Global Risk and Insurance Manager

Manages the corporate global insurance renewal process for property, casualty and executive lines of insurance; negotiates and manages global broker contracts; ensures regulatory compliance and appropriate allocation of premium; participates in strategic risk mitigation strategies development.
Manages the corporate global insurance renewal process for all property, casualty and executive lines of insurance placements; ensures data collection is accurate and comprehensive; responsible for transparent and up-to-date communication of Cummins risk profile to insurance markets through submission and underwriter meetings; negotiates optimal coverage terms; makes recommendations for binding; responsible for timely premium collection and escalation when needed; ensures payment information is captured in RMIS and broker systems.
Monitors and coordinates global insurance broker network communications with local broker offices and regional hub support offices to support local insurance placements.
Manages cross-charges of premiums to local entities; leads communications with global Finance Controllers regarding annual corporate premium charges.
Supports on-going insurance carrier relationship management efforts and communications with worldwide insurance markets.
Leads data-driven new coverage assessment projects; develops and implements new lines of cover.
Negotiates and manages multiple global risk insurance broker contracts; manages and owns the review and maintenance of annual Statement of Work; manages and leads routine open items reviews; defines and executes broker contract governance; leads semi-annual reviews of broker contract performance.
Liaises with Regional and In-Country Risk Managers to review global broker performance and coverage issues.
Manages global insurance premium budgets and annual operating plan.
Leads merger and acquisition due diligence efforts on behalf of Risk Insurance.
Supports and participates in the development of short and long-term global risk insurance strategies for improving Cummins’ risk management profile; identifies global, strategic risk mitigation strategies and assists with the implementation of those strategies; reviews existing policies for gaps and improvement opportunities.
Active collaboration with captive manager during renewals and program changes.
Collaborates with claims team on claims trending and fronting partner performance; adjusts insurance program or policy terms as needed as a result of claims activity.
Actively participates in the risk insurance community associations; participates in facilitation and coordination of student internship mentoring and development program.
Recruits, selects, develops, manages, motivates, coaches and mentors team members; provides guidance and direction on problems and issues; delegates work assignments considering project demands, employee skills and development needs.

Skills

Ensures accountability - Holding self and others accountable to meet commitments.

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.

Manages complexity - Making sense of complex, high quantity, and sometimes contradictory information to effectively solve problems.

Decision quality - Making good and timely decisions that keep the organization moving forward.

Directs work - Providing direction, delegating, and removing obstacles to get work done.

Financial acumen - Interpreting and applying understanding of key financial indicators to make better business decisions.

Resourcefulness - Securing and deploying resources effectively and efficiently.

Insurance Renewal Management - Builds and maintains relationships with stakeholders to build long-term partnerships and support strategic risk transfer; administrates international insurance programs leveraging Control Master Programs to meet foreign placement tax compliance requirements; utilizes customary policy provisions in different lines of insurance; analyzes insurance market trends to provide updates to