Job Summary:
Partners with captive administrator, actuaries and consultants to provide technical analysis and support on financial transactions and claim related matters for the captive and risk management team; supports captive financial reporting and governance activities.
Key Responsibilities:
Provides analytic support on domestic and international insurance programs including: Property, Marine, General Liability, Professional liability, Crime, Auto, Products liability, and Employers Liability. Responsible for the preparation of complex and interpretive financial analyses and reports. Coordinates captive financial aspects, including monthly financial reports, year-end financial report, investment, tax, and captive service level agreement. Monitors renewal progress and premium cessions by lines with Global Risk Managers. Performs cash management including approval of payments . Coordinates collection and review of data by line of coverage in support of actuarial loss studies for policy renewals and budget determination. Participates in regular claim review and analysis, including monthly captive insurance company reporting, quarterly large claim review with the Claims team and third-party claims administrator. Provides analysis and oversight of various large property and casualty claims; performs claim trend analysis and monitoring. Prepares and facilitates captive meetings, including the annual Board of Director meeting in Vermont, quarterly Advisory Committee meetings, and quarterly finance reviews. Manages financial transactions of acquired group captive insurance programs and run-off insurance programs; manages internal communications, tracks/ monitors third party captive administrator.
Competencies:
Captive Management - Complies with captive regulatory requirements; leverages captive structures to match parent company risk transfer appetite; manages captive operations, reporting, and governance to meet regulatory requirements; leverages statutory capital requirements in premium determination and loss ratio tolerance to preserve the captive's independent financial position; analyzes loss history to deliver loss mitigation; interprets actuarial studies to support renewal decisions.
Financial Analysis - Interprets financial data by analyzing trends, variances, opportunities and risks to provide insight to stakeholders regarding financial impact to drive business improvement; evaluates financial results against targets to communicate conclusions to all stakeholders; ensures integrity of financial data by investigating variances and determining corrective actions to resolve identified issues.
Insurance Acumen - Leverages insurance and claims processes including type of exposure data required to support Risk Insurance placements and mitigation efforts.
Action oriented - Taking on new opportunities and tough challenges with a sense of urgency, high energy, and enthusiasm.
Collaborates - Building partnerships and working collaboratively with others to meet shared objectives.
Customer focus - Building strong customer relationships and delivering customer-centric solutions.
Ensures accountability - Holding self and others accountable to meet commitments.
Manages ambiguity - Operating effectively, even when things are not certain or the way forward is not clear.
Optimizes work processes - Knowing the most effective and efficient processes to get things done, with a focus on continuous improvement.
Problem Solving - Solves problems and may mentor others on effective problem solving by using a systematic analysis process by leveraging industry standard methodologies to create problem traceability and protect the customer; determines the assignable cause; implements robust, data-based solutions; identifies the systemic root causes and ensures actions to prevent problem reoccurrence are implemented.
Project Management - Establishes and maintains the balance of scope, schedule and resources for a temporary effort (a “project”). Ensures results/impact from temporary effort are fully realized as possible.
Values differences - Recognizing the value that different perspectives and cultures bring to an organization.
Education, Licenses, Certifications:
College, university or equivalent degree required in Finance, Accounting, Treasury or Insurance related field.
Experience:
Intermediate level of relevant professional work experience in the field of study required.
Unique Core Responsibilities
Support to manage captive insurance company.
Support insurance program renewals.
Support certain claim activities.
Preferred Qualifications
3–5 years of experience in risk management, insurance, brokerage, finance, or captive management.
Professional certifications preferred (ARM, CPCU, CPA, CCI, ACI, or similar).
Project management, communication and collaboration skills are preferred.
Job Finance
Organization Cummins Inc.
Role Category On-site with Flexibility
Job Type Exempt - Experienced
ReqID 2437424
Relocation Package No
100% On-Site No
Cummins and E-Verify
At Cummins, we are an equal opportunity and affirmative action employer dedicated to diversity in the workplace. Our policy is to provide equal employment opportunities to all qualified persons without regard to race, gender, color, disability, national origin, age, religion, union affiliation, sexual orientation, veteran status, citizenship, gender identity and/or expression, or other status protected by law. Cummins validates the right to work using E-Verify and will provide the Social Security Administration (SSA) and, if necessary, the Department of Homeland Security (DHS), with information from each new employee’s Form I-9 to confirm work authorization. Visit http://EEOC.gov to know your rights on workplace discrimination.
