Description
The Company
As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages to niche and specialty reinsurance and insurance products.
The Company is open to considering candidates in numerous locations, including Princeton, NJ. The salary range posted below applies to the Company’s Princeton location.
The base salary range anticipated for this position is $232,400 - $340,900 plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).
The salary estimate displayed represents the typical salary range for candidates hired in this position in Princeton. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.
We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:
Two options for your health insurance plan (PPO or High Deductible).
Prescription drug coverage (included in your health insurance plan).
Vision and dental insurance plans.
Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
Short- and Long-Term Disability coverage.
Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).
In addition to the above insurance offerings, our employees also enjoy:
A robust 401k plan with up to a 5% employer match
A retirement savings plan that is 100% company funded.
Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
Eligibility to receive a yearly bonus as a Munich Re employee.
A variety of health and wellness programs provided at no cost.
Paid time off for eligible family care needs.
Tuition assistance and educational achievement bonuses.
A corporate matching gifts program that further enhances your charitable donation.
Paid time off to volunteer in your community.
At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.
We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The Opportunity
Future focused and always one step ahead.
The Head of Casualty and Specialty Claims reports to the Chief Claims Officer for Reinsurance North America within Munich Re America. This position manages client facing staff, processes and work product involving Casualty treaty and facultative, Legacy primary insurance and reinsurance and Credit & Surety reinsurance claims, within the MR Global Claims Division. This role is responsible for building strong, effective, and transparent relationships with clients and internal stakeholders. It oversees an experienced and talented team, who provides internal stakeholders and clients with services, expertise, and advice while maintaining high quality, technical claims performance, reserve adequacy, and data analysis in all aspects of the claims value proposition.
Responsibilities
Lead and guide a specialized team of Claims (Client) Managers and Claims Specialists according to our Global Claims Leadership Values
Actively support and advance our Global Claims Ambition 2025+, as a member of the Global Claims Management Team and Reinsurance North America Claims Leadership Team
Ensure proactive claims management and a state of the art legal and technical analysis, reserving, and reporting
Oversee Casualty outlier exposure analysis across the region and on a global basis as needed
Manage payment of claims within area of responsibility and ensure adherence to the company’s internal risk controls
Continuously improve claims management to increase the effectiveness of core claims functions in light of digital transformation
Ensure adherence to Global Claims guidelines and contribute to their development
Identify and meet the core business needs of our internal stakeholders (e.g. Underwriting, Business Development, Accounting, Reserving and Corporate Underwriting) on management and team level
Work closely with Accounting and Reserving on relevant issues and deadlines
Enhance and implement proactive portfolio management approach within Casualty & Specialty Claims
Share lessons learned with internal stakeholders and clients
Provide active Claims support for new product development including innovation projects and digital claims initiatives
Establish and maintain an excellent external network with key clients and brokers
Plan and oversee claims visits, reviews, and client events
Contribute to our thought leadership and market presence ambition also through presentations and publications
Active participation in identifying emerging trends and new claim exposures
Represent Munich Re Claims and MR Group at conferences, market meetings, and industry advocate institutions in accordance with the Global Claims Ambition
Support strategic Claims and business initiatives both locally and globally
Develop team members and evaluate performance; conduct continuous conversations with the team members including coaching, feedback, and career development plans
Ensure knowledge transfer within the team and support strategic workforce planning
Develop talent and contribute to the groupwide diversity and inclusion objectives
Requirements
Qualifications
Passionate, inclusive, experienced and forward looking Claims and People Leader who thinks and acts both locally and globally
Bachelor’s degree and/or equivalent work experience required; JD preferred
10+ years of (re)insurance experience in claims and/or underwriting experience
5+ years leadership experience in managerial roles including excellent change management skills
Excellent understanding of insurance and reinsurance coverage interpretation, loss reserving, loss analysis and reporting, US P&C insurance and reinsurance claims systems, litigation management, US legal system, and Claims trends in the U.S. market
Very good understanding of client relationships and other functions within the insurance/reinsurance operations (e.g., Underwriting, Client Management, Accounting, Reserving and Legal) and respective good network within US P&C
Very good knowledge of MR global applications, processes and Claims guidelines and very good network across the MR Group preferred
Expertise in data management, reporting, and analytics
Quick study and self- starter
Proven record of accomplishment in managing and developing talent
Fosters inclusive and collaborative team culture
Drives proportionality approach within the organization
Strategic thinking aimed at being solution oriented and results focused
Excellent written, presentation and oral communication skills
Strong negotiations and conflict solving skills
Adept at understanding, embracing, and championing a shared strategy
Proficiency with Microsoft software (Word, Outlook, Excel, Power BI) and other relevant computer applications
CPCU a plus
