Business Insurance and Risk Manager

About the position

Magnolia River is seeking a Business Insurance and Risk Manager to safeguard the organization against financial losses and liabilities while ensuring compliance with regulatory standards. This role is pivotal in fostering a culture of risk awareness and mitigation within the company. The successful candidate will be responsible for a variety of tasks, including claims management across multiple lines such as auto, marine, aircraft, and workers' compensation. The position requires a thorough understanding of insurance renewals and the ability to quickly learn and adapt to new insurance lines as necessary. Analyzing claims data to identify areas for improvement is also a key responsibility of this role. The Business Insurance and Risk Manager will work closely with insurance brokers, underwriters, and other stakeholders to secure competitive quotes and negotiate favorable terms. This includes reviewing and analyzing insurance policies, premiums, and coverage limits to optimize protection while controlling costs. Collaboration with the safety department is essential to develop and implement risk management strategies aimed at reducing the likelihood of insurance claims and minimizing potential losses. The role also involves ensuring compliance with all applicable insurance regulations, conducting regular audits of insurance coverage, and providing guidance to internal departments on risk reduction and claims investigation. In addition to managing claims reported to the insurance carrier, the Business Insurance and Risk Manager will prepare and maintain OSHA reports, verify subcontractor insurance coverage, and assist clients in understanding the organization's coverage. The position requires managing business registrations and firm licensure for professional service lines, ensuring compliance with relevant laws and regulations, and coordinating efforts to seek redundancy in professional licensing to avoid single points of failure. The role may also involve compliance activities for related Professional Practice Entities in coordination with the Legal department, along with other duties as assigned.

Responsibilities
• Review and analyze insurance policies, premiums, and coverage limits to optimize protection while controlling costs.
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• Collaborate with insurance brokers, underwriters, and other stakeholders to secure competitive quotes and negotiate favorable terms.
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• Coordinate with the safety department to develop and implement risk management strategies to reduce the likelihood of insurance claims and minimize potential losses.
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• Ensure compliance with all applicable insurance regulations, including reporting requirements, policy renewals, and claims processing.
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• Conduct regular audits and assessments of insurance coverage to identify gaps and opportunities for improvement.
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• Provide guidance and support to internal departments on risk reduction, incident reporting, and claims investigation.
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• Manage all claims reported to the insurance carrier and resolve all claims that fall under the deductible to successful conclusion.
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• Prepare and maintain OSHA 300 and OSHA 300A reports in collaboration with the Director of Safety and Risk.
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• Verify that subcontractors have appropriate insurance coverage in place prior to commencement of work.
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• Assist clients in understanding the organization's coverage, providing clarification on liability, indemnification, and insurance provisions within contracts or agreements.
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• Manage and ensure business registrations and firm licensure for professional service lines are up to date and compliant with relevant laws and regulations.
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• Manage and track COAs/professional licensures for all companies and assist licensed employees with monitoring their professional licensure.
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• Coordinate efforts to seek redundancy in professional licensing to avoid single points of failure.
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• Manage compliance activities for related Professional Practice Entities in coordination with Legal.

Requirements
• Bachelor's degree in business administration, risk management, insurance, finance or a related field plus a minimum of five (5) years of relevant experience OR a combined combination of education and experience.
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• In-depth understanding of insurance principles, policies, and practices, including bond insurance.
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• Knowledge of relevant laws, regulations, and compliance standards related to business insurance and registration.
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• Familiarity with risk management strategies and techniques to minimize organizational liabilities.
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• An established network of injury risk management options such as occupational clinics and triage nurses.
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• Experience with monopolistic state worker's compensation requirements.
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• Understanding of contract language and insurance provisions to negotiate favorable terms.
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• Proficient in Outlook and MS Office programs.
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• Excellent written and oral communication and interpersonal skills to effectively and diplomatically communicate at every level within the organization.
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• Excellent listening skills.
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• Ability to perform in a detail-oriented environment with a high level of accuracy.
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• Ability to organize, prioritize, and perform multiple work assignments simultaneously.

Nice-to-haves
• Certified Insurance Compliance Professional (CICP) or similar professional designation(s) preferred.
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• Knowledge of the utility industry preferred.

Benefits

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