Job title: Director of Insurance

Company: The Salvation Army

Job description: Description

About The Salvation Army

Mission Statement

The Salvation Army exists to share the love of Jesus Christ, meet human needs and be a transforming influence in the communities of our world.

Vision Statement

We are an innovative partner, mobilized to share hope wherever there is hardship, building communities that are just and know the love of Jesus.

Core Values

The Salvation Army Canada and Bermuda has four core values:

Hope: We give hope through the power of the gospel of Jesus Christ.

Service: We reach out to support others without discrimination.

Dignity: We respect and value each other, recognizing everyone’s worth.

Stewardship: We responsibly manage the resources entrusted to us.

About the Position

As a member of the Enterprise Risk Management Department, the Director, Insurance leads the development, implementation, management and administration of a comprehensive insurance program aligned with the needs and risk appetite of The Salvation Army, Canada and Bermuda Territory. The role strives to preserve the assets of The Salvation Army by recommending risk management and loss control/prevention programs and measures to reduce or eliminate the conditions that cause or contribute to actual or potential accidental risk/losses/claims. The Director works to ensure that funds are available to restore loss through insurance or other alternative risk financing methods and is responsible for the management and reporting of claims for all lines of coverage and self-insurance. This position is an active contributor and member of The Army’s enterprise risk management department, supporting and collaborating with various stakeholders across the Territory regarding insurance, loss control and other related risk management activities, taking a proactive and results driven approach.

KEY RESPONSIBILITIES:

Insurance Placement:

Manage the procurement of insurance in a cost-effective manner to ensure the exposures of The Salvation Army are fully protected. Responsible for evaluating existing insurance policies and identifying coverage gaps, recommending the placement of lines of coverage, including but not limited to property, auto, liability, directors & officers’ liability, fiduciary liability, crime, media liability and cyber.

• Review and negotiate in conjunction with the broker, appropriate policy language and insurance contracts required to treat exposures securing optimal coverage for risks determined from the broader territorial risk identification exercises and organizational claims history.
• Leads the annual insurance renewal process ensuring competitive rates (April 1)
• Develop, update and distribute quarterly and annual summaries of insurance and other overviews as may be required.
• Develops and prepares underwriting exhibits and information which the insurance company will use to assess the coverage/premium for the risks.
• Review policy wordings to ensure compliance with the terms negotiated.
• Keep abreast of new products in the marketplace and their application to The Salvation Army’s exposures.
• Monitor the mix of insurance coverage and retention deductible level reporting routinely on status to CRO.
• Prepares and distributes insurance summaries to the CRO and others as required.
• Provides a first point of contact and guidance to employees and/or officers at the department or ministry unit level on the appropriate action to take in the event of a claim to mitigate the damage and preserve rights to recover the loss from another party.
• Manage, recommend &negotiate settlement losses/recovery within established guidelines and policies, consulting with CRO and in collaboration with ministry unit or department point of contact.
• Stays informed about the latest insurance regulations and compliance requirements relevant to the sector ensuring practices adhere to legal and regulatory guidelines.
• Sets premium allocations in coordination with finance department and in alignment with policy.

Claims Management:

Oversees insurance claims processes, working closely with internal stakeholders and insurance carriers to expedite claims resolution, providing guidance and support during insurance claim investigations and restoration processes. Responsible for insured and uninsured claims operations for the territory including planning, forecasting, monitoring, analyzing, and recommending information and trends for senior management decision making.

• Develops and implements procedures to ensure the optimum financial recovery and good quality service standards.
• Establishes internally and with the insurance broker and insurers an accurate database of loss and claims information to enable good record keeping, ongoing trend analysis of claims and to forecast future losses and trend analysis.
• Provides support, guidance and direction to the Divisions and Ministry Units regarding the appropriate action required in event of a claim and/or injury to mitigate the damage and preserve the rights to recover from a third party.
• Develops and updates claims/incident reports, forms and documentation requirements for ministry units to use.
• Manages the insurance adjuster to ensure that claims are negotiated and settled within established guidelines.
• Negotiates settlement of losses in conjunction with management and the insurance broker and insurer.
• Responsible to settle all insured and uninsured liability, property and auto physical damage claims and lawsuits involving management as appropriate.

