colleagues in claim resolutions. Recognize issues with broader implications to Bond and Travelers. Represent Surety or Management Liability Claim in claim strategic initiatives (or lead team); lead Surety or Management Liability Claim strategic initiatives.
Maintain knowledge of coverage, legislative and industry-related initiatives and judicial trends. Share newsletters, webinar information, case analyses, results of counsel’s legal research and/or litigation strategies with underwriting, Claim and Claim management.
Legal Support Responsibilities:
Provide legal support to business partners. Answer legal questions posed by underwriters that impact underwriting decisions, combining legal research with knowledge gained based on experience handling claims.
Advise underwriters regarding the legal effect of bond and policy language and the extent of coverage.
Answer legal questions posed by non-lawyer claim professionals to assist them in determining the legal standards applicable to claim handling and claim decisions.
Policy interpretation/coverage analysis including drafting coverage opinions with case law included.
Draft or review/revise new product initiatives, policies and policy endorsements and provide legal opinions relative to same.
Maintain an active license in the state of your principal office location and remain current with all CLE credits.
Transactional Work and Negotiation:
Reviewing and drafting releases and settlement agreements, including confidentiality and no disclosure provisions, for sufficiency, and drafting same for direct handled matters. Advise non-attorney claim professionals on the same.
Negotiate settlements/resolutions directly or via counsel using legal arguments relevant to liability, damages, and coverage.
Legal Research and Writing:
Based on knowledge of evolving contract terms, trends, and conditions in the marketplace gained from claim handling and legal advice to underwriters, advise management of trends that may impact future losses; prepare and deliver presentations on the same to management and claim and underwriting staff.
Legal Research – case law, opinions, statutes, regulations and the like as needed for claim and coverage matters.
Draft or review and revise memos and alerts assessing law, statutes and regulations.
Review and revise draft motion papers, briefs, and mediation/settlement statements from counsel. Review documents for production in discovery for coverage actions.
Bachelors degree required. Juris doctorate degree required. Licensed to practice law in the state in which you will be working.
Education, Work Experience & Knowledge
Bachelor’s degree and law degree from accredited school, and bar admission in your state of residency. Preferred candidate will have at least three years managing third-party Professional Liability claims in an insurance environment and relevant prior private practice experience as an attorney. In addition, prior relevant experience in Accounting or Real Estate professional lines is a plus, as well as a degree or experience as an Accountant. Prior claims made coverage experience preferred. Strong verbal and written communication skills are required along with the ability to multi-task competing priorities.
Job Specific & Technical Skills & Competencies
COMMUNICATION: Strong communication (written and verbal), influencing, negotiating, listening and interpersonal skills to effectively develop productive internal and external relationships. Effectively communicates and collaborates with Bond colleagues. Ability to communicate decisions. Assistance is required to deliver more difficult messages. Presents a positive, professional image of the company through demonstrated expertise and knowledge of the company, its products and services. Influences others through sound judgment and decision making.
LEGAL SUPPORT: Strong legal research skills. Effectively articulates legal issues to claim team, business partners and customers.
TEAMWORK: Builds and maintains effective working relationships with peers and managers within and across organizational lines. Developing ability to build strong teams of internal and external resources that are technically competent and characterized by a high level of coordination and trust to resolve claim matters. Balances individual needs with Business Unit goals and fosters cooperation throughout the team. Works with peers to resolve issues by listening for understanding, discussing all issues related to the situation, and coming to a solution.
TECHNICAL ABILITY: Knowledge of moderately complex claims (e.g. non-routine, multi-party litigation). Assures compliance with litigation management and budgeting plans, including fee audit. Develops claim strategies and implements within limits of authority. Ability to use Bond technology tools proficiently.
LEADERSHIP: Bond and Specialty Insurance Sets clear direction by defining goals and priorities. Takes ownership and responsibility for decisions and outcomes. Shares success with the team. Professional image. Respect and trust of colleagues. Well organized. Meets deadlines. Consistently demonstrates integrity, initiative and innovation in achieving results. Takes accountability for development Sense of urgency. Self-motivated.
Operates standard office equipment. Requires extended periods of computer use. Requires extended periods of sitting.
Licensing or Certificates
Maintain all necessary active adjusters licenses and remain current with all CE credit requirements.