Claims Specialist- Financial Lines

Westfield•Berkeley Heights, NJ

About The Position

The Claims Specialist- Financial Lines role involves directly handling, managing, and overseeing financial lines claims, specifically plastic card fraud and theft claims, as well as employment practices liability claims. The position requires adherence to Claim Handling Best Practices throughout all claim phases, from initial contact and investigation to evaluation, reserving, resolution, and documentation. A key aspect of the role is providing excellent customer service to internal and external customers and business partners. Responsibilities include reviewing policies for coverage, resolving coverage-related matters often in collaboration with outside counsel, and preparing reports for management, underwriting, actuaries, and reinsurers. The specialist must also comply with statutory regulations and Unfair Claims Practices Acts, communicate claim developments and exposure analyses to management, and participate in mediations and settlement conferences. Collaboration with underwriting and other business partners is essential for analyzing claim trends, developing policy language, and attending meetings with insureds and brokers. Additionally, the role involves managing outside vendors, including attorneys, to control budgets and oversee litigation.

Requirements

Minimum of 1 to 3 years of experience at either a specialty insurance carrier and/or law firm.
Plastic card and EPL experience.
Bachelor’s degree required.
Candidates will be required to obtain and maintain insurance adjuster licenses.
Excellent written communication skills.
Excellent verbal and interpersonal communication skills, resulting in the ability to interact with all levels of management and employee population.
Strong analytic, investigative, listening and negotiation skills.
Experience multi-tasking, prioritizing work and working effectively in a team environment, while maintaining attention to detail.
Experience working in a fast-paced environment, completing work with limited supervision.
Experience with Microsoft Windows, Outlook, and Excel or transferable software packages.
Ability and willingness to travel as needed.

Nice To Haves

Financial institutions E&O and D&O a plus.
Juris Doctor degree from an accredited law school a plus.

Responsibilities

Directly handle, manage and/or oversee financial lines plastic card fraud and theft claims; and employment practices liability claims.
Handle claims in accordance with Claim Handling Best Practices in all phases of the claim including through initial contact, investigation of the claim, evaluation the claim for coverage and reserving for exposure, and in the resolution and documentation of claims.
Provide top-notch customer service through all interactions and communications including with internal and external customers and business partners.
Review and evaluation of policies to determine coverage.
Resolve coverage-related matters working collaboratively with outside counsel when necessary.
Complete written reports and present claims to management, underwriting, actuary and reinsurers on claim developments as needed.
Adhere to all statutory regulations and Unfair Claims Practices Acts.
Consistently communicate claim developments, exposure analyses and requests for authority to claims management.
Participate in mediations, settlement conferences and otherwise see claims through to resolution.
Work closely with underwriting and other business partners to review, analyze, and communicate claim trends and help develop policy language.
Along with underwriting, attend current and prospective meetings with insureds and brokers.
Work with and manage outside vendors, including outside attorneys to manage budgets and oversee litigation.