Insurance and Risk Management Specialist

Medtronic•Northridge, CA

10d•Onsite

About The Position

At Medtronic you can begin a life-long career of exploration and innovation, while helping champion healthcare access and equity for all. You’ll lead with purpose, breaking down barriers to innovation in a more connected, compassionate world. A Day in the Life The Principal Insurance and Claims Management role is a newly created expert and highly specialized position under Medtronic Diabetes Risk Management, reporting directly to the Sr. Director, Insurance and Risk Management. This position plays a key role in the Insurance Program placement to ensure Medtronic Diabetes has the most fitting protection at the most appropriate cost. Amongst its key responsibilities, this is a global role what works cross-functionally and cross-geographies with key stakeholders at all levels to gather information for insurance placement, facilitates claims resolution between internal and external stakeholders, provides transparency and visibility of insurance premiums, coverages and guidance for budgeting purposes, and works with key business partners to strengthen our risk management capabilities. This position is an exciting opportunity to work with Medtronic's Diabetes business. Medtronic has announced its intention to separate the Diabetes division to promote future growth and innovation within the business and reallocate investments and resources across Medtronic, subject to applicable information and consultation requirements. This separation provides our team with a bold opportunity to unleash our potential, enabling us to operate with greater speed and agility. As a separate entity, we anticipate leveraging increased investments to drive meaningful innovation and enhance our impact on patient care. This role requires you to work on-site at our Northridge, CA or Minneapolis, MN office at least 3 days per week.

Requirements

Bachelor’s Degree in Insurance, Business, or Engineering 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
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

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)

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

Medtronic 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 career and life stage.
Health, Dental and vision insurance
Health Savings Account
Healthcare Flexible Spending Account
Life insurance
Long-term disability leave
Dependent daycare spending account
Tuition assistance/reimbursement
Simple Steps (global well-being program)
Incentive plans
401(k) plan plus employer contribution and match
Short-term disability
Paid time off
Paid holidays
Employee Stock Purchase Plan
Employee Assistance Program
Non-qualified Retirement Plan Supplement (subject to IRS earning minimums)
Capital Accumulation Plan (available to Vice Presidents and above, or subject to IRS earning minimums)