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- Tasks: Lead and manage specialty reinsurance claims from start to finish.
- Company: Beazley is a top-tier specialist insurer focused on high-value reinsurance claims.
- Benefits: Enjoy a collaborative work culture, professional development opportunities, and competitive compensation.
- Why this job: Join a dynamic team dedicated to excellence in client service and innovative claims management.
- Qualifications: Ideal candidates have analytical skills, legal training, and a passion for problem-solving.
- Other info: This role offers the chance to mentor junior staff and influence industry standards.
The predicted salary is between 43200 - 72000 £ per year.
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General
Job Title: Claims Manager – Specialty Reinsurance
Division: Group Claims
Reports To: Claims Focus Group Leader, as per Beazley’s organisation chart
Key Relationships: Claims staff, underwriters, cedants, brokers and service providers
Job Summary
A senior reinsurance claims specialist required to actively manage a diverse portfolio of specialty reinsurance claims. To help achieve the Beazley vision of being the highest performing specialist insurer with a focus on mid to high value reinsurance claims. To contribute to the overall performance, development, and management of the Beazley claims function. From a technical perspective this will be achieved through the proactive management of reinsurance claims, primarily at the individual level but also at a portfolio level where required.
A key requirement of the role is to assist to optimise spend and achieve high levels of satisfaction for the client and broker through high quality claims management, resolution, and excellent client service. To support claims management to facilitate and foster a collaborative approach across the claims function to learn, share ideas and diverse perspectives, and work in a manner that best meets the challenges of our clients.
Key Responsibilities
Individual Claims Leadership
- Manage reinsurance claims on a proactive basis from notification to closure, investing the necessary level of involvement required for each claim depending on the nature, category, maturity, type, and quantum of the claim.
- Manage portfolio of Category 2 and some Category 1 reinsurance claims (i.e., claims with an expected or actual value in excess of $250,000) including (depending on training and agreement of the Head of) Coverage Litigation but without allegations of bad faith.
- Adhere at all times to Beazley’s Claims Reserving Philosophy and Standards.
- Develop, iterate, document, and execute claims strategies taking into account uncertainties, key decisions, potential outcomes, and estimated associated costs.
- Understand and implement Beazley’s Conduct Risk Policy.
Claims Portfolio Management
Manage a reinsurance claims portfolio to optimise performance including the:
Review of individual claims within the portfolio on a regular basis and ensuring reserves and claims records are maintained in a timely manner as required by Beazley’s claims controls
and standards.
- Identification of issues and trends in the portfolio, consult management/peers if required, and take appropriate and/or corrective action.
- Communication of any material claims to Reinsurance and Finance as set out by the applicable claims authority, claims protocols, and procedures.
- Working with Reinsurance to effect claims recoveries.
Strategy and Business Planning
- Maintain an awareness of the overall strategic objectives and business plans of the Beazley claims function to the degree required to identify gaps or future opportunities to Claims Management.
Working with Underwriters
- Develop an understanding of marketing and underwriting strategies for the respective business area.
- Contribute to business development and renewal opportunities through attending client meetings to provide inputs regarding the Beazley claims philosophy and claims handling approach. Provide inputs to client meetings regarding specific claims issues.
- Provide input to underwriters on review of potential or existing insured’s claims experience.
- Identify claims trends and developments and communicate their potential impact on the book.
- Identify wordings issues and suggest policy wording improvements.
Authority & Minimum Standards Observance
- Operate within approved claims authorities at all times.
- Maintain a thorough knowledge of industry regulations and minimum standards.
- Ensure compliance with the regulations and Beazley’s claims control standards and protocols.
Third Party Management
- Adhere to Beazley’s procedures for the selection and retention of 3rd party professionals and manage relationships to the benefit of Beazley.
- Hold overall ownership and accountability for delegated relationships as needed including appropriately managing escalation of items from delegated partners.
- Review TPA performance data consistency with claims service requirements, claims best practices, and financial goals on a periodic basis.
- Conduct file reviews or audits as required, and resolve any issues identified.
- Provide feedback on a regular and proactive basis regarding the claim actions undertaken by the Third-Party Administrator (TPA).
- Propose strategies for future claims handling, review case reserve adequacy, and ensure the TPA remains focused on claim finalisation.
Broker and Cedant Relations
- Work proactively to develop and manage strong relations with key brokers and cedants.
- Promote the Beazley brand of excellence and professionalism in client service.
Operational
- Ensure the management of claims conforms to the agreed standardised processes and use of share service functions as appropriate.
- Contribute to the commitment to, and active development of a continuous improvement culture within the overall claims function.
- Support the Claims Business Management Team and Claims Solutions Team to identify and implement business performance improvement opportunities.
- Development and Mentoring of Junior Staff
- Assist claims management and peers to develop, mentor and empower junior staff.
- Ensure junior staff in the business unit have the knowledge and skills necessary to perform effectively in their given roles and responsibilities and increase their versatility for the broader Beazley business.
