WHAT DOES A DIRECTOR OF INSURANCE DO?
Published: Nov 27, 2024 - The Director of Insurance manages and maintains optimal insurance coverage, developing strategies on insurance risks, and collaborates with business development teams to aid customers in securing appropriate insurance for payloads. This role oversees broker interactions and policy development, recommending comprehensive plans to safeguard the company’s human, physical, and financial assets. Additionally, this position reviews and negotiates policies prepares loss analyses, and serves as a key liaison for commercial insurance matters, ensuring compliance with relevant regulations and securing the best coverage/cost balance through broker partnerships.
A Review of Professional Skills and Functions for Director of Insurance
1. Director of Insurance Duties
- Recruitment: Recruit, screen, and conduct the onboard process for new advisors in the SWO Region.
- Advisor Development: Encourage growth of existing advisor groups and ensure they have access to the tools and training they require to be productive.
- Training Promotion: Promote the HUB value proposition and HUB’s proprietary advisor training programs.
- Broker Relations: Manage situations that arise with brokers in areas such as marketing, compliance, commissions, etc.
- Sales Team Leadership: Oversee the Regional Sales team and ensure they have the training and skills needed to assist the brokers.
- Information Accuracy: Provide accurate and valuable information to the brokers they work with.
- Goal Management: Manage sales team’s production goals and motivate them to achieve the goals of the region across both life and investment areas.
- Compliance: Maintain the integrity and reputation of HUB Financial by ensuring that the advisors are familiar with and consistently adhere to the Code of Conduct.
- Negotiation: Lead negotiations of policies and rates across multiple insurance work streams (fleet insurance, over the counter products, general liability, and much more).
- Vendor Negotiation: Lead vendor negotiations of policies and rates with brokers and directly with carriers, market the Kyte business and risk profiles to the broader insurance markets across the US and internationally.
- Profit Center Development: Build out over-the-counter liability and damage insurance as a profit center for the entire business.
- Risk Management: Set up captives to take on specific risk areas.
- Data Analysis: Understand and use internal and third-party data, telematics and advanced tracking capabilities to understand and underwrite risk and build best-in-class sensing and tracking frameworks.
2. Director of Insurance Details
- Department Management: Plans, coordinates, and directs the Cash Applications department.
- Policy Development: Develops and implements policy designed to expedite cash flow, streamline processes pertaining to referral working, and resolution of accounts.
- Compliance: Assures compliance with existing policies, procedures, laws, and regulations.
- Budget Management: Develops and implements budget, taking care to operate within budget constraints.
- Space Management: Works on space allocation and configuration.
- Employee Management: Interviews, hires, counsels, and when necessary terminates employees as circumstances demand.
- Accident Response: Assume primary responsibility in responding to personal injury and vehicle accidents by investigation and preparing and filing reports to carrier, and management.
- Driver Training: Monitor and oversee Driver Training program.
- Workplace Safety: With the support of the People Team, oversee initial reporting for all work-related accidents and incidents and represent for all workers’ compensation appeal hearings.
- Record Keeping: Provide and maintain records, including insurance policies, claim and loss experience.
- Contract Review: Assist in the review of major contracts, proposed facilities, and/or new program activities for loss and insurance implications.
- Claims Control: In cooperation with the General Counsel, maintain control over the claims process to assure that claims are being settled fairly, consistently, and in the best interest of the entity.
3. Director of Insurance Responsibilities
- Insurance Management: Managing and maintaining appropriate insurance coverage.
- Risk Strategy: Developing and advising on insurance risk strategy.
- Customer Strategy: Work closely with Business Development colleagues to develop strategies to assist customers in obtaining appropriate insurance coverage for payloads.
- Broker Oversight: Insurance/Broker oversight and liaison, policy and procedure development.
- Policy Development: Develops, recommends, and implements plans, policies, and programs for all company insurance coverage to protect the human, physical, and financial assets of the company.
- Policy Negotiation: Review, negotiate, obtain, and authorize binding of best policy packages to meet company objectives and adequate risk coverage.
- Loss Analysis: Prepare loss analyses and identify risk exposures.
- Regulatory Compliance: Understand and accurately interpret laws, rules, regulations, and other guidelines relating to insurance coverage and risk management.
- Exposure Review: Reviews and analyzes company loss exposures, claims, and insurance needs and makes recommendations for treatment techniques to include insurance coverage.
- Insurance Liaison: Serve as liaison and resource for commercial insurance issues, inquiries, and operations across the business.
- Broker Collaboration: Partner and work with brokers to obtain best coverage and cost mix for operations within Commercial Insurance.
4. Director of Insurance Job Summary
- Risk Management: Manage and oversee the Company's risk from the perspective of all operations where the Company is at risk (auto, professional liability, general liability, workers compensation, etc.).
- Risk Reporting: Lead the internal risk monitoring and reporting process.
- Active Risk Management: Drive active and real-time risk management.
- Program Improvement: Maintain and improve Risk and Safety programs.
- Training Monitoring: Monitor training programs and assessments.
- Compliance Measurement: Measure performance against key insurance compliance metrics, auto safety, and loss prevention practices across jurisdictions in which the Company operates.
- Policy Renewal Management: Manage policy renewals and audits for all lines of coverage, including insurer meetings, collection, aggregation, and collation of all underwriting data, preparation and submission of applications and all supporting documents, negotiation of terms, limits, retentions and pricing, policy issuance and review, and premium invoicing payment and allocation.
- Claims Management: Manage claims investigations, claims coverage determinations, loss reduction program implementations, claims reporting, broker, insurance carrier coordination, claims oversight, claims meetings and reviews, litigation support, reserve management, settlement negotiations and authorizations, and claims tracking and reporting.
- Insurance Budgeting: Insurance budget estimating and tracking, for all Ambulnz entities.
- Data Analysis: Analyze data from in-transit vehicle security camera footage for accident assessment and recommend performance improvements.
5. Director of Insurance Accountabilities
- Insurance Services Oversight: Overseeing all aspects of Insurance Services at Nicola Wealth, including working closely with the Nicola Advisors and internal service teams to provide innovative life insurance and wealth management solutions to high-net-worth clients and families.
- Relationship Management: Developing and maintaining contact with the Managing General Agents' (MGAs) and Insurance Carriers in order to build strong relationships, including negotiating contracting, licensing, and commissions.
- Sales Support: Support advisors in achieving insurance productivity and sales targets through fostering a high-performing environment.
- Product Support: Build and maintain direct relationships with insurance company wholesalers and advanced case teams for product updates, enhancements, and sales support.
- Case Management: Build relationships with case coordinators and underwriters to assist with case escalation.
- Training and Development: Collaborate with Nicola Learning Specialist to develop an advisor education and training program, including insurance strategies, positioning, and products, including presentations to advisory groups, study group sessions, and/or one-on-one support.
- Tool and Resource Management: Ensure Advisors have the necessary tools and resources available to effectively position insurance opportunities with clients.
- Sales Tools Development: Overview and development of sales tools and presentation templates for client presentations.
- Operational Management: Operational management of Insurance Services Team, including oversight of underwriting, inforce management, and all insurance processes, reporting, and database management.
- New Business Management: Management of new business team and efficient processes.
- Policy Service Management: Management of policy service teams, including policy database management, reporting, and inforce processes.