Senior Compliance Associate

Job Description

Job Description

Who is Cover Whale?

Cover Whale improves road safety by combining our insurance products with our data-driven driver coaching and safety program.

Our safety program is proven to save lives while delivering better insurance for our drivers.

Join us in the mission! Founded in 2019, Cover Whale recently closed a $27.5M Series A funding round with Morgan Stanley Expansion Capital and is continuing to scale and expand its business.

For more information, please visit www.coverwhale.com.

Cover Whale was ranked in Forbes : America's Best Startup Employers 2023 (forbes.com).

The Role

As a Senior Compliance Associate, you will play a critical role in supporting our insurance product filing and regulatory compliance efforts.

You'll work cross-functionally to develop and implement strategies that align with our business goals, ensure compliance with state and federal regulations, and enhance risk management.

Please note : This is a hybrid / on-site (3-4x / week). For the qualified candidate, remote is possible.

Responsibilities :

• Serve as a senior Compliance professional, independently resolving complex matters, conducting comprehensive research, and making informed decisions.
• Identify applicable compliance requirements and articulate those requirements in a clear, concise manner to other teams, while meeting business objectives
• Lead the creation, certification, and timely forwarding of Compliance reports to partners internally, ensuring data accuracy and efficient issue-logging
• Lead the development and enhancement of compliance policies, protocols and procedures
• Independently manage the preparation of accurate and timely responses to insurance consumer complaints received from the State Department of Insurance, BBB, and directly from consumers, ensuring accuracy and compliance with applicable regulations
• Assist with overseeing adherence to and review of corporate-level policies, internal procedures, and regulatory compliance initiatives
• Advise on and facilitate reporting and disclosure requirements including insurance filings, broker licensing, surplus line taxes, OFAC, FMCSA, and other transportation-related filings
• Communicate with other teams verbally, and in writing, regarding regulatory expectations. This includes providing guidance to the business, as well as aiding in designing solutions regarding controls to mitigate inherent risk.
• Prepare and provide comprehensive materials and information for internal and external regulatory audits, data calls, surveys, and investigations, and assist in drafting detailed responses.
• Regularly monitor and analyze regulatory developments and best practices in the insurance and corporate governance sectors to address any changes
• Collaborate with management to develop and implement strategic compliance initiatives that align with organizational goals.

Verify and ensure that corrective actions are effectively implemented to confirm that mitigation plans are successful.

Compensation :

The Expected base pay for the role will be between $110,000 - $150,000 at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include discretionary bonus and other Cover Whale-sponsored benefits.

Requirements

Education and Experience :

• Bachelor’s degree in Law, Finance, Business Administration or other related field
• In-depth knowledge of the industry's standards and regulations, and
• 7-10 + years of compliance experience working for property & casualty insurance business or insurance intermediary (ideally in both Admitted and Excess & Surplus lines basis)

Must-Have Skills / Abilities :

• Excellent knowledge of reporting procedures and record-keeping
• Strong business acumen combined with a commitment to ensuring compliance
• Methodical and diligent with outstanding planning abilities
• Ability to analyze complex regulations and exercise judgment.
• Excellent organizational skills and ability to take initiative on compliance projects

Preferred, but not required :

• Legals degree
• Exposure / experience to bordereaux
• Experience with SQL or Python

Benefits

• Health Care Plan (Medical, Dental & Vision)
• Retirement Plan (401k, IRA)-match
• Paid Time Off (Vacation, Sick & Public Holidays)
• Paid Family Leave (Maternity, Paternity)
• Tuition Assistance
• Professional Training & Development

Cover Whale works to maintain the best possible environment for our employees, where individuals can learn and grow with the company.

We strive to provide a collaborative environment where each person feels encouraged to contribute to their processes, decisions, planning, and culture.

We are an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law.