Want to be part of a company that is seeking to partner with insurance startups who are disrupting the industry and changing the way consumers experience insurance?
If this sounds familiar, Munich Re Digital Partners (MRDP) might be the perfect fit for you!
Digital Partners (DP) was established at a time when digitalization is beginning to change the face of the insurance industry. DP partners with disruptors who are changing the way insurance is experienced by customers. DP's clients are digital insurance start-ups. These are creative technology companies, but not necessarily equipped with a profound knowledge of insurance. They are making use of new technology and a better understanding of consumer expectations to increase efficiency in the insurance industry.
This position ensures that all aspects of the "end-to-end" Insurance Value Chain required of a fully licensed/admitted insurance carrier in all 50 States is documented for accountability/ownership or this position drives and supports compliance by directing and managing all aspects of business processes and oversights related to compliance, risk analysis, and control development within the Value Chain and reporting protocols. Or works with the InsurTech/Program Administrator on the evaluation of the "end-to-end" Insurance Value Chain to provide expertise in the design, administration, and execution of risk-based compliance monitoring and testing for the purpose of validating adherence to applicable laws, regulations, and corporate policies in conjunction with the Corporate Compliance Department. Works with the Compliance Department on audit coordination and corrective actions within the Value Chain and work with InsurTechs on compliance as related to the insurance carrier or works directly with Accounting/Finance and Product Management on the "end-to-end" Insurance Value Chain to manage the customer journey and partner profitability.
Responsibilities include:Monitor and report the effectiveness of established processes and controls for risk awareness; recommend enhancements or develop new controls to provide appropriate risk management and drive compliance or ensure InsurTech/Program Administrator provides required ownership and operational accountability for compliance, (1st line of defense), within their operating environment.
Works with Project Management to implement process/control change(s) within the Insurance Value Chain both internally and externally as required to ensure insurance carrier compliance or collaborate with other team members and InsurTech/Program Administrator to develop and assign roles, responsibilities, and accountability for monitoring risk mitigating controls within their operating environment.
Coordinate with compliance and finance on internal audits, external partner reviews, market conduct examinations, regulatory inquiries, compliance management, etc or collaborate with other team members and InsurTech/Program Administrator to coordinate, establish, and implement appropriate activities to monitor, evaluate and recommend modifications to improve existing risk mitigation controls, workflows, and customer journeys.
Collaborate with all owners of the Insurance Value Chain in the development and maintenance of operational guidelines for direction and reliance for both internal and external audiences or collaborate with other team members to design and implement specific risk and compliance quality assurance testing to identify and remediate issues with Corporate Compliance.
Active participation and coordination through a defined due diligence/onboarding process with proposed new InsurTechs and/or products related to the insurance carrier or coordinate semi-annual review of InsurTech/Program Administrator with 3rd party vendor.
Coordinate with Product Management, Claims, and Finance in loss analysis including compilation, formatting, and trend analysis that will ultimately support insurance company operations and profitability or coordinate and manage documentation of InsurTech's compliance procedures and process workflows.
Participate in evaluation/Due diligence of new opportunities to assess insurance readiness of the InsurTech's operations and their ability to monitor and manage risk within a compliant environment using a questionnaire.Ability to travel periodically
American Modern Insurance Group