- Serve as a positive role model for junior staff.
Conflicts of Interest
- Adhere to Beazley’s Conflicts of Interest policy, alert the appropriate person to any potential conflicts of interest, and take steps to resolve them promptly.
- Immediately advise your Head of or Group Head of Claims if any Beazley employee seeks to exert undue influence on you or any other team member to act improperly in the management, reserving, or settlement of any claim.
General
It Is Important That Within All Your Interactions Both Internally And Externally You Adhere To Beazley’s Core Values – Being Bold, Striving For Better, And Doing The Right Thing – As They Contribute To An Internal Environment Of Teamwork And Promote a Positive Brand Image And Experience To Our External Customers. We Also Expect Beazley Employees To
- Comply with Beazley procedures, policies and regulations including the code of conduct, which incorporates the PRA and FCA Conduct.
- Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
- Display business ethics that uphold the interests of all our customers.
- Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
- Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
- Adjuster license(s) may be required as part of your job responsibilities. If required, those licenses must be obtained within the first 90 days of your employment and in accordance with an individual licensing plan established by Beazley Compliance and your Manager.
- Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.
Education And Qualifications
Skills and Abilities
- Analytical skills: Problem solving (broad-based, analytical, conceptual, creativity), Analysis of financial statements, Financial assessments of claims, Data analysis, Decision-making
- Work management skills: Time and workload management, Self-starter, Planning, Achievement orientation, Productivity focus
- Interpersonal skills: Ability to influence others, Client and broker management skills, Purposeful communication, Flexibility, Active listening
Knowledge And Experience
- Legal training or past claims experience establishing liability and/or settlement resolutions.
- Functional knowledge & understanding: Claims management process, US/RoW Insurance market (general & focus group), US/RoW legal and regulatory environment, Alternative resolution approaches.
Aptitude and Disposition
- Outcome focussed, self-motivated, flexible and enthusiastic
- Professional approach to successfully interact with senior management/ colleagues/ external suppliers
- Diplomatic
Competencies
- Problem-solving
- Decisiveness
- Customer-focused
- Influencing others
- Attention to detail
- Team work
- Self-starter
- Analytical thinking
- Managing resources effectively
- Technical competency and expertise
Seniority level
-
Seniority level
Not Applicable
Employment type
-
Employment type
Full-time
Job function
-
Job function
Finance and Sales
-
Industries
Insurance
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Claims Manager – Specialty Reinsurance employer: Beazley
Contact Detail:
Beazley Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Claims Manager – Specialty Reinsurance
✨Tip Number 1
Familiarise yourself with Beazley’s claims philosophy and their approach to claims management. Understanding their core values and how they operate will help you align your responses during interviews and discussions.
✨Tip Number 2
Network with professionals in the reinsurance industry, especially those who have experience with Beazley or similar companies. Attend industry events or join relevant online forums to build connections that could provide insights or referrals.
✨Tip Number 3
Stay updated on current trends and challenges in the reinsurance market. Being knowledgeable about recent developments can help you demonstrate your expertise and show that you are proactive in your field.
✨Tip Number 4
Prepare specific examples from your past experience that showcase your analytical skills and problem-solving abilities. Be ready to discuss how you've successfully managed claims or resolved complex issues in previous roles.
We think you need these skills to ace Claims Manager – Specialty Reinsurance
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in claims management, particularly in specialty reinsurance. Use specific examples that demonstrate your ability to manage high-value claims and your understanding of the reinsurance process.
Craft a Compelling Cover Letter: In your cover letter, express your enthusiasm for the role at Beazley and explain how your skills align with their needs. Mention your analytical skills and experience in managing diverse portfolios, as well as your commitment to client satisfaction.
Highlight Relevant Skills: Focus on key skills mentioned in the job description, such as problem-solving, decision-making, and interpersonal skills. Provide concrete examples of how you've successfully used these skills in previous roles.
Showcase Industry Knowledge: Demonstrate your understanding of the insurance market and regulatory environment. Mention any relevant legal training or past claims experience that establishes your credibility in the field of specialty reinsurance.
How to prepare for a job interview at Beazley
✨Understand the Role Thoroughly
Before your interview, make sure you have a solid grasp of the Claims Manager role and its responsibilities. Familiarise yourself with Beazley’s claims philosophy and how it aligns with managing high-value reinsurance claims.
✨Showcase Your Analytical Skills
Be prepared to discuss your analytical skills and how you've used them in past roles. Highlight specific examples where your problem-solving abilities led to successful claims management or resolution.
✨Demonstrate Strong Interpersonal Skills
Since the role involves working closely with brokers, cedants, and other stakeholders, be ready to showcase your interpersonal skills. Share experiences where you effectively managed relationships and communicated complex information clearly.
✨Prepare for Scenario-Based Questions
Expect scenario-based questions that assess your decision-making and claims management strategies. Think about past challenges you've faced and how you approached them, focusing on outcomes and lessons learned.
