Job ID: 1007180
Date Posted: Jan 7, 2022
Department ID: TM0614 Claims - SLU
Company: Tokio Marine Management Inc.
About Tokio Marine:
Tokio Marine has been conducting business in the U.S. market for over a century and we are licensed in all states, Puerto Rico and the District of Columbia, and write all major lines of Commercial Property and Casualty Insurance. We provide unique insurance and risk management tools from our experienced staff of account executives, underwriters and loss prevention engineers and fair and timely claim settlement from a skilled team of claim professionals. We work with major brokers and leading independent insurance agents throughout the United States to serve the world's largest and most distinguished organizations.
We are committed to creating value for our customers by providing ANSHIN (safety, security and peace of mind). We strive to be creative and passionate as we work towards our long-term success.
Tokio Marine Holdings is Japan's oldest, and one of the largest property and casualty insurers. Founded in 1879, TMNF operates worldwide in 47 countries. With annual revenues of approximately $50 billion and an A.M. Best rating of A++, one of the highest in the industry, we are one of the top 20 insurance providers worldwide.
If you are passionate, energetic and thrive on new opportunities, look no further. We are seeking a Chief Litigation Specialist to join our team!
This very senior technical position will primarily handle litigated and/or complex general liability and product liability claims, including large exposure cases involving umbrella policies. The types of claims will include advertising injury, personal injury, intellectual property, business litigation, chemical explosions, mass tort litigation, impaired property, construction defects, asbestos, wrongful death, serious bodily injury, complex coverage cases, and many other types of lawsuits which may be assigned. The caseload will include claims that have occurred throughout the United States and occasionally other parts of the world. Duties include the handling of claims and directing the activities of defense attorneys and outside vendors. Knowledge of policy coverages is paramount.
Essential Job Functions:
1. Handle and resolve litigated, complex and/or high exposure claims in the Special Liability Unit, often reserved at $1,000,000 or more.
2. Analyze and handle claims involving complicated and/or complex coverage issues, including lawsuits seeking Declaratory Relief.
3. Recommend changes in policy language, when necessary. Work with underwriters and AEO's on issues concerning policy coverages, including when underwriting needs assistance with writing unique and complex policies. Participate in meetings with underwriting as the SLU claims coverage coordinator.
4.Write Denial letters or Reservation of Rights letters when appropriate. Assist and/or train co-workers on the handling of coverage claims.
5. Establish and maintain proper loss reserves, revising the reserves timely as new information is obtained. Negotiate cost-effective loss settlements.
6. Attend necessary appearances, mediations, mandatory settlement conferences, and other meetings on assigned claims.
7. Maintain control of outside vendor and attorney expenses by closely monitoring and directing cases and by limiting their scope of work, seeking to maximize cost efficiency and minimize delays in case handling. The job role will include vetting and selecting vendors and presenting findings and recommendations to the AVP.
8. Adhere to provisions of Litigation Management Program and cost containment principles. Mentor staff to enable them to properly carry out this goal.
9. Maintain compliance with the Unfair Claims Settlement Practices Act.
10. Promptly respond to correspondence and inquiries from brokers, agents, insureds, claimants, attorneys, outside vendors, TMM employees, and others. Mentor the staff on how best to achieve this goal for themselves.
11. Be familiar with, and comply with, all applicable provisions of Tokio Marine's Employee Handbook.
12. Be responsible for complying with proper internal controls as necessary to conduct job functions and/or carry out responsibilities at Company.
- College Degree Preferred
- Twenty years of experience with Liability claims. Twenty years or more handling litigation and coverage claims.
- Advanced knowledge of general liability, product liability, umbrella policy coverages.
- Advanced knowledge of tort law, legal terms, and current case law.
- Thorough knowledge of liability issues.
- Knowledge of basic reinsurance and codings related to technical matters.
- Ability to negotiate settlement of claims in timely and reasonable fashion by using structured settlement when appropriate.
- Strong oral and written communication skills.
Tokio Marine Management is an Equal Opportunity Employer. In order to remain competitive we must attract, develop, motivate, and retain the most qualified employees regardless of age, color, race, religion, gender, disability, national or ethnic origin, family circumstances, life experiences, marital status, military status, or sexual orientation.