Job Description
The Surety Bond Claims Senior Analyst investigates, evaluates coverage, determines liability, sets reserves, and settles surety bond claims of low to moderate complexity and moderate risk. When a claim occurs, the Surety Bond Claims Senior Analyst plays a crucial role in assessing the validity of the claim and facilitating the resolution process. This role evaluates recovery potential and institutes subrogation activities. Participates as a team member handling moderately complex and higher risk surety claims under the direction of Claims Counsel. Reports all claims matters having an enterprise or corporate impact to the Chief Legal Officer for further action including any requests for legal advice to the organization.
Protects the interests of the company and ensures fair and equitable resolution of surety bond claims.
Conducts thorough investigations into surety bond claims to determine the facts and circumstances surrounding the claim.
Evaluates coverage, determines liability, sets reserves, and settles surety bond claims of low to moderate complexity and moderate risk.
May assign surety claims to independent consultants and outside counsel as necessary and monitors management of these claims to ensure their proper resolution. Negotiates the settlement of litigated claims.
Evaluates recovery potential and institutes subrogation activities as appropriate to recover losses from principals, indemnitors, or other responsible parties.
Utilizes advanced negotiation and conflict resolution skills to achieve fair and favorable outcomes for all parties involved.
Plays a key role in assessing and managing the overall risk associated with surety claims. Analyzes trends, identifies potential risks, and contributes to risk mitigation strategies.
Advises surety underwriting staff of status of pending claims with significant exposure. Attends and participates in periodic surety claim roundtable discussions and staff meetings. Additionally, provides regular updates and reports to executive management regarding the status of high-profile or significant claims.
Communicates insights and recommendations for strategic decision-making. Analyzes trends, identifies potential risks, and contributes to risk mitigation strategies.
Participates as a team member in the handling of moderately complex surety claims under the direction of Claims Counsel. Contributes by handling aspects of claims that may involve intricate legal, financial, or contractual issues.
Contributes to the development and improvement of claims processing policies and procedures. Work to streamline processes and enhance the efficiency of the claims management function.
Implements quality assurance measures to ensure that claims are processed accurately and in compliance with company policies, industry standards, and regulatory requirements.
Participates in and networks at surety industry association (e.g., SFAA, NASBP) events.
Assists with department projects and operational administration as needed.
Seeks and engages in learning opportunities with the goal of expanding surety subject matter knowledge. Assists with department projects as needed.
3+ years claims investigation operations or related experience such as project management, financial analysis, vendor management, construction management or other operations required.
Experience in Surety Claims handling preferred.
Bachelors degree or commensurate experience required.
