Complex Claims Consultant - Financial Lines/Public D&O

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The information below covers the role requirements, expected candidate experience, and accompanying qualifications.

CNA is one of the premier providers of professional liability insurance. CNA offers excellent work / life balance opportunities and a strong benefits package.

We are currently seeking a Complex Claims Consultant in our Financial Lines Claims team. The individual in this position will primarily focus on high severity D&O and E&O claims under policies issued to Public Companies as well as Financial Institutions such as large depository institutions, insurance companies and investment advisors.

The Individual in this position will investigate and maintain complex professional liability claims and work within specific limits of authority on assignments requiring significant technical complexity and coordination.

While utilizing claims policies and guidelines, the Individual in this position will also review coverage, assess liability and damages, secure information, and negotiate and settle claims.

The average caseload for this claim professional will be approximately 135-150 files. These claims can be highly complex in nature and valued in the multi-million dollar range.

Insurance litigation and coverage interpretation / analysis experience is strongly desired.

JOB DESCRIPTION :

Essential Duties & Responsibilities

Performs a combination of duties in accordance with departmental guidelines :

Manages an inventory of highly complex litigated claims, with large exposures that require a high degree of specialized technical expertise and coordination, by following company protocols to verify policy coverage, conduct investigations, develop and employ resolution strategies, and authorize disbursements within authority limits.

This includes analysis of complex coverage issues requiring strong coverage acumen with respect to a variety of policy forms, involving multiple coverages and coverage parts.

• Ensures exceptional customer service by managing all aspects of the claim, interacting and communicating professionally and effectively, achieving quality and cycle time standards, providing timely updates and responding promptly to inquiries and requests for information.
• Verifies coverage and establishes timely and adequate reserves by reviewing and interpreting policy language and partnering with coverage counsel on more complex matters, estimating potential claim valuation, and following company's claim handling protocols.
• Leads focused investigation to determine independent assessment of liability and damages by gathering pertinent information, such as contracts or other documents, as necessary to verify the facts of the claim.
• Resolves claims by collaborating with internal and external business partners to develop, own and execute a claim resolution strategy, that includes management of timely and adequate reserves, collaborating with coverage experts, negotiating complex settlements, partnering with counsel to manage complex litigation and authorizing payments within scope of authority.

Directly negotiates and resolves cases where appropriate and participates in mediations and settlement conferences to resolve files.

Attends trial as necessary.

• Establishes and manages claim budgets by achieving timely claim resolution, selecting and actively overseeing appropriate resources, authorizing expense payments and delivering high quality service in an efficient manner.
• Realizes and addresses subrogation / salvage opportunities or potential fraud occurrences by evaluating the facts of the claim and making referrals to appropriate Claim, Recovery or SIU resources for further investigation.
• Achieves quality standards by appropriately managing each claim to ensure that all company protocols are followed, work is accurate and timely, all files are properly documented and claims are resolved and paid timely.
• Keeps senior leadership informed of significant risks and losses by completing loss summaries, identifying claims to include on oversight list, and preparing and presenting succinct summaries to senior management.
• Maintains subject matter expertise and ensures compliance with state / local regulatory requirements by following company guidelines, and staying current on commercial insurance laws, regulations or trends for line of business.
• Mentors, guides, develops and delivers training to less experienced Claim Professionals.

May perform additional duties as assigned.

Reporting Relationship

Typically Director or above

Skills, Knowledge & Abilities

Advanced technical and product specific expertise, claims resolution skill and knowledge of insurance and claims principles, practices and procedures.

This position requires demonstrated ability to handle litigated matters, including selection and direction of counsel, and formulation and execution of resolution strategies and strategic coordination with counsel, insureds, brokers and other insurers under reimbursement policies.

• Thorough knowledge of the commercial insurance industry, products, policy language, coverage, and claim practices.
• Strong communication, negotiation and presentation skills both verbal and written, including the ability to communicate business and technical information clearly.
• Demonstrated analytical and investigative mindset with critical thinking skills and ability to make sound business decisions, and to effectively evaluate and resolve ambiguous, complex and challenging business problems.
• Strong work ethic, with demonstrated time management and organizational skills.
• Ability to work in a fast-paced environment at high levels of productivity.
• Demonstrated ability to negotiate complex settlements.
• Experience interpreting complex commercial insurance policies and coverage.
• Ability to manage multiple and shifting priorities in a fast-paced and challenging environment.
• Knowledge of Microsoft Office Suite and ability to learn business-related software.
• Demonstrated ability to value diverse opinions and ideas.

Education & Experience

• Bachelor's Degree or equivalent experience. Juris Doctorate is preferred.
• Typically a minimum six years of relevant experience, preferably in Professional Liability claim handling or a minimum of six years in a law firm handling Professional Liability matters.
• Must have or be able to obtain and maintain an Insurance Adjuster License within 90 days of hire, where applicable.
• Prior negotiation experience.
• Professional designations preferred (e.g. CPCU).

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