Duties and Responsibilities
The core duties of the Risk Manager position are as follows:
- INSURANCE ADMINISTRATION: Manages renewal process for over 20 insurance policies that renew annually on staggered schedules throughout the calendar. Oversees various annual audits, inspections and reports mandated by the Illinois Workers Compensation Commission, workers’ comp insurers and property carriers. Maintains relationships with administrators in all areas of the University in order to evaluate and disclose risk exposure data and determine appropriate levels of insurance coverage. This role involves eliciting the cooperation of numerous University departments, aggregating large amounts of diverse data, and interpreting the data into meaningful reports for administrators and insurance carriers. Notifies insurance company of changes in property, equipment or activities affecting insurance coverage.
- CLAIMS MANAGEMENT: Manages all University insurance claims from start to finish, including communications with insurance adjusters, brokers, claimants and Loyola administrators. This includes shepherding the multi-stage process of insurance claims that may involve outside consultants, establishing reserves, and working with General Accounting to track expenditures and reimbursements. This process is complex and involves careful handling of sensitive personal and institutional information.
- RISK MANAGEMENT: Responds to internal inquiries regarding unique operational risks generated by University activities. Analyzes potential risks to determine sufficiency of insurance coverage, often with the involvement of insurance carriers and brokers. Collaborates with Loyola administrators to develop prudent risk management practices within departmental policies and procedures. Provides customized training to departments from time to time, such as “Contracting 101.” Administers Loyola’s Motor Vehicle Record and Vehicle Use Policy, which includes evaluating data on employee and student records, making determinations regarding compliance, and communicating with third-party vendor and Loyola drivers to resolve problems.
- CONTRACT REVIEW: Evaluates the insurance terms of a wide variety of contracts, taking into account the roles and responsibilities of each party. Makes recommendations for appropriate insurance requirements for each party, as appropriate.
- OTHER DUTIES: Issues certificates of insurance when requested; evaluates appropriateness of insurance language on certificates received. Maintains schedules of insurance claims history; compiles records of insurance policies; files records of insurance transactions and keeps calendar of premiums due and schedules of insurance. Prepares requisitions for payment of premiums and verifies that payments have been made.
Minimum Education and/or Work Experience
Bachelor’s degree in Business, Finance, Risk Management or related field and five years of previous experience.
Master’s degree preferred.
Bachelor’s degree from an accredited college or university is required. Master’s degree preferred.
At least five years’ of significant experience with property and/or casualty insurance is required.
Demonstrated proficiency in diverse insurance-related matters, including insurance terminology and coverage types, policy forms and claims management processes.
Ability to understand basic contract language as relates to insurance requirements and ability to evaluate Certificates of Insurance and policy documents/forms to assess coverages and exclusions.
Professionalism, tact, diplomacy and confidentiality.
Strong planning and organizational skills to prioritize multiple projects under pressure and shifting demands and to meet critical deadlines.
Strong analytical and problem solving skills with experience in gathering and collecting data, reasoning logically, drawing valid conclusions, and making effective recommendations to management.
Strong verbal and written communication skills to prepare clear, concise and grammatically correct business correspondence and documents.
Demonstrated communication and interpersonal skills to interact with groups of diverse individuals at all organizational levels, both inside and outside of the University.
Proven ability to exercise initiative and work independently, as well as within a team setting.
Ability to develop and maintain recordkeeping systems and procedures.
Ability to develop and deliver training presentations and workshops.