Director Insurance Strategy & Operations - Risk - Akron West Akron Campus

FirstEnergy at a Glance We are a forward-thinking electric utility powered by a diverse team of employees committed to making customers lives brighter, the environment better and our communities stronger. FirstEnergy (NYSE: FE) is dedicated to integrity, safety, reliability and operational excellence. Headquartered in Akron, Ohio, FirstEnergy includes one of the nation's largest investor-owned electric systems, more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions, and a regulated generating fleet with a total capacity of more than 3,500 megawatts. About the Opportunity This is an open position with the FirstEnergy Service Company, a subsidiary of FirstEnergy Corp. [SC00] The position is within the Risk group and reports to the Vice President and Chief Risk Officer. It is located within our five-state service territory (Ohio, Pennsylvania, Maryland, West Virginia, or New Jersey), with travel as needed. The Corporate Risk Team works to make risks actionable to help FirstEnergy achieve our strategic objectives leveraging our comprehensive and proactive Risk program that enables risk-informed decisions and the pursuit of opportunities. The Insurance function specifically ensuring the right coverage to mitigate enterprise risk at the appropriate cost while maintaining value for customers. This role will work across the Enterprise to assure Top Risk mitigation, FirstEnergy insurability and engage appropriate with the market to continuously assess capacity for products relevant to mitigating FEs risk. Responsibilities include: - Providing a strategic focus to the risk insurance function - Oversee all operations of Insurance team with the goal of ensuring the right coverage to mitigate enterprise risk at the appropriate cost while maintaining value for FirstEnergy customers - Strategically plan insurance renewals with brokers to explore current program efficiency and evaluate alternatives - Strategically assess the correlation between top risks and the amount of coverage FE purchases by working with Claims/Legal to understand cost of insurance versus potential payout based on history and forward-looking expectations/trends in the industry help inform strategic decisions on coverage and cost to mitigate risk - Innovate programs to enhance insurance efficiency and overall risk mitigation for FE - Engage with industry mutual insurers to ensure visibility and provide guidance on insurer strategy and operations - Engage regularly with all insurers to ensure full understanding of FirstEnergy Operations - Educate across the organization about insurance programs, the value of loss prevention, and steps to support favorable Insurance premiums - Advise leadership on specific strategic insurance concerns as they arise due to the FE transition from a merchant generator to a fully regulated entity, specifically including, but not limited to, liability related to legacy and current generation sites, coal ash disposal sites and potential transactions regarding those sites - Strategically determine and oversee necessary analytics of underlying top risks that will produce the risk profile and help evaluate appropriate mitigation - Proactively engage with senior leadership across the organization - Serve as Insurance Subject Matter Expert for Senior management and the Board - Provides annual reporting to the Finance committee of the Board on insurance program performance and updates to the Enterprise Risk Management Committee as appropriate - Directly engage with CRO on strategy - Collaborate with Director of ERM to identify policies aligned with Top Enterprise Risks where cost effective products are available and to ensure residual risk is within risk tolerance - Create and leverage network across the industry - Engage Senior Leadership at Industry Mutuals to ensure visibility and fair treatment on renewals and claims - Attend industry meetings and events - Actively participate in Industry mutual committees to steer response and mutual performance to the benefit of FirstEnergy - Develop peer networks to provide insight into how issues are addressed at other companies - Provide oversight to team operations with a focus on talent development - Oversee all day-to-day operations of the insurance risk team - Responsible for coordinating all of the insurance management activities across all business units within the company, including Surety Bonding, Contractual Risk Transfer, Claims, and Owner Controlled Insurance Programs. - Oversee coordination of loss prevention inspections and services across all business units and ensure that there is active communication between the company and its insurers - Provide final approval and guidance on budget before it sent to CRO and senior management, manage insurance budget and proactively communicate with stakeholders - Engage Captive manager and peers to explore new products and alternatives for captive - Chair the Captive investment committee and Chair Captive Policy Action Committee - Evaluate opportunities for Owner Controlled Insurance Programs - Act as insurance subject matter expert in support of all regulator audits and rate cases - Act as liaison to claims adjusters and brokers for insurable claims - Set expectations for premium trends based on loss experience and market conditions - Guide team on development and execution of priorities - Encourage team development and drive opportunities for career enhancement for all team members - Proactively and regularly engage direct reports in career development - Seek diverse opportunities for direct reports to broaden experience and develop skills Qualifications include: - Bachelors degree in business or related required; Masters degree preferred - Minimum of ten years relevant work experience at progressively increasing levels of responsibility is required. Relevant experience includes experience in risk management, running annual insurance renewal processes for a wide variety of products including but not limited to, Cyber, Property, General Liability and Directors and Officers, reporting out to senior leadership and the Board on the status of particular programs or emergent risk issues, engaging with claims and insurance partners on potentially high profile litigation, and evidence of collaborative partnership with the business to leverage the Insurance functions strategic value to a Company. - Experience within the utilities or electricity sectors preferred - Minimum of three to five years of experience with risk management and/or insurance operations required - Demonstrated leadership in the implementation of complex programs and projects, the ability to make or recommend complex strategic decisions and prioritize competing initiatives - Ability to learn, grow and work across FirstEnergy and deliver results - Executive experience, stature, and overall credibility as a trusted business advisor; a change agent with the ability to contribute to the companys strategic vision - Experience providing customer-focused support, both internally and externally - Experience in building positive relationships and working with peers cross-functionally, demonstrating teamwork and collaboration - Appreciation for FirstEnergys core values and behaviors along with demonstrated experience, mindset, and strong disposition toward transparency; unassailable integrity and trustworthiness - Strong critical thinking skills, communication skills, collaborator and executive presence/leadership skills - Motivational and inspirational leadership, communicating a compelling vision, measuring performance, and fostering a culture of inclusion and accountability; a mentorship mentality, recruiting, developing, and growing high-caliber, diverse talent for current and future roles while building a high-performing team - Ability to analyze business needs and generate applicable reports to meet business unit objectives - Ability to appropriately manage conflict and work through difficult situations as needed - Willingness to travel throughout organization and service territory and work extended hours, as required - Proficient in Microsoft Office applications (Word, Excel and PowerPoint) Benefits, Compensation & Workforce Diversity At FirstEnergy, employees are key to our success. We depend on their talents to meet the challenges of our changing business environment. We are committed to rewarding individual and team efforts through our total rewards philosophy which includes competitive pay plus incentive compensation, a company-sponsored pension plan, 401(k) savings plan with matching employer contribution, a choice of medical, prescription drug, dental, vision, and life insurance programs, as well as skills development training with tuition reimbursement. Please visit our website at www.firstenergycorp.com to learn more about all of our employee rewards programs. FirstEnergy proudly supports workforce diversity. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, sex, sexual orientation, gender identity, age, status as a protected veteran, or status as a qualified individual with a disability. No recruiters or agencies without a previously signed contract. Unable to sponsor or transfer H-1B visas at this time. Safety Safety is a core value for FirstEnergy and is essential to all of our business activities. We ensure employees have the tools, information, and processes to perform their duties in a manner that assures safety for themselves, their co-workers, our customers and the public. Our goals are to provide a safe work environment, to maintain an accident-free, injury-free workplace, and to promote and maintain public safety. To meet these goals, we dedicate ourselves to achieving world-class safety standards. Position Classification Exempt FirstEnergy Human Resources Team