Insurance Risk Analyst
Job no: 496328
Position type: Staff Full Time
Campus: UMass President's Office
Department: University Treasurer
Categories: Other Staff Positions
Advertised: Eastern Daylight Time
Applications close: Eastern Standard Time
Primary Work Location:
333 South Street, Shrewsbury, MA.
Normal Work Schedule:
Standard: Monday –Friday 8:30a-5:00p (or alternative schedule approved by supervisor).
The Insurance Risk Analyst, under the general supervision of the Sr. Assistant Vice President of Operations and Associate Treasurer, manages the University’s Insurance program, as one component of the University’s overall Risk Management program, including assessment, and mitigation; coordinates the purchase of insurance through the University’s brokers and insurance/risk management consultant; manages the relationships with brokers, underwriters and consultant. Develops policy recommendations which impact the operations of the University directed toward risk avoidance or elimination. Handles general liability and auto liability claims, and provides general risk management support to various internal stakeholders across the University system. The position requires a high degree of decision-making and accuracy in conformance with University and department policies and procedures.
- Identify exposure to liability or financial lose that may result from claims arising from bodily injury, property damage, Director and Officer actions and all other types of insured and uninsured claims.
- Participates in the design and development of all insurance plans and the procurement of insurance policies. The major University wide insurance programs are: Commercial General Liability Insurance, Automobile Liability Insurance, Director and Officer Liability Insurance, International Travel Insurance and Comprehensive Crime. Responsible for directing all activities relating to first-party and third-party liability claims.
- Responsible for gathering, analyzing and summarizing claims data on at least a quarterly basis.
- Maintains Insurance Policy Renewal/Risk Management Renewal Calendars
- Monitors forecasting of upcoming activity and communicates needs to appropriate personnel.
- Tracks insurance renewals, bid and senior leadership meeting dates to ensure deadliness are communicated.
- Reviews insurance and indemnification terms for successful third-party contract executions.
- Analyzes new activities and assesses need for additional or new insurance. Assist in the identification of risks throughout the University.
- Maintains strong relationships and works collaboratively with campus stakeholders in all aspects of Risk Management.
- Develop annual insurance strategies with key campus stakeholders, brokers and consultant.
- Responds to campus insurance inquiries and advises University personnel on matters of insurance policy & procedure.
- Consults with campuses and departments on mitigating and managing their own risk.
- Collaborates with various UMSO departments and campus counterparts in processing settlements for the self-insured automobile program and general liability claims.
- Coordinate the issuance of risk management and insurance Requests for Proposals.
- Collaborates with and consults the General Counsel’s team and the Attorney General’s Office on liability claims.
- Provide/update template insurance terms to Procurement Departments, General Counsel and others as necessary.
- Provides guidance on appropriate use of releases and hold harmless agreements.
- Responsible for managing self-insured programs – both paying claims and recovering losses.
- Investigate and handle all general liability claims made against the University.
- Under the Direction of the Sr. VP and Associate Treasurer, settles claims.
- Assist with coordinating insurance coverage for international travel.
- Participate on University committees as needed, including but not limited to the Risk Management Council, Enterprise Risk Management Team, Student Health Insurance and International Travel Team.
- Represent our office in meetings with other central departments, University campuses and/or state agencies, as directed.
- Perform other duties and assignments, as directed by the AVP, to assist with the University’s risk management and insurance function.
Minimum Qualifications (Knowledge, Skills, Abilities, Education, Experience):
- Bachelor’s degree in business, finance, or other job-related discipline or equivalent professional work experience
- Two years of risk management and/or insurance experience
- Strong financial aptitude
- Excellent negotiating skills
- Strong written and oral communication skills
- Technical knowledge of policy forms and coverage issues
- Strong computer skills required including a competency with MS Office/Excel.
Preferred Qualifications (Knowledge, Skills, Abilities, Education, Experience):
- Master’s degree in business, finance or public administration
- Progress towards obtaining designations or certificates (CPCU, ARM, etc.) in insurance or risk management preferred, but not required
- Ability to understand and follow complex oral and written instructions, exercise judgment and discretion in applying and interpreting department policies and procedures, ability to analyze and understand insurance policies, claims documents and contracts.
- Ability to keep complex records and prepare periodic reports.
- Ability to multitask, and work independently.
- Experience with insurance and claims management/processing preferred.
- Requires occasional and sometimes extensive in-state travel to the UMSO in Boston, the campuses in Amherst, Boston, Dartmouth, Lowell and Worcester.
- May require periodic extended hours, nights and weekends, as necessary.
- Typical Office environment.
- This is a full time benefited position
- The salary range for this position is $60,000 - $65,000
- No relocation assistance provided
- Any job offer within the President's Office is specifically conditioned upon the potential candidate consenting to and successfully completing a background review
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