Munich Re
Claims Specialist
Munich Re, Philadelphia, PA
Claims Specialist Company Munich Re America Location Philadelphia , United States
Claims Specialist Surety
We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. This position can be located in Philadelphia, Princeton, New York City, Hartford, Atlanta, or Chicago.
The Company
Munich Re Specialty North America provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Products include: property, casualty, professional liability and other specialty insurance solutions. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients' needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.
Munich Re Specialty North America is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on MRSNA, including licensing, regulatory-required, and other information on the operating companies, visit https://www.munichre.com/us-non-life/en/general/munich-re-specialty-insurance-disclosures.html.
Future focused and always one step ahead
The Opportunity
The Surety Claims Specialist is a critical role in our growing Claims Department, and will be responsible to direct all aspects of in-house file handling of Performance Bonds and Payment Bonds and Commercial bonds. The Claims Specialist will direct the adjusting and litigation process, strategically partner with counsel, experts and vendors, and drive optimal claim resolutions. In this role, the Claims Specialist will analyze and determine coverage, manage the claim investigation, evaluate the overall claim, communicate promptly with internal and external stakeholders, and pursue recoveries and risk transfer where warranted. The claim specialist will also work with Underwriting to assist in contract and bond review, as needed.
Responsibilities:
Job Requirements:
This position is being offered in several of our office locations, including New York City and San Francisco. The salary range posted below applies to the Company's NYC and San Francisco locations.
The base salary range anticipated for this position is $110,500 - $162,000 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 NYC. 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.
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.
Claims Specialist Surety
We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. This position can be located in Philadelphia, Princeton, New York City, Hartford, Atlanta, or Chicago.
The Company
Munich Re Specialty North America provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Products include: property, casualty, professional liability and other specialty insurance solutions. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients' needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.
Munich Re Specialty North America is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on MRSNA, including licensing, regulatory-required, and other information on the operating companies, visit https://www.munichre.com/us-non-life/en/general/munich-re-specialty-insurance-disclosures.html.
Future focused and always one step ahead
The Opportunity
The Surety Claims Specialist is a critical role in our growing Claims Department, and will be responsible to direct all aspects of in-house file handling of Performance Bonds and Payment Bonds and Commercial bonds. The Claims Specialist will direct the adjusting and litigation process, strategically partner with counsel, experts and vendors, and drive optimal claim resolutions. In this role, the Claims Specialist will analyze and determine coverage, manage the claim investigation, evaluate the overall claim, communicate promptly with internal and external stakeholders, and pursue recoveries and risk transfer where warranted. The claim specialist will also work with Underwriting to assist in contract and bond review, as needed.
Responsibilities:
- Proactive and prompt management of claims, considering all aspects with a strategic vision for optimal claim outcome.
- Thorough investigation and assessment of claims against surety bonds for coverage, damages, and pursuit of recoveries and subrogation/contribution opportunities.
- Demonstrate a level of understanding of coverage issues, bond forms, contracts, for Performance Bonds and Payment Bonds.
- Strategically coordinate and manage outside counsel and vendors to obtain optimal claim outcome.
- Continual evaluation of claim to set appropriate, timely reserves over the life of the claim to reflect changes in exposure.
- Collaborate with internal and external business partners for client meetings, product development and improvement, and account audits.
- Present high exposure claims to Claims Leadership, Underwriting and Key Stakeholders.
- Look for ways to improve claim efficiencies and outcomes (innovative mindset)
Job Requirements:
- Bachelor's degree required; JD preferred.
- Combination of 2+ years' experience in P&C Claims environment/ legal and 5+ yrs in experience in handling surety and/or construction matters in a law firm or insurance company
- Detail-oriented, adaptable, and strategic in decision-making.
- Understanding of technical claims proficiency and execution of best claim practices.
- Ability to work independently, multi-task, and remain self-motivated in a fast-paced environment.
- Strong organizational skills and time management of claims desk.
- Strong business acumen and ability to collaborate with other departments and vendors.
- Customer-service and relationship oriented.
- Innovative, dynamic and growth mindset.
- Good verbal and writing skills for internal and external communication, presentations and reporting.
- Good analytical thinking, advocacy and negotiation skills.
- Willingness to travel for mediations, settlement conferences, and client or account meetings (25%)
- Maintain valid adjusters' license(s) in states assigned or an ability to obtain same.
This position is being offered in several of our office locations, including New York City and San Francisco. The salary range posted below applies to the Company's NYC and San Francisco locations.
The base salary range anticipated for this position is $110,500 - $162,000 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 NYC. 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.
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.