Assistant Vice President, Insurance Contract Development
Algona, IA, USA
Pharmacists Mutual Insurance Group has an opening for AVP, Contract Development. This role is responsible for the Company's form and endorsement language. The role will optimize coverage language by reviewing, evaluating, developing, and recommending coverage language in support of Company objectives to balance the Company Mission statement and financial constraints. The role is accountable for keeping abreast of the Company's strategic goals to ensure that policy forms and endorsements are aligned with the Company's objectives. This role will act as a consultant and serve as a training resource for the Claims, Member Services, Product Development, Sales, and Underwriting Teams.
AVP, Insurance Contract Development
Makes key decisions timely and independently, using personal knowledge and discretion.
Engages with the Product Development Team and other departments to strategically recommend changes to existing insurance contract language that meet the Company's goals and objectives.
Demonstrates leadership style and motivates team to achieve a common goal by demonstrating the professional behaviors expected.
Determines strengths and growth needs of team members and provides effective feedback on development opportunities.
Essential functions may include, but are not limited to the following:
Reviews and evaluates policy forms and endorsements for all lines of business.
Develops and recommends changes to existing policy forms and endorsements (and develops language for new policy forms and endorsements) for all lines of business to;
Align coverage with Company's strategic objectives.
Minimize unintended court interpretation of coverage.
Comply with applicable laws and regulations.
Takes the lead on ensuring that existing and new form and endorsement language is modified and developed according to schedule in order to support Company's Corporate Goals and Vision.
In conjunction with internal and independent coverage form development counsel, reviews and evaluates competitor form and endorsement language to;
Ensure Company's competitive coverage advantage when appropriate.
Enumerate and document competitive coverage advantage clearly so that Member Services, Sales, and Underwriting can clearly describe Company's competitive coverage advantage to Members and prospects.
Coordinates with Product Development to ensure that changes in coverage and new coverage are priced appropriately and required policyholder disclosure statements are accurate and understandable.
Coordinates with Product Development to support filing of changes in coverage language and new coverage language with state regulators and assist in securing approval of such.
Ensures that coverage language syncs with reinsurance contract language and reinsurance partner expectations.
Serves as coverage evaluation expert for the Company.
Periodically evaluates the performance and cost of external coverage form development counsel, and recommend changes if appropriate.
Knowledge, Skills and Abilities
Thorough working knowledge of insurance contract language.
Proven successful track record of evaluating insurance contract language and recommending appropriate changes as well as developing insurance contract language from scratch.
Ability to understand Company's strategic goals and ensure that work product supports those goals.
Subject matter expert and leader for insurance contract language and coverage evaluation.
Thorough understanding of insurance operations.
Strong executive presence to be able to present analyses and recommendations in a clear and compelling manner to both technical and non-technical audiences, including executive management.
Strong analytical skills, with high degree of organization and attention to detail.
Ability to manage and improve processes.
Establish and maintain effective working relationships and communication with executive management.
Ability to work independently to make critical decisions and analyze complex issues.
Ability to interpret and apply laws, rules and regulations in consultation with Legal Counsel.
Obtain and utilize sensitive information discreetly and objectively.
Read, interpret, and input data efficiently and accurately.
Determine when to escalate concerns to executive management.
Ability to set priorities, meet deadlines and manage diverse projects simultaneously.
Exceptional oral and written presentation skills.
Utilizes computer and related software effectively.
Correct English usage, spelling, grammar, vocabulary and punctuation.
Experience and Education Qualifications
Director and Assistant Vice President
HS Diploma or equivalent and 20 years of related experience with at least 5 years in leadership; or
Associate's Degree or equivalent and 15 years of related experience with at least 3 years in leadership; and
One of the following industry related certifications: CIC or CPCU
Bachelor's Degree and 8 years of related experience with at least 2 years in leadership; OR
Master's Degree and 6 years of related experience with at least 1 year in leadership