Director, Risk & Insurance

Department:
EXS/13

Salary/Grade: Expected salary is between $130,000 - $145,000 per year, aligned with departmental equity and market data.

Work Authorization: Sponsorship will not be provided. Applicants must be legally authorized to work in the United States without current or future sponsorship.

The Director, Risk and Insurance manages Northwestern's insurance and risk finance programs, a complex operation involving commercial, captive and self-insurance mechanisms. The Director will manage primary day-to-day insurance and risk finance needs, strategically manage the risk finance programs, and manage the daily operations of Northwestern's captive insurance company, including assessing appropriateness of coverage for reported incidents and other matters. The Director will also lead broader risk management efforts, serving as a consultant to campus partners, reviewing contract terms, claims management and certain budget and financial needs, and will collaborate with key stakeholders (e.g., Environmental Health and Safety, Facilities Management, etc.)

to identify opportunities for loss prevention.

• Ensures accurate financial transactions associated with insurance program.
• Assists in developing budgets and ongoing financial management of insurance programs.
• Reviews & reconciles actual expenses to budget in an audit-ready manner.

• Create a highly performing insurance program.
• Support the insurance renewal process, including sourcing of information, completion of applications and submittal to insurance brokers in advance of departmental timeline. Ensures accuracy of data and information provided to insurance markets and implements qualitative/subjective insight into renewal submissions to improve University’s position.
• Determine list of requested coverage enhancements by reviewing policies and identifying uninsured risk areas or conflicting policy wording.
• Ensures timely quotes are received from brokers.
• Reviews insurance quotes against expiring programs and makes recommendations based on findings and understanding of University risks.
• Ensure insurance policies are received in a timely manner. Review the policies for accuracy and follow-up with brokers for corrections as needed.
• Log policies in department's RMIS.
• Works with campus partners to identify and develop special risk finance solutions as needed, such as construction insurance, TULIP programs, etc.

• Acts as the Secretary/Assistant Secretary for the University's captive insurance company.
• Manage outside vendors and consultants.
• Ensures annual captive calendar is kept updated and that all dates are met.
• Oversees the annual financial audit processes, providing relevant documentation to the auditors as requested.
• Oversee the State of Illinois audit process.
• Coordinate and attend all captive board meetings, taking minutes.

• Oversee claims staff to ensure that claims are being managed appropriately and efficiently.
• Ensure partnership with Office of General Counsel is sound.
• Work with campus partners to identify mechanisms for timely notice of claims to department.
• Ensure all claims are reported to correct insurance carriers in a timely manner. Ensure receipt of claim by carrier. Review reservation of rights letters for coverage issues and identify errors or opportunities for improved positions. Regularly communicate with claims examiners to ensure University’s position on all claims is as strong as it can be.
• Be “on call” and available for emergency response at all times.

• Review contracts and agreements for appropriate risk allocation and insurance terms.
• Provide risk assessment and consulting services to campus partners.
• Identify improved processes and technology solutions where possible.
• Assist with certificates of insurance or other insurance support services as needed.
• Partner with Environmental Health and Safety functions as needed.

• Manage department staff and develop future leaders within the office.
• Uses sound judgement to make decisions and acts independently in most facets of the job, showing…