Taking care of our customers, our communities and each other. That's the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.
Job Description SummaryUnder general supervision, fulfill Bond & Specialty Insurance (Bond) Claims mission by conducting thorough investigation, analysis, evaluation and disposition of Public Company (PCL) and Financial Institution (FI) EPL claims to achieve superior customer service and claim results at the most reasonable cost.
Travelers offers a hybrid work location model that is designed to support flexibility.
Primary Job Duties & Responsibilities
- Under general supervision, fulfill Bond & Specialty Insurance (Bond) Claims mission by conducting thorough investigation, analysis, evaluation and disposition of claims to achieve superior customer service and claim results at the most reasonable cost.
- Assign FI/PCL EPL claims and handle higher severity and complexity PCL/FI EPL claims. Oversight over PCL/FI EPL claims that are being handled by others. Work directly with PCL and FI underwriting, actuary and Assistant Vice President of FI/PCL claims identifying trends, exposures, case law and industry developments.
- Interact with, collaborate with, and provide legal advice and transactional support to claim and underwriting colleagues.
- This job does not manage others.
- Claim Handling Responsibilities:
- Within authority limit, thoroughly analyze, investigate, negotiate and resolve higher severity and/or complex claims with minimal supervision by claims management.
- Make appropriate decisions within own claim authority and make appropriate recommendations to management when necessary.
- Ensure that all policies and procedures, including compliance, regulatory and Bond performance and customer service standards are met or exceeded.
- Maintain accurate documentation/information in claim file and Bond Claim
- Management System (BCMS) and adhere to Claim documentation standards (e.g. coverage analysis, reserve and settlement rationale, current diary).
- Prepare reports (i.e., Large Loss Memos, quarterly claim, EC, trial, class action) to management which accurately reflect loss development, potential/actual financial exposure, coverage issues, claim and recovery strategies. Oversight and preparation of Large Loss Memos, quarterly claim, EC, trial and class action reports in regard to FI/PCL EPL claims being handled by others.
- Identify and optimize pre-loss recovery opportunities through
- identification of potential sources of recovery, to include potential responsible party,
- co-conspirators, beneficiaries and any third parties (Accountants and Banking Institutions,
- Scrap Yards, Employment Agencies, E&O, or other insurance, etc.).
- Identify all recovery opportunities and coordinate recovery efforts with the Recovery Management Unit and claims management.
- Within authority limit, retain, monitor, manage and approve payments to outside counsel.
- Set litigation strategy consistent with business objectives, actively utilizing litigation management plans and budgets.
- Communicate large reserve adjustments, high-exposure/high sensitivity losses, claim trends, legal decisions and issues which may impact product line to both claim and underwriting management.
- Assist/mentor less experienced colleagues in claim resolutions.
- Represent Management Liability Claim in claim strategic initiatives (or lead team); lead Management Liability Claim strategic initiatives.
- Legal Support Responsibilities:
- Answer legal questions posed by underwriters that impact underwriting decisions, combining legal research with knowledge gained based on experience handling claims.
- Advise underwriters regarding the legal effect of bond and policy language and the extent of coverage.
- Answer legal questions posed by non-lawyer claim professionals to assist them in determining the legal standards applicable to claim handling and claim decisions.
- Maintain an active license in the state of your principal office location and remain current with all CLE credits.
- Management Liability specific:
- Policy interpretation/coverage analysis including drafting coverage opinions with case law included.
- Draft or review/revise new product initiatives, policies and policy endorsements and provide legal opinions relative to same.
- Transactional Work and Negotiation:
- Reviewing and drafting releases and settlement agreements, including confidentiality and no disclosure provisions, for sufficiency, and drafting same for direct handled matters. Advise non-attorney claim professionals on the same.
- Negotiate settlements/resolutions directly or via counsel using legal arguments relevant to liability, damages, and coverage.
- Legal Research and Writing:
- Draft reference materials to assist claim and underwriting colleagues in understanding the law that impacts the Company's underwriting and claim decisions, such as 50 state surveys and white papers.
- Based on knowledge of evolving contract terms, trends, and conditions in the marketplace gained from claim handling and legal advice to underwriters, advise management of trends that may impact future losses; prepare and deliver presentations on the same to management and claim and underwriting staff.
- Author and /or edit legal treatises/articles (including seminar materials) concerning bond claims in connection with outside organizations such as the American Bar Association Tort and Insurance Practice Section.
- Legal Research - case law, opinions, statutes, regulations and the like as needed for claim and coverage matters.
- Draft or review and revise memos and alerts assessing law, statutes and regulations.
- Review and revise draft motion papers, briefs, and mediation/settlement statements from counsel.
- Review documents for production in discovery for coverage actions.
- Bachelors degree required.
- Juris doctorate degree required.
- Properly licensed, registered or authorized, and in good standing, to practice law in the jurisdiction in which you will be working.
- Minimum of 5 years work experience in a legal (including in-house) or insurance environment.
Education, Work Experience, & Knowledge
- Prior work experience in business line.
- 5+ years of relevant legal or claim handling work experience preferred.
- Maintain license to practice law and remain current with all CLE credits.
Job Specific Technical Skills & Competencies
- Able to use negotiation skills and strategies within a litigation and non-litigation context.
- Within designated authority limit, able to make quick, sound decisions and negotiate terms and conditions consistent with Bond standards.
- Able to maintain knowledge of state and federal substantive law on wide variety of liability, damages, and coverage issues relevant to claim handling.
- Able to communicate effectively through writing.
- Able to communicate legal advice to underwriters and management.
- Proficient in drafting transactional documents.
- Can effectively and comfortably work through conflict and resolve issues with a professional demeanor.
Environmental / Work Schedules / Other
Travel: Minimal travel.
Travelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.
If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.
Travelers reserves the right to fill this position at a level above or below the level included in this posting.
To learn more about our comprehensive benefit programs please visit http://careers.travelers.com/life-at-travelers/benefits/.