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Travelers First-Party Claim MD & Counsel, Bond & SI in Hartford, Connecticut

22936BR

Title:

First-Party Claim MD & Counsel, Bond & SI

Target Openings:

1

Primary Job Duties & Responsibilities:

Management Responsibilities

Actively supervise a claim staff of 8 individual contributors providing them with technical guidance and assistance.

Provide staff with coaching and mentoring as needed.

Complete annual performance reviews on staff. Provide feedback throughout the year on employee performance. Claim Management Responsibilities:

Within authority limit, thoroughly analyze, investigate, negotiate and resolve the highest severity and/or most complex claims

Collaborate with 2VP and Managing Directors in designing, communicating and implementing policies and procedures which will facilitate quality claim handling results within the assigned product line.

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).

Proactively 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, Third-Party IT providers, E&O or other insurance, etc.).

Retain, monitor, manage and approve payments to outside counsel.

Set litigation strategy consistent with business objectives, actively utilizing litigation management plans and budgets.

Assist 2VP with Quality Assurance claims review process for assigned business unit as required.

Prepare own and review/revise, as necessary, all staff members’ Large Loss Memos, Quarterly Claim Reports, and other management reports to accurately reflect loss development, potential/actual financial exposure, coverage issues, claim and recovery strategies.

Keep 2VP apprised of status of claims which are beyond authority level. 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.

Ensure rigorous management of ALAE & ULAE by staff through active use of litigation management plans and cost effective claim resolutions (including appropriate business travel).

Within designated authority, approve claim settlements, reserve changes, and expense/indemnity payment requests from direct reports and other unit claim professionals (e.g., BCMS approvals).

Represent Management Liability Claim in claim strategic initiatives (or lead team); lead Management Liability Claim strategic initiatives.

Advise direct reports on the above.

Legal Support Responsibilities:

Answer complex 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 complex 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.

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.

Advise direct reports on the above.

Transactional Work and Negotiation:

Review and draft 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.

Advise direct reports on the above.

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 in depth 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.

Legal Research – case law, opinions, statutes, regulations and the like as needed for claim, transactional 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.

Advise direct reports on the above.

Other duties as assigned.

Job Opening ID:

22936BR

Equal Employment Opportunity Statement:

Travelers is an equal opportunity employer.

Job Specific & Technical Skills & Competencies:

Strong communication (written and verbal), influencing, negotiating, listening, and interpersonal skills to effectively develop and maintain productive internal and external relationships. Effectively communicates strategy to team members. Takes initiative to keep people at all levels informed. Influences others through the use of appropriate language, tone and style in all communications. Encourages open communication and provides timely and candid input and feedback. Convinces/persuades others to help achieve resolution of claims and understand and work towards strategic objectives.

Job Category:

Claim

Job Summary:

Under broad oversight, fulfill Bond & Specialty Insurance (“Bond”) Claim’s mission by conducting thorough investigation, analysis, evaluation and disposition of Crime & FI Bond claims to achieve superior customer service and claim results at the most reasonable cost. Assume management role in Bond & Specialty Insurance Claim by providing leadership, expertise and technical guidance to a team of claim professionals within a designated line of business. Interact with, collaborate with, and provide legal advice and transactional support to claim and underwriting colleagues. Ensure compliance with Bond & Specialty Insurance Claim policies and procedures, drive claims and litigation strategies, and manage professional development of assigned staff. Provide underwriting business/marketing/legal support to assigned product line as required.

Position Type:

Experienced/Professional

Education, Work Experience & Knowledge:

Prior work experience in business line.

12+ years of relevant legal or claim handling work experience preferred.

Formal management experience preferred

Physical Requirements:

Operates standard office equipment. Requires extended periods of computer use. Requires extended periods of sitting.

Minimum Qualifications:

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 10 years work experience in a legal (including in-house) or insurance environment.

Company Information:

Solid reputation, passionate people and endless opportunities. That's Travelers. Our superior financial strength and consistent record of strong operating returns mean security for our customers - and opportunities for our employees. You will find Travelers to be full of energy and a workplace in which you truly can make a difference.

Licensing or Certificates:

Maintain an active license in the state of your principal office location and remain current with all CLE credits.

Primary Location:

Hartford - Connecticut - United States

Secondary Location:

Nationwide

We are committed to valuing the diversity that exists among our workforce, our business partners, our customers and our communities. With respect to our workforce, we are committed to not only increasing diversity in our hiring at all levels but also fostering an inclusive environment where all employees, regardless of race, color, religion, gender, gender identity, age, national origin, disability, veteran status, marital status, sexual orientation, genetic information or any other status or condition protected by law, can develop and thrive.

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