Insurance Claims Specialist

Employer

Ellen Codling

Salary from

£47000

Location

London

Industry

Financial Services

Share this

Role: Insurance Claims Specialist

Salary: £47,000 – £52,000 + Generous Benefits package

Location: Hybrid/London Office (Aldgate) 40% attending the office – an average of 2 days per week

Do you have high level experience in Stakeholder Management and in-depth knowledge of claims handling? If so, this could be the role for you!

You will be responsible for overseeing the effective management of failed insurance firms by working closely with appointed Insolvency Practitioners, Run-off Agents together with other Service Providers to ensure that both customer and levy payers’ interests are prioritised.

The role will lead in monitoring the performance of Insolvency Practitioners, Run-off Agents, and other Service Providers, through MI analysis and a comprehensive audit program.

You will also be responsible for acting as a SME, providing technical advice / support to Insolvency Practitioners, Run-off Agents and professional Service Providers as well as customers of failed insurance firms, on how the company works and the correct application of rules relative to an insurance insolvency.

Requirements:

  • High level experience in stakeholder management and monitoring performance of Third Parties/ Outsourcers with successful outcomes
  • Successful evidence of liaising with a range of stakeholders across jurisdictions and regulators in the financial sector
  • In depth knowledge of claims handling across different product lines
  • Evidence a high level of authority within claims handling experience
  • Demonstrate a thorough understanding of Policyholder Protection Rules and their application to insurance contracts and claims
  • Demonstrate a strong level of awareness of current operational procedures followed by insurers in the management of insurance claims across a range of products
  • Demonstrate successful experience of planning, organising, and executing a technical claims audit of third suppliers or TPA’s providing feedback and managing remediation activities
  • Demonstrate knowledge of the law and practice of insurance contracts and their application in resolving policy coverage issues
  • Deliver outstanding customer service to suppliers, stakeholders, and customers through interactions with them
  • Demonstrate excellent communication skills across all platforms of communication

What you will deliver:

  • Insurance claims paid within required SLA’s
  • Ensure accurate technical and process guidance is provided to Insolvency Practitioners, Run-off Agents, and relevant Service Providers
  • Provide effective training to Insolvency Practitioners, Run-off Agents, and relevant Service Providers
  • Effective, confident engagement with Insolvency Practitioners, Run-off Agents, and other relevant 3rd parties on new insurance defaults
  • Supplier assurance/audit reports
  • Value for money benefits delivered

Firm Failure Estate Set Up:

  • Agree and document key controls and processes with Run-off Agents and relevant Service Providers
  • Plan, set and agree effective MI reporting frameworks
  • Clearly outline and manage financial reporting requirements and processes
  • Coordinate Due Diligence Reviews of Run-Off Agent’s (and relevant Service Providers) to ensure the correct processes and governance are in place. Report clearly and concisely on review findings and outcomes

Live Firm Failures:

  • Liaise effectively with UK and Overseas financial regulators, Insolvency Practitioners and Run-off Agents to assist with readiness planning for an insurance failure
  • Clearly explain and define key processes and controls to 3rd parties
  • Represent (or support their company representative) on creditor’s committees

Estate Management:

  • Liaise effectively with UK and Overseas financial regulators, Insolvency Practitioners and Run-off Agents to assist with the effective ‘run-off’ of an insurance failure
  • Proactively manage and monitor the performance of Run-off agents via reporting analysis, annual Estate strategy plans and file review audits
  • Represent (or support their company representative) on creditor’s committees

Search Terms: Insurance Claims Specialist, Insurance, Claims, Claim, Stakeholder, Run-off Agents, SME, Insolvency Practitioners.

If you wish to apply for this position, please email us at apply@som-3.com