Risk Manager - Workers’ Compensation
The Risk Manager will be responsible for managing the workers’ compensation insurance programs of the organization. Reporting to the Chief Financial Officer this role is responsible for managing and minimizing the potential risks to the Company through active involvement in the Company’s workers’ compensation programs. This position will partner with various internal departments, insurance brokers, attorneys and third-party administrators to support and facilitate workers’ compensation insurance policies and programs. The candidate must be an excellent communicator with a willingness to roll up their sleeves and get involved to drive results effectively. This position will work out of our Ft. Lauderdale office. No relocation assistance available.
Essential Duties and Responsibilities include the following.
- Applies knowledge of insurance laws and best practices in risk management, underwriting, safety/loss control, claims advocacy, training, and research/data collection methods, etc. to establish policies and procedures for work situations that are varied and complex.
- Interfaces with various internal departments (Finance, Accounting, Legal, Human Resources) as well as insurance brokers, carriers and third-party administrators on potential, open and closed claims.
- Partners with senior leadership in strategizing new opportunities to ensure prospect profitability and risk is appropriate and acceptable to policy standards
- Manages a team of underwriters, claims adjusters, risk analyst and safety professionals.
- Partners with senior leadership in the management, negotiation and participation in the renewal of all insurance programs, working with brokers, underwriters and actuaries to administer insurance policies.
- Develops and maintains information system(s) for timely and accurate recording of losses, claims, insurance premiums, and other risk-related costs and experience factors. Prepares reports to others as appropriate.
- Ensures TPA manages claims diligently, partners with Management and Legal resources to manage relevant claim details, implements plan for timely resolution of claims and reviews claims with TPA for causation and possible subrogation opportunities.
- Reviews all open claims every 30 days internally to explore opportunities for cost containment and potential recoveries. Partner with all relevant parties such as carrier adjusters and defense counsel on a plan of action.
- Holds quarterly claim reviews with TPA and broker partners.
- Researches and evaluates modern trends in safety, loss control, risk management, cost containment strategies, and makes reports to management with recommendations based on findings
- Processes all certificate of insurance and waiver of subrogation requests in compliance with internal policies and contractual requirements.
- Serves as point of contact for all departmental escalations including internal as well as external clients.
- Prepares and conduct quarterly business reviews of plan performance to Senior Leadership alongside our broker partner.
- Proactively engages with Sales to properly position opportunities, whether in our master program or outside markets.
- Manages open market solutions for opportunities
- Strategizes renewal of all workers’ compensation insurance programs by working with brokers and underwriters to verify and administer insurance policies including review of contracts and agreements.
- Verifies and tracks all insurance premiums, fee and other invoices.
- Responds to any notice of additions/cancellations or other policy changes as appropriate.
- Excellent communication, presentation, and follow-up skills
- Excellent customer service
- Ability to work in fast paced environment
- Ability to work cooperatively with co-workers and managers.
- Good public/employee relations skills, problem-solving, analysis, decision-making ability.
Education and Experience Requirements:
- College-level courses in safety, risk management, and/or related fields. B.A. desired.
- 3-5 years’ experience in manager role
- Knowledge of federal, state, and local laws regulating risk management and employee benefit functions (e.g., Department of Labor & Industries, workers' compensation, etc.).
- Prior successful experience managing loss control functions preferably within the PEO industry
- Experience with Microsoft applications
- 220 Licensed (or ability to obtain license within 6 months of employment)