Director of Corporate Insurance

Location:

Director, Corporate Insurance

Job Overview: The Director of Corporate Insurance develops and executes the insurance strategy for KeyCorp and its subsidiaries, focusing on risk containment and insurable risk within the context of a partially self-insured program.

Responsibilities:

The Director of Corporate Insurance, reporting to Key Legal, will develop and execute the insurance strategy for KeyCorp and its subsidiaries. Key responsibilities include designing and procuring insurance programs, managing relationships with internal and external stakeholders, overseeing claims management, and ensuring compliance with risk management policies and contractual and regulatory obligations. The Director engages with lines of business, corporate committees, and senior executives, including the KeyCorp Board of Directors, and must be effective in identifying, presenting, and discussing issues relative to insurance and insurability with individuals at all levels throughout the organization.

The successful candidate will develop a thorough understanding of the Company's operations and build partnerships across the business and insurance industry to be able to identify, quantify and manage insurable risks. This role will provide risk management expertise and guidance to ensure relevant risks are adequate covered by insurance and/or alternative risk management mechanisms. The role involves the supervision of a small team.

Primary responsibilities include:

• Insurance Program Design and Procurement:
  • Leading the budget and design of the insurance program structure (i.e., limits, retentions, policy form, etc.), selection of insurers, and binding of policies, including Property and Casualty, Executive Risks (D&O, Employment Practices, Fiduciary), Financial Institution Bond, Cyber/Information Security, Aviation, Contingent Liability, and other policies as needs arise.
  • Collecting and validating information for the insurance underwriting process.
  • Representing the company in underwriting meetings and coordinating the involvement of senior executives as appropriate.
  • Staying informed about industry trends and making adjustments to programs as required.
• Relationship Management:
  • Developing, cultivating, and managing relationships with internal stakeholders and third-party service providers, including legal, brokers, insurers, and third-party claims management administrators.
  • Serving as a subject matter expert in understanding insurance issues, recommending solutions, and implementing programs to optimize operations.
  • Leading a team and mentoring and cultivating growth in department personnel and others who rely on Corporate Insurance for subject-matter support.
• Claims and Financial Management:
  • Overseeing the management of all insured/self-insured claims in conjunction with brokers, insurers, legal counsel, and third-party administrators.
  • Participating in trials and mediations with internal and external legal counsel.
  • Participating in all aspects of the company's subrogation efforts.
  • Drafting and reviewing language and documentation relevant to indemnity, risk containment, risk transfer and insurance in corporate leases, client documents, and vendor agreements.
  • Overseeing administration of the company's insurance risk management information system.
  • Coordinating with Finance for appropriate allocation of premiums and proper levels for loss reserves as confirmed by actuarial partners.

Position Requirements:

• Required:
  • Bachelor's degree in risk management and insurance, finance, business administration, or related field.
  • 10+ years of experience in large-lines insurance, including executive risks, with at least some experience in insurance risk management. Candidates with fewer years of experience may be considered if they demonstrate extensive and relevant expertise
  • Strong leadership experience, including demonstrated ability to develop teams and create partnerships.
  • Understanding of basic financial and accounting concepts and their applicability to insurance.
  • Proficiency in MS Office - Excel, Word, and PowerPoint.
  • Ability to work with a risk management information system such as Riskonnect.
  • Travel up to 5% - International travel required
• Preferred:
  • MBA, JD, CPCU, ARM
  • Experience in a large financial institution.
  • Experience in a public company.
  • Experience working with risk management systems.
  • Extensive knowledge of diverse lines of coverage, including those in layered and quota-share programs.
  • Experience managing large and/or complex claims.
  • Strong verbal and written presentation skills.

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COMPENSATION AND BENEFITS

Please click here for a list of benefits for which this position is eligible.

Key has implemented an approach to employee workspaces which prioritizes in-office presence, while providing flexible options in circumstances where roles can be performed effectively in a mobile environment.

Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing HR_Compliance@keybank.com.