Director, Risk & Insurance

Department:
Salary/Grade: EXS/13

The expected salary for this position is between $130,000 - $145,000 per year, in alignment with departmental equity and market data.

*PLEASE NOTE: Work Authorization sponsorship for this position will not be provided. Applicants must be legally authorized to work in the United States without the need for current or future sponsorship.

Job Summary:

The Director, Risk and Insurance manages Northwestern's insurance and risk finance programs, a complex operation involving commercial, captive and self-insurance mechanisms. The Director will manage primary day-to-day insurance and risk finance needs, strategically manage the risk finance programs, and manage the daily operations of Northwestern's captive insurance company, inclusive of assessing appropriateness of coverage for reported incidents and other matters. The Director will also lead broader risk management efforts, such serving as a consultant to campus partners, reviewing contract terms, claims management and certain budget and financial needs, and will collaborate with key stakeholders (e.g., Environmental Health and Safety, Facilities Management, etc.) to identify opportunities for loss prevention.

Specific Responsibilities:

Budget & Financial:

• Ensures accurate financial transactions associated with insurance program.
• Assists in developing budgets and ongoing financial management of insurance programs.
• Reviews & reconciles actual expenses to budget in an audit-ready manner.

Insurance Management:

• Create a highly performing insurance program.
• Support the insurance renewal process, including sourcing of information, completion of applications and submittal to insurance brokers in advance of departmental timeline. Ensures accuracy of data and information provided to insurance markets and implements qualitative/subjective insight into renewal submissions to improve University's position.
• Determine list of requested coverage enhancements by reviewing policies and identifying uninsured risk areas or conflicting policy wording.
• Ensures timely quotes are received from brokers.
• Reviews insurance quotes against expiring programs and makes recommendations based on findings and understanding of University risks.
• Ensure insurance policies are received in a timely manner. Review the policies for accuracy and follow-up with brokers for corrections as needed.
• Log policies in department's RMIS.
• Works with campus partners to identify and develop special risk finance solutions as needed, such as construction insurance, TULIP programs, etc.

Captive Insurance Management

• Acts as the Secretary/Assistant Secretary for the University's captive insurance company.
• Manage outside vendors and consultants.
• Ensures annual captive calendar is kept updated and that all dates are met.
• Oversees the annual financial audit processes, providing relevant documentation to the auditors as requested.
• Oversee the State of Illinois audit process.
• Coordinate and attend all captive board meetings, taking minutes.

Claims Management:

• Oversee claims staff to ensure that claims are being managed appropriately and efficiently.
• Ensure partnership with Office of General Counsel is sound.
• Work with campus partners to identify mechanisms for timely notice of claims to department.
• Ensure all claims are reported to correct insurance carriers in a timely manner. Ensure receipt of claim by carrier. Review reservation of rights letters for coverage issues and identify errors or opportunities for improved positions. Regularly communicate with claims examiners to ensure University's position on all claims is as strong as it can be.

• Be "on call" and available for emergency response at all times.

Other Risk Management Responsibilities:

• Review contracts and agreements for appropriate risk allocation and insurance terms.
• Provide risk assessment and consulting services to campus partners.
• Identify improved processes and technology solutions where possible.
• Assist with certificates of insurance or other insurance support services as needed.

• Partner with Environmental Health and Safety functions as needed.

Management:

• Manage department staff and develop future leaders within the office.
• Uses sound judgement to make decisions and acts independently in most facets of the job, showing excellent judgement in escalating matters as needed.
• May create policy or develop protocol followed by the office, including communication strategy and implementation.

Miscellaneous

Perform other duties as assigned.

Minimum Competencies: (Skills, knowledge, and abilities.)

• Strong communication skills.
• Strong technical insurance aptitude. Understanding of the insurance process. Ability to comprehend and navigate complicated policy wording.
• Financial analysis skills to support decision-making.
• Ability to work with a diverse set of stakeholders and provide excellent customer service.
• Basic understanding of budget management.
• Basic understanding of captive insurance, actuarial modeling, and other complex risk finance solutions.
• Strong project management skills.
• Time management and demonstrated ability to prioritize.
• Ability to manage multiple tasks at one time.
• Strong desire to learn and take on additional responsibility.

Preferred Qualifications: (Education and experience)

• Degree in risk management or insurance.
• Insurance underwriting or brokering experience.
• Experience in higher education.
• ARM or other professional designations.

Benefits:

At Northwestern, we are proud to provide meaningful and competitive benefits. The available benefits package for this position will include health, dental, vision, disability, and life insurance; paid vacation and holidays; paid medical/sick and parental leave; tuition benefits for the employee and dependents; pre-tax and flex spending accounts for commuting and dependent care; generous retirement savings options; and wellness programs. For a comprehensive overview of available benefits, including eligibility details, visit us at https://www.northwestern.edu/hr/benefits/index.html to learn more.

Work-Life and Wellness:
Northwestern offers comprehensive programs and services to help you and your family navigate life's challenges and opportunities and adopt and maintain healthy lifestyles.
We support flexible work arrangements where possible and programs to help you locate and pay for quality, affordable childcare and senior/adult care. Visit us at https://www.northwestern.edu/hr/benefits/work-life/index.html to learn more.

Professional Growth & Development:
Northwestern supports employee career development in all circumstances whether your workspace is on campus or at home. If you're interested in developing your professional potential or continuing your formal education, we offer a variety of tools and resources. Visit us at https://www.northwestern.edu/hr/learning/index.html to learn more.

Northwestern University is an Equal Opportunity Employer and does not discriminate on the basis of protected characteristics, including disability and veteran status. View Northwestern's non-discrimination statement. Job applicants who wish to request an accommodation in the application or hiring process should contact the Office of Civil Rights and Title IX Compliance. View additional information on the accommodations process.

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