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Insurance Analyst (Mid/Sr. Levels) - Salt Lake City, UT - #112960 - Salt Lake City Utah
Company: PacifiCorp
Location: Salt Lake City, Utah
Posted On: 11/20/2024
Insurance Analyst (Mid/Sr. Levels) - Salt Lake City, UT - #112960
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Date: Nov 14, 2024
Location: SALT LAKE CITY, UT, US, 84116
Company: PacifiCorp
JOIN OUR TEAM!PacifiCorp is seeking customer-centric candidates to grow and sustain our commitment to a culture of customer service excellence, environmental sustainability and diversity, equity and inclusion.
General PurposeManage projects and initiatives with major risks. Identify and assess areas of potential risk to the assets, earning capacity, or success of organization. Develop, recommend and implement risk-assessment models and methodologies. Evaluate the implementation of risk reduction strategies. Plan, develop and assist in negotiations of property and casualty insurance coverage placements. ResponsibilitiesResponsibilities of the Insurance Analyst position include the following:
--- Schedule, develop and complete insurance underwriting submissions and applications.
--- Assist in providing training and direction on engineering efforts with property insurers and internal generating plant property engineers. Develop plans and strategies to achieve lower operational risk.
--- Perform research and prepare correspondence for review and approval of insurance language and indemnification provisions in contracts, leases and agreements. Conduct sound risk evaluation of construction and professional services contracts, ensuring appropriate language and compliance to warranty, industry and insurance requirements.
--- Process bond renewals, invoices and all other periodic documents. Develop, prepare and analyze financial, insurance and claim reports for senior management, department managers, brokers and state agencies.
--- Coordinate payment and tracking of PacifiCorp bond and insurance invoices.
--- Analyze certificates for company requirements and vendors' contractual insurance obligations, and develop, maintain, track and report information in the insurance certificate database on renewal, deficient and expired certificates.
--- Conduct ad-hoc risk studies and quantitative analysis as required. Develop reports summarizing analytical results. Prepare recommendations and communication to company personnel, agents, brokers and contractors.
--- Ensure all compliance aspects are known and followed. Understand and comply with all policies, codes and regulations applicable to position and organization.
--- Manage auto fleet insurance requirements. Coordinate and submit annual auto liability self-insurers reports to the states of CA, WA, OR, ID, UT and WY.
--- Submit workers compensation self-insurers rate adjustment and second injury fund reports to the states of CA, WA, OR, ID, UT and WY.
--- Respond timely and accurately to internal and external data requests regarding insurance programs and premium allocations.
--- Monitor receipt of insurance binders, policies and endorsements. Manage the safekeeping of original insurance policies.
--- Manage the relationships and serve as a liaison to external contacts, including brokers, underwriters, regulators, external legal counsel, surety companies and third-party engineering consultants.
--- Monitor annual budgets for insurance premiums and monitor of budget variances throughout the year
--- Assist with all other insurance related initiatives, projects or programs.Sr. Level ResponsibilitiesAdditional Responsibilities of the Sr. Insurance Analyst position include the following:
--- Perform underwriting loss analysis for all property and casualty insurance renewals. Assist in negotiations to ensure cost effective placement and renewal of insurance coverage.
--- Provide training and direction on engineering efforts with property insurers and internal generating plant property engineers. Develop plans and strategies to achieve lower operational risk.
--- Determine need for various instruments (bonding, letter of credit) to satisfy indemnification requirements for contracts. Create and execute indemnification instruments and manage renewal process where required.
--- Develop, prepare and analyze financial, insurance and claim reports for senior management, department managers, brokers and state agencies.
--- Develop and prepare documents to report liability claims, claim trends, projects liability and documents for audits.
--- Research current market risk policies changes and news.
--- Maintain annual budgets for insurance premiums and monitoring of budget variances throughout the year.
--- Recommend solutions to management and influence decisions in support of corporate vision and goals.
--- Provide support for the Company's captive operations, which includes but not limited to monthly, quarterly and annual reporting, ad-hoc data studies claim reserve maintenance and general captive operations. RequirementsRequirements for Insurance Analyst position include the following:
--- Bachelor's Degree in Business Administration, Finance, Accounting, or a related field
--- A minimum of three years' insurance-related experience.
--- Broad understanding of the overall business, the sources of risk and potential options for mitigation.
--- In-depth knowledge of property and liability insurance concepts and processes.
--- Strong analytical, quantitative analysis, assessment and investigation skills to determine recommendations or plans of action.
--- Demonstrated ability to develop and maintain effective relationships.
--- Ability to develop alternatives, standards or practices within defined areas but for which are ambiguous or unprecedented.
--- Ability to negotiate fair and consistent treatment to all contract parties including company and contractor.
--- Excellent written, communication, organizational and interpersonal skills, including the ability to consult and resolve sensitive internal or external customer issues.
--- Proficient with the use of personal computers including spreadsheet, database, word processing, and presentation applications.
--- Knowledge of rules, regulations, policies, procedures and practices; applicable federal, state, and local governmental laws and regulations.
--- Ability to travel.
Additional Requirements for the Sr. Insurance Analyst include the following:
--- A minimum of five years' insurance-related experience.
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