Claim Counsel, Recovery Management (Hybrid) job in Naperville, IL

Description:

Compensation Overview

The annual base salary range provided for this position is a nationwide market range and represents a broad range of salaries for this role across the country. The actual salary for this position will be determined by a number of factors, including the scope, complexity and location of the role; the skills, education, training, credentials and experience of the candidate; and other conditions of employment. As part of our comprehensive compensation and benefits program, employees are also eligible for performance-based cash incentive awards.

What Is the Opportunity?

Bond & Specialty Insurance (BSI) provides management and professional liability, cyber, crime insurance, and surety bonds to or on behalf of businesses of all sizes. The BSI Claim Counsel position conducts thorough investigation, analysis, evaluation, and disposition of claims and claim litigation to achieve superior customer service and to optimize claim results. As a valued member of our team, you also will provide legal advice to our underwriting colleagues and non-attorney claim colleagues, and participate in BSI claim strategic initiatives. An Insurance Company' Recovery Management Team focuses on subrogation, salvage, and loss mitigation on Surety and Management Liability claims.

What Will You Do?

Follow operational policies to analyze, investigate, and resolve BSI claims of varying levels of severity with moderate supervision from claims management.
Prepare and present reports for management that accurately reflect loss development, potential/actual financial exposure, reserve adjustments, coverage issues, and claim and recovery strategies.
Retain, monitor, and manage outside counsel actively utilizing litigation management plans and budgets.
Communicate with underwriting on significant claim exposures.
Continue to develop the ability to identify all recovery opportunities and coordinate recovery efforts with the Recovery Management Unit and Claim management.
Travel to and attend mediations, settlement conferences, claim conferences, field office visits, trials and depositions.
Coordinate recovery efforts with Claim Professionals to identify potential sources of recovery and optimize loss mitigation opportunities.
Continue to develop the ability to identify potential sources of recovery, and to analyze, investigate, develop and refine recovery strategies, and resolve claims within authority; retain, manage and direct outside counsel and vendors to optimize outcomes and resolve recovery claims of varying levels of severity.
Research, analyze and provide recovery and loss mitigation advice to claim and underwriting colleagues on claims of varying complexity, including drafting/reviewing settlement agreements, releases, assignments, and/or other documents modifying recovery policy provisions or impacting recovery opportunities, and provide transactional support to claim and underwriting colleagues.
Obtain and maintain required licenses.
Perform other duties as assigned.

What Will Our Ideal Candidate Have?

Five or more years of relevant legal or claim handling work experience.
Demonstrated ability to effectively work through conflict and resolve issues with a professional demeanor.
Ability to make sound decisions and negotiate terms and conditions within designated authority limit.
Strong verbal and written communication skills with the ability to clearly articulate coverage determinations.
Time management skills with the ability to manage multiple priorities with an attention to detail, data and analytics.
Ability to build and maintain effective and collaborative relationships with colleagues, customers, and business partners.

What is a Must Have?

Bachelor's Degree.
Juris Doctorate Degree.
Properly licensed, registered or authorized, and in good standing, to practice law in the jurisdiction in which you will be working.
Two years of relevant legal experience.