Insurance and Risk Management Specialist

MiniMed • Los Angeles, CA

8d

About The Position

This newly created Insurance and Risk Management role at MiniMed offers a unique opportunity to shape global risk strategy within a leading medical technology organization. Reporting directly to the Senior Director of Insurance and Risk Management, this highly specialized position plays a critical role in placing and optimizing insurance programs to ensure the right coverage at the right cost. You’ll work cross functionally and across geographies, partnering with stakeholders at all levels to support insurance placement, facilitate claims resolution, enhance transparency around premiums and coverage, and strengthen MiniMed’s overall risk management capabilities. Responsibilities may include the following and other duties may be assigned.

Requirements

• Bachelor’s Degree and 7 years of relevant risk management and insurance experience with emphasis on managing global risk exposures
• Or, advanced degree and 5 years of relevant risk management and insurance experience with emphasis on managing global risk exposures

Nice To Haves

• Master’s Degree with specialization in Risk Management, Insurance, or Finance
• Professional insurance designations or equivalent experience
• Professional and management liability, and property and casualty insurance experience
• Expertise in professional and management liability, and property and casualty insurance, particularly within the MedTech field
• Proficient in Microsoft 365 packages (Excel, PowerPoint, Word, SharePoint, Teams)
• Ability to work independently and influence without ranks
• Analytical and detailed oriented
• Process driven with a disciplined approach towards deliverables and timeline
• Ability to work across multiple time zones and cultures

Responsibilities

• Insurance Placement (40%) Provides input and reviews Broker’s strategy for accuracy during the renewal negotiations Coordinates internal data requests of pre-binding information by market/function in preparation to renewals (e.g., data collection and review for accuracy, compilation of underwriting and data exposure) in accordance with Insurer’s request; influences data collection timeline internally (key stakeholders) and externally (brokers) Contributes with recommendations on renewals (e.g., risk tolerance, premiums x coverage relationship, fees, etc.) to the Sr. Director, Insurance and Risk Management Reviews of insurance policies and endorsements for accuracy
• Claims Management and Certificate of Insurance (COIs) (30%) Key point of contact for claims from triage to resolution; assists with claims settlement between key internal stakeholders and external partners (brokers and/or insurers). Notifies Sr. Director, Insurance and Risk Management to determine next steps for damages that might influence business sustainability / could impact the business or function’s ability to meet its strategic plan objectives Manages requests for issuance and revision of COIs; coordinates COIs renewal process for internal distribution; and auto identification cards process Supports claims management including worker’s compensation and auto insurance claims
• Insurance Budget, Premiums Allocations, and Invoicing (25%) Provides insurance budget guidance to Finance according to trends provide by the Brokers/Insurers Coordinates premium allocation across different legal entities Reviews premium invoices and coordinates payments; troubleshoot reconciliations if needed
• Risk Management (15%) Monitors of loss control program compliance and acts as key point of contact between the business and key insurers in case of visits and audits Documents key risk management processes, insurance manuals, builds presentations to educate key stakeholders about Medtronic Diabetes Risk Management; assists with the Insurance Program Strategy Playbook and the Risk Management SharePoint site Supports Sr. Director, Insurance and Risk Management in performing insurance due diligence reviews for mergers/acquisitions and new business, and potential Requests For Proposals (RFPs), if needed

Benefits

• MiniMed offers a competitive salary and flexible benefits package
• We offer a wide range of benefits, resources, and competitive compensation plans designed to support you at every stage of your career and life.
• Regular employees working 20 or more hours per week are eligible for a robust benefits package, including health, dental, and vision insurance, as well as access to a Health Savings Account, Healthcare Flexible Spending Account, life insurance, long-term disability leave, and a dependent daycare spending account.
• In addition, all regular employees enjoy incentive plans, a 401(k) plan with company match, short-term disability coverage, paid time off and holidays, participation in our Employee Stock Purchase Plan, and access to our Employee Assistance Program.
• Eligible employees may also benefit from our Non-qualified Retirement Plan Supplement and Capital Accumulation Plan, subject to IRS minimum earnings requirements.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level