Risk Identification and Loss Control:

Identify losses and risks that could occur and determine the likelihood of occurrence and adverse impact to The Salvation Army. Accomplished through:

• Ensuring that territorial insurance databases and processes are current and appropriate property values are documented and insured accordingly.
• Providing input into the identification and monitoring of actions to strengthen controls, the review of operational loss events and emerging risks as part of The Army’s Enterprise Risk Management Department and broader established ERM policy and framework.
• Review of contracts to determine obligations undertaken and to work closely with the Legal Department.
• Working in conjunction with the Broker’s loss control consultants and with other departments, to develop, implement and/or recommend loss control guidelines and inspection schedules to prevent and/or reduce accidental losses.
• Developing and recommending risk control strategies to positively impact loss ratios, proactively support the achievement of the strategic plan, departmental goals, and retention requirements to achieve performance targets.
• Conducting loss and exposure analysis and making appropriate recommendations to management
• Recommending opportunities to transfer risk and responsibility for losses to third parties.
• Making recommendations and advising regarding practices for effective crisis management plans and incident response aimed at minimizing losses, particularly for major sites.
• Ensuring recommendations arising from the insurer’s property and liability inspection are reviewed and addressed with management.

Contract Management, Lease Agreements and Program Proposals:

• Works with other departments, mainly THQ legal, program and divisions, to establish standard insurance clauses in contracts to transfer legal responsibility for losses to other parties and to operate within organizations risk appetite/tolerance. Monitor compliance of insurance requirements and escalate the awareness of management of the need for a consistent, enforced approach.
• Reviews all contracts/leases or program proposals for the territory and provides advice and comments from an insurance perspective ensuring indemnity provisions are acceptable. Collaborates with ERM department staff and management, to ensure risks related to program/project or other new operations are assessed against TSA’s risk appetite and in alignment with the established enterprise risk policy and framework.

Risk Financing:

Recommends to senior management the most appropriate method to finance risk in collaboration with finance and the CRO; reviews and monitors the method chosen to ensure it continues to be within acceptable financial risk parameters and meets the goals of changing needs/exposures, by:

• Analyzing the various methods to finance recovery from accidental loss exploring alternatives for risk
• Identifying and analyzing the cost to finance losses either by retaining the cost internally through allocation or transferring the cost to an insurance company
• Establishing and recommending the appropriate level at which to retain
• Transfer through contracts the financial impact of losses to another party where feasible

QUALIFICATIONS AND EDUCATION REQUIREMENTS:

• Undergraduate degree in Insurance, Business, Finance, Law, Risk Management or related discipline (or equivalent work experience)
• Post graduate study or certification in an area of risk management e.g., Canadian Risk Management (CRM), Fellow in Risk Management (FRM) designation, Chartered Insurance Professional (CIP) preferred
• 7-10 years in the insurance / risk management field or similar role (operational risk role or risk management consulting role)
• 3 years in a leadership role including experience implementing a result based ERM and loss control policy
• Deep understanding and knowledge of regulatory requirements, expectations and business strategy
• Significant prior experience in insurance procurement and claims management required

PREFERRED SKILLS/CAPABILITIES:

• Personal effectiveness (flexible, adaptable, self-confident, collaborative)
• Problem solving, analysis, judgement, analytical skills, experience with developing quantitative models and indicators
• Ability to interpret and analyze data, identify root problems, and effectively draft reports for management/applicable audience
• Require excellent communication and presentation skills
• Able to proactively recognize and assess potential risks and issues, respond with solutions and engage others in implementing change
• Ability to deliver results (initiative, perseverance, energetic and process improvement skills)
• Ability to perform with tact and diplomacy under times of stress in a high-risk event, emergency or crisis.
• Possess both operational and strategic business acumen
• Interpersonal savvy (listening skills and empathy, strong written and presentation skills)
• Understands/demonstrates in a manner that promotes, and is aligned with, The Army’s Mission, Vision, Beliefs

Compensation

The target hiring range for this position is $88,205 – $110,256, with the ability to progress to a maximum of $132,307. Placement in the salary range will be based on factors such as market conditions, internal equity, and candidate experience, skills, and qualifications relevant to the role.

Other Details

The Salvation Army will provide reasonable accommodation upon request. Please let us know if you have a need for any accommodation.

We thank all applicants and will contact candidates selected for next steps. Internal Applicants, please speak with your manager about your intentions prior to submitting your application.

Expected salary:

Location: Bermuda – Canada

Job date: Thu, 05 Oct 2023 00:50:41 GMT