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Insurance Risk Analyst
New York Community Bank
Westbury, NY, United States
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Description
JOB SUMMARY
A Lead Insurance Risk Analyst, working under minimal supervision and with appreciable latitude for actions and decisions, focuses primarily on (1) administration of the Company's property insurance program (which covers corporate owned, leased and REO properties), (2) management of all 1st party property claims (including analyzing, quantifying and tracking all losses and acting as liaison between Corporate Real Estate Services, the branches and the Insurance Carrier claims examiners), (3) seeking recovery from 3rd parties when appropriate, such as when property losses are not insured under the Company's property insurance policies (because of deductible or otherwise) or risk transfer opportunities exist, (4) reviewing contracts and leases to ensure they contain appropriate insurance requirements and indemnification provisions, (5) assisting Director with procurement of all insurance coverages in the Company's Corporate Insurance Program, including, without limitation, Property, Casualty, Auto, Mortgage Impairment, D&O, EPL, Fiduciary, Cyber, FI Bond.
The lead analyst applies a comprehensive knowledge of insurance risk, managing the property claims process from initial reporting through to payment or denial, performing contract reviews and making recommendations for insurance and indemnification language, and responding to requests for evidence of corporate property and casualty insurance by sending request to broker and reviewing Certificates of Insurance (COI) so issued for accuracy and completeness. In addition, individual assists Director, Corporate Risk and Insurance in procuring all lines of insurance and maintaining the books and records of the Insurance Risk Management Department, including, without limitation, the Company's Schedule of Insurance, insurance policies and related documentation, including underwriting information.
ESSENTIAL FUNCTIONS
Receives incident reports relating to property claims, and manages the claims process through to completion, including; serving as primary contact for claim (including coordinating with CRES and insurance carrier), obtaining details relating to claim (including date, address of claim, and extent of damage), responding to carrier's request for additional documentation, negotiating payments to be made by carrier to Bank, following up to ensure claim timely paid, check properly issued and payments received, and keeping a tracking spreadsheet of same. Reviews vendor contracts and leases to ensure they contain appropriate insurance requirements, and, when applicable, appropriate risk transfer and indemnification language. Performs property claims analysis to determine trends, identify root causes, and address recurrence and prevention of unexpected incidents that may result in injury to employees and/or customers. Assists in the identification of remedial measures and loss control efforts. Responds to insurance carrier property risk assessments. Maintains and updates property tracking spreadsheets which detail information regarding company properties, and ensures that updated schedules are filed in IRM files. Ensures that changes to property schedules are communicated to insurance brokers. Responds to requests from landlords and others by ordering outgoing Certificates of Insurance from insurance brokers, and reviews requested COI's for completeness, accuracy, and conformance to contractual requirements. Maintains and updates COI tracking spreadsheets and ensures that updated schedules are filed in IRM files. Responds to other requests for evidence of Company's insurance (e.g., from other NYCB departments). Responds to auditors and regulators requests for copies of corporate insurance policies, related documentation or other coverage information. Assists Director, Corporate Risk & Insurance, in on-going evaluation of the Company's existing Insurance Program, including tracking and analyzing premium and exposure growth, identifying gaps in coverage, and analyzing new products to determine if they would be appropriate and/or desirable. Assists Director, Risk & Insurance, in analyzing insurance risks inherent in new products and services, as well as identifying coverage products which would be responsive. Assists Director, Corporate Risk & Insurance, in the procurement of all of the insurance policies (including without limitation D&O, EPL, Fiduciary, Cyber, FI Bond, Mortgage Impairment, GL, Property and Auto Policies) currently in the Company's insurance program including gathering underwriting information, analyzing data, completing renewal applications, and responding to requests for follow-up information from brokers and underwriters. Drafts and updates insurance coverage summaries. Responds to routine and non-routine requests for advice on insurance matters. When requested, performs insurance analyses, writes summaries of same, and prepares correspondence, memoranda, and reports utilizing word processing and spreadsheet systems. Mentors and assists junior level personnel. Performs special projects, and additional duties and responsibilities as required. Where applicable and when performing the responsibilities of the job, employees are accountable to maintain Sarbanes-Oxley compliance and adhere to internal control policies and procedures.
EDUCATION AND EXPERIENCE
Bachelor's degree in related field or equivalent relevant experience. (CRM) Certified Risk Manager and/or (CPCU) Chartered Property Casualty Underwriter designations preferred. Minimum of five years of progressive experience in insurance risk. Minimum of seven years of professional experience, preferably in an analytic role.
KNOWLEDGE, SKILLS AND ABILITIES
Strong knowledge of insurance products (including D&O, Cyber, FI Bond, Property & Mortgage Impairment), including knowledge of insurance program designs and underwriting criteria. Knowledge of property claims administration. Computer literate; proficiency with word processing, spreadsheet and internet applications and insurance industry specific software. Excellent interpersonal skills and proven ability to deal with all levels of staff and management. Excellent oral and written communication skills. Strong analytical and problem solving skills. Strong organizational skills. Detail oriented. Ability to independently manage multiple projects simultaneously from inception through implementation while meeting established deadlines. Ability to lead and motivate team members. Ability to exercise sound judgment and maintain confidentiality.
ABOUT NEW YORK COMMUNITY BANCORP, INC.
New York Community Bancorp, Inc. (NYSE: NYCB) is one of the 25 largest bank holding companies in the nation, with assets of $48.3 billion and a market cap of $6.4 billion at June 30, 2017. With deposits of $28.9 billion and 255 branches in Metro New York, New Jersey, Florida, Arizona, and Ohio, NYCB also rank among the largest depositories in the United States. NYCB operates through two banks with eight local divisions - New York Community Bank a savings bank with 225 branches throughout our five-state franchise; and New York Commercial Bank which has 30 branches. With a longstanding reputation for strength, stability and service, NYCB is proud to be committed to the communities it serves. To learn more about the NYCB Family of Banks visit us at www.mynycb.com
BRANCH OUT and help recruit top talent for NYCB through the employee referral program. All NYCB employees are encouraged to submit referrals. Locate top talent right in the community where you live, work and play. Amazing individuals are all around. Be sure to let them know how they can become a part of the NYCB family.
NYCB is an equal opportunity employer that prohibits discrimination in hiring or terms and conditions of employment on the basis of race, color, age, sex, national origin, ethnicity, religion, marital status, disability, military status, veteran status, domestic violence victim status, gender identity or expression, sexual orientation, genetic information or any other classification protected by the federal, state, and local laws and ordinances.
This policy is applicable to all terms and conditions of employment including, but not limited to: recruitment and selection, promotion and demotion, transfer, training and development, compensation, benefits, leaves of absence and termination. When necessary, NYCB will reasonably accommodate employees and applicants with disabilities or with religious requirements necessitating accommodation.
In addition, NYCB complies with all applicable laws which govern nondiscrimination in employment in every location in which NYCB does business.