Risk Analyst III

ONEOK•Tulsa, OK

10d•$106,000 - $160,000

About The Position

Manages moderately complex and complex claims including first- and third-party claims, insured litigated matters, environmental claims, and large ONEOK property subrogation claims, as needed. Manages the entire process including investigation, evaluation, negotiation and settlement of claims while working with insurance adjusters, internal and external counsel, ONEOK customers and other ONEOK employees. The position will include, but not be limited to: - Coordinating the management of litigated claims with the legal department and assisting internal and external counsel with case preparation. - Attends claim mediations when necessary. - Review and approve third party administrator claim handling fees. Job Profile Summary Performs senior level functions for the corporate risk and insurance program including negotiations of insurance coverage. Essential Functions and Responsibilities may include some or all of the following: Manages moderately complex claims including first- and third-party claims, insured litigated matters, environmental claims, and large ONEOK property subrogation claims, as needed. Manages the entire process including investigation, evaluation, negotiation and settlement of claims while working with insurance adjusters, internal and external counsel, ONEOK customers and other ONEOK employees. Develop processes, analyze and make recommendations the following functions: Identification, measurement, and analysis of all exposures to financial loss Research, study, and make recommendation on methods of funding risks Determine insurable values Evaluate insurance agents and brokers Evaluate optimal loss-retention levels Support Manager in evaluating proper risk acceptance, avoidance, or transfer. Communicate with claim groups/legal to insure proper information and documentation is provided as it relates to the settlement of claims involving the property and casualty insurance program Directs and prepares information, instruction and related to risk activities to insurance manager, insurance broker, and legal department Provide support to Manager in calculating, compiling, preparing, analyzing, and/or making recommendation on information and reports including but not limited to risk and insurance statistics, budgets and trends analysis/survey data Recommends and develops risk management policies and procedures to reduce risk, either by acceptance or transference Analyze requested exceptions to establish limits/coverage parameters for Certificates of Insurance issued to customer base or received from contractors or outside vendors Reviews policy language to confirm negotiated coverage and timely policy issuance by insurance carriers and to ensure policy language provides the coverage appropriate to the exposures of the company. Negotiate new and renewal terms and conditions with insurance brokers/underwriters Provide support in other duties including analysis of risk management programs (ERM) Assumes responsibility for the oversight, training, mentoring of Risk Analyst I and II Prepare presentations for all levels of management including senior management Research as directed by Manager feasible studies relating to captives, and other alternative methods of risk transference

Requirements

Bachelor's Degree in business, finance, other related field with previous experience performing risk management functions, or an equivalent combination of formal education and the following job-related experience (minimum 10 years insurance industry related):
5+ years experience handling or managing litigated and non-litigated claims
Experience in a risk and insurance department or an insurance brokerage firm or as an underwriter
Experience in reading and interpreting insurance policies and contracts
Experience in the use of office equipment and software programs including but not limited to Excel, Word and Power Point
Experience researching, composing, and preparing, budgets, reports, and correspondence
Experience reading and interpreting third party service contracts, governmental regulations and statutes, insurance applications, manuals and professional and trade journals
Experience developing information and conducting formal presentations
Knowledge of: property and casualty insurance policies
Ability to: apply math and statistical computations
Ability to: formulate response to audits involving various property and casualty insurance policies
Ability to: communicate with all levels of management, staff and employees
Ability to: conduct oral presentations as required

Nice To Haves

Charter Property and Casualty Underwriter (CPCU) preferred
Associate in Risk Management (ARM) preferred
Certified Insurance Counselor (CIC) preferred

Responsibilities

Coordinating the management of litigated claims with the legal department and assisting internal and external counsel with case preparation.
Attends claim mediations when necessary.
Review and approve third party administrator claim handling fees.
Identification, measurement, and analysis of all exposures to financial loss
Research, study, and make recommendation on methods of funding risks
Determine insurable values
Evaluate insurance agents and brokers
Evaluate optimal loss-retention levels
Support Manager in evaluating proper risk acceptance, avoidance, or transfer.
Communicate with claim groups/legal to insure proper information and documentation is provided as it relates to the settlement of claims involving the property and casualty insurance program
Directs and prepares information, instruction and related to risk activities to insurance manager, insurance broker, and legal department
Provide support to Manager in calculating, compiling, preparing, analyzing, and/or making recommendation on information and reports including but not limited to risk and insurance statistics, budgets and trends analysis/survey data
Recommends and develops risk management policies and procedures to reduce risk, either by acceptance or transference
Analyze requested exceptions to establish limits/coverage parameters for Certificates of Insurance issued to customer base or received from contractors or outside vendors
Reviews policy language to confirm negotiated coverage and timely policy issuance by insurance carriers and to ensure policy language provides the coverage appropriate to the exposures of the company.
Negotiate new and renewal terms and conditions with insurance brokers/underwriters
Provide support in other duties including analysis of risk management programs (ERM)
Assumes responsibility for the oversight, training, mentoring of Risk Analyst I and II
Prepare presentations for all levels of management including senior management
Research as directed by Manager feasible studies relating to captives, and other alternative methods of risk transference