Preamble

At American Water, we are dedicated to delivering clean, safe, reliable and affordable water and wastewater services to our communities. Effective, efficient, and intelligent insurance claims management, oversight, and forecasting are essential to this mission.

As the Insurance & Risk Analyst, you’ll be instrumental in ongoing management and optimization of our insurance programs under the guidance and supervision of the Senior Manager, Insurance (or Director, Insurance).

This role offers an exciting growth opportunity for a detail-oriented and solutions-focused individual with experience in insurance and risk management. If you have a proactive mindset and a commitment to excellence, we would love to hear from you.

Primary Role

This role assists in the day-to-day operations of American Water’s overall insurance program, including but not limited to:

• Insurance Renewal Support
• Manage Insurance for New Acquisitions
• Certificate of Insurance Requests
• Data Analytics
• Contract Review
• Allocations, Budgets, and Forecasts
• Surety Bond Program Management
• Special Projects and Other Tasks

This position will be involved in all aspects of the Insurance function partnering with a variety of internal and external business areas.

This role will be instrumental in helping our Insurance program with the following three key long-term goals: (1) Make insurance a frictionless experience; (2) Buy the "right” insurance at the “right” price with the “right” insurers; and (3) Mature from insurance purchase to strategic risk-sharing with insurers. 

Key Accountabilities

• Insurance Renewal Support: Support the development, implementation, and administration of company’s insurance programs through the following:
  • Collecting and validating insurance exposure data.
  • Assisting in the completion of applications, underwriting submissions, and renewal presentations.
  • Drafting renewal planning reports for management.
  • Providing input on overall insurance purchasing strategy.
  • Drafting renewal proposals for management approval.
  • Acting as a point of contact for the Company’s insurance brokers for all insurance-related concerns.
  • Ensuring all acquisitions activity is tracked and reported timely to the broker to prevent potential gaps in coverage.
  • Lead all components of the invoice payment process related to the insurance function.
• Manage Insurance for New Acquisitions: Continuously monitor the new acquisitions pipeline (and impending divestitures) to onboard (or dissolve) insurance coverages for newly acquired or dispositioned entities in alignment with the Insurance department’s three long-term goals through engagement with internal business partners, insurance brokers and other advisers:
  • Maintain Property Statement of Values (SOV). Update for acquisitions & dispositions and reporting to property insurers
  • Review acquired entities’ insurance policy terms and conditions including key changes pertaining to Change of Control provisions.
  • Assist the Sr. Manager, Insurance (or Director, Insurance) in performing all necessary tasks as they pertain to insurance coverages related to acquisitions or dispositions.
• Data Analytics: Assist in developing the data function within Insurance department by performing tasks such as:
  • Tracking Total Cost of Risk (TCOR): Premiums, Retained Losses, Professional Fees, Miscellaneous Expenses.
  • Reporting on claim metrics: Workers’ Compensation, General Liability, Auto Liability, Property, etc.
  • Presenting findings to key stakeholders at all levels within the organization.
• Certificate of Insurance (COI) Requests: Manage the internal COI process by:
  • Managing the COI self-issuance process with the company’s insurance brokers.
  • Responding timely to internal and external requests for COIs and ensuring accurate COI issuance.
  • Ensuring that the company adequately transfers risk based on the scope of the agreement.
  • Confirming any insurance required of American Water adheres to internal guidelines, industry standards, and existing insurance programs.
  • Negotiations, if applicable, are being conducted efficiently and with the correct understanding of the risk.
  • Partner with various internal matrix partners (such as Legal, Sourcing, Procurement, Supply Chain, and Business Development) to recommend exceptions and waivers to standardized insurance contract terms.

Key Accountabilities (cont)

• Contract Review: Assist in the contract review process by:
  • Ensuring that the company adequately transfers risk based on the scope of the agreement.
  • Confirming any insurance required of American Water adheres to internal guidelines, industry standards, and existing insurance programs.
  • Negotiations, if applicable, are being conducted efficiently and with the correct understanding of the risk.
  • Partner with various internal matrix partners (such as Legal, Sourcing, Procurement, Supply Chain, and Business Development) to recommend exceptions and waivers to standardized insurance contract terms.
• Allocations, Budgets, and Forecasts: Support in all aspects of financial reporting including:
  • Developing and maintaining allocations, budgets, and forecasts.
  • Ensuring accuracy in any financial data provided internally or externally.
  • Respond to internal requests related to the allocation & budgeting. 
• Surety Bond Program Management
  • Lead all aspects of automating the end-to-end Surety Bond request process driving efficiencies in partnership with internal partners, external brokers, and other subject matter experts.
  • Track surety bond issuance activity and identify opportunities to close bond obligations, ensuring billing is properly administered. 
  • Assist the Sr. Manager, Insurance (or Director, Insurance) in all ad-hoc tasks related to the Surety Bond Program management.
• Special Projects and Other Tasks: Assist and/or lead special projects as needed such as:
  • Creating and leading the implementation of process improvements for the insurance function
  • Providing key feedback and new ideas related to the overall risk and insurance management of American Water
  • Assisting in the claims management function.

Knowledge/Skills

• Excellent written & verbal communication skills.
• Excellent presentation skills
• Structured problem-solving approach with demonstrated aptitude for analytical and conceptual problem-solving.
• Ability to work collaboratively with people at all levels in an organization.
• Understanding of Property, Casualty, and Financial Lines of insurance.
• Knowledge of insurance markets and industry trends.
• Familiarity with internal regulatory compliance (e.g., Sarbanes-Oxley, Internal Audit).
• Familiarity with external regulatory compliance (e.g., Contractual compliance)
• Experience with contract reviews, insurance certificate management, and data analysis.

Experience/Education

• Bachelor’s degree in Risk Management and Insurance, Finance, Analytics, or similar areas.
• Master’s degree in a relevant field is advantageous.
• 3-7 or more years in insurance company, broker, or corporate risk transfer function
• Experience with underwriting or similar corporate functions within the insurance industry or in a similar industry.
• Proficiency with Microsoft products and knowledge of eCARMA and RISKTRAC or other analytical claims software.
• Broad understanding of insurance policy coverages, terms, conditions and exclusions.
• Knowledge of and experience with water utility and related services business risks is preferred but not required.
• Knowledge of federal, state and local laws, regulations and tariffs applicable to utilities.

Travel Requirements

• Up to 10% - nationwide.

Other

• Chartered Property Casualty Underwriter (CPCU) or similar designation.
• Associate in Risk Management (ARM) or similar certification.

Work Environment

• Hybrid (HQ - Camden, NJ)

Scope and Key Interfaces

• The right candidate will have the internal drive to learn and grow their career in risk management and insurance.
• Multiple internal and external stakeholder and department leads including but not limited to Director of HR Services, Benefits/LOA/Payroll Managers and Supervisors, HR Business Partners, Supply Chain, IT, Security, State Operations Managers and Supervisors, Insurance Company Claims Examiners and Adjusters, Internal Corporate and External Defense Counsel, Health & Safety or Operational Risk Management, and Finance/Accounting/Treasury Teams & Leadership.

Competencies