Senior Manager, Insurance

Primary Role

This role is responsible for the management of American Water’s overall insurance programs, including but not limited to:

• Property and Casualty: Auto Liability, General Liability, Workers' Compensation, Property, Cyber.
• Executive Lines: Directors' & Officers' Liability, Employment Practices Liability.
• Financial Lines: Surety Bonds, Fiduciary Liability.

This position will own and lead the insurance function as a subject matter expert partnering with a variety of internal and external business areas.

This role will mature the Insurance program with these 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 Placements: Manage the development, implementation, and administration of company’s insurance programs.

• Lead annual insurance renewals including:
• Applications, underwriting submissions, and renewal presentations.
• Renewal planning reports for management.
• Negotiations with insurance carriers.
• Final renewal proposals for management approval.
• Ensure insurance appropriateness based on enterprise risk guidelines.
• Cultivate strong relationships with insurance underwriters, brokers, and all external third parties to position American Water as a “preferred risk.”
• Act as primary point of contact for the Company’s insurance brokers for all insurance-related concerns.
• Oversee all renewal applications and ensure accurate exposure data is collated & reported to all brokers & underwriters.
• Analyze marketing strategies, premium quotations, program structures and insurance policies.
• Ensures the production of accurate and reliable underwriting data, facilitating strategy meetings, evaluation and adequacy of new insurance programs.

Claims Oversight: Support and collaborate with the Claims and Risk Management/Insurance teams manage the Total Cost of Risk (TCOR).

• Provide feedback loop to the Claims team regarding large and complex claims impact to the insurance programs.
• Coordinate aspects of complex, sensitive, and non-traditional claims (i.e., Employment Practices, Cyber, Directors’ & Officer’s and others as needed).
• Provide strategic input to claims management and participate in special projects as needed.

Contractual Risk Transfer: Lead all programmatic aspects of the enterprise Contractual Risk Transfer program resulting in an efficient, transparent, and seamless/frictionless experience:

• Supplier-facing: Define, lead, and manage all aspects of standardized supplier-facing contractual risk transfer protocols based on enterprise risk guidelines.
• Customer-facing: Define, lead, and manage all aspects of standardized customer-facing contractual risk transfer protocols in compliance with internal risk-transfer protocols.
• Regulator-facing: Define, lead, and manage all aspects of standardized regulator-facing contractual risk transfer protocols to in compliance with regulatory and internal risk-transfer protocols.
• Partner with internal matrix partners (Supply Chain, Procurement, Legal, etc.) as well as external matrix partners (brokers) to effectuate an effortless and self-sufficient Contractual Risk Transfer program.
• Lead and facilitate a center of excellence for all contractual requests including standardized processes for Certificates of Insurance, Railroad Professional Liability, and other contract review inquiries.

Risk Analysis and Intelligent Insurance Purchasing: Partner with Operations Excellence, Engineering, Operations, and 7+ internal stakeholders to conduct analyses of potential loss exposures to determine appropriate type and level risks to be insured.

• Lead all analytical processes to find opportunities for cost-effective insurance purchase for previously uninsured losses.
• Conduct routine analyses of uninsured and uninsurable exposures to American Water’s balance sheet.
• Ensure Property Statement of Values (SOV). Update for acquisitions & dispositions and reporting to property insurers.

Knowledge/Skills

• Excellent written & verbal communication skills.
• Excellent verbal negotiation skills.
• Excellent presentation skills with the ability to provide “state of the company” updates to external stakeholders & executives.
• 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.
• Deep 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). 
• Experience with contract reviews, insurance certificate management, and claims handling.
• Strong understanding of loss control, risk analysis, and cost-benefits
• Familiarity with external regulatory compliance( e.g Contractual, Federal & State Regulations, Public Utility Commission requests, etc)

Experience/Education

• Bachelor’s degree in Insurance, Risk, Finance, or similar areas.
• Master’s degree in a relevant field is advantageous.
• A Juris Doctor (JD) or similar legal professional degree is advantageous and considered in lieu of experience.
• 5-8 or more years in insurance company, broker, or corporate risk transfer function with responsibility for insurance program or claims management, administration, or oversight. 
• Experience as a corporate risk manager or insurance buyer with a large, publicly traded firm 
• Experience as an insurance broker or a corporate risk transfer lead.
• Prior experience leading and managing individuals and teams including training and development of Insurance analysts.
• 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 20% - nationwide and outside the US at least 1-2 times annually.

Certificaions & Licenses

• Active State Driver's License Required with the ability to pass a motor vehicle report. 

Competencies