Job Number: 11265
Group: Magna Corporate
Division: Magna International Corporate Office
Job Type: Permanent/Regular
At Magna, we create technology that disrupts the industry and solves big problems for consumers, our customers, and the world around us. We’re the only mobility technology company and supplier with complete expertise across the entire vehicle.
We are committed to quality and continuous improvement because our products impact millions of people every day. But we’re more than what we make. We are a group of entrepreneurial-minded people whose collective expertise gives us a competitive advantage. World Class Manufacturing is a journey and it’s our talented people who lead us on this journey.
• Manage the day to day risk management & insurance matters of global casualty lines
• Responsibilities include: Data collection, analysis, submission, alternative choices, policy reviews, applications, insurance summary development & distribution, coverage/contract reviews, cost allocation.
• Oversee and monitor Casualty claims
• Day to day interface with all divisions/stakeholders
• Work on other special insurance projects, as required
• Assist with property related matters, as required
• Review insurance documents (renewal binders, policies, endorsements, riders, etc.) to ensure accuracy, completeness and consistency with terms bound
• Monitor receipt of all insurance policies and maintaining same
• Monitor receipt of insurance premium invoices; check for accuracy and approve for payment within due dates
• Gather exposure data, analyze and compile required underwriting information; review and approve market submissions
• Collection of information and completion of various applications (umbrella, crime, special crime, D&O, fiduciary, surety, etc.)
• Address all risk management & insurance queries from divisions/groups as well as insurers, brokers and other suppliers
• Collect required information for any new locations/divisions acquired and ensuring all concerned parties are notified
• Review, interpret and approve risk/insurance language in customer contracts, vendor agreements, leases and other documents for front line and corporate stakeholders;
• Provide risk/insurance requirements; comments and/changes, if any relating to external contracts/agreements
• Quantify costs and explain potential exposures related to contract provisions to ensure optimal risk/return relationship
• Actively supervise/manage adjustment of insurance claims; work with divisions/groups to secure all supporting documentation and favorable loss settlement.
• Monitor receipt of claims funds on a timely basis and accurately recording them; ensure same are transferred to respective division
• Follow-up for outstanding documentation from insurance brokers/insurers/claim adjusters
• Prepare and review risk management & insurance cost allocations for all locations
• Assist in the process of new acquisitions of companies
• Assist in the due diligence process for acquisition / sale of divisions / groups, as required
• Assist in resolving Surety related matters
• Assist in the review and final preparation of Summaries of Insurance for all divisions worldwide
• Assist in reviewing and issuance of complicated certificates of insurance
• Actively participate in various business meetings and/or conference calls with internal and external parties
• Assist Director, Global Risk Management, when required
• Assist with responsibilities when other team members are on business trips, vacations, etc.
• Training administrative new recruits and assist in the training of other new department hires
• Other duties as required
• CRM, CIP designation or completion of several courses towards accreditation
• University degree in business, accounting or finance and/or equivalent work experience
• In depth understanding / knowledge of RM process
• Minimum 10years relevant experience in risk management, brokerage firm or general insurer.
• Exceptional communication skills; must be able to interface with all levels of internal personnel and external service providers
• Strong organizational skills
• Ability to prioritize, multi task & meet deadlines in a dynamic, fast paced environment
• A positive and professional disposition; team player orientation
• Outstanding knowledge of Microsoft Word, Excel, PowerPoint
• Attend meetings internal/external as required
• Travel is a requirement of this position.
• Able to handle / maintain confidential information
Accommodations for disabilities in relation to the job selection process are available upon request.
Candidates will be required to complete a Criminal Records Check and, if deemed necessary, a Credit Check as part of the candidate selection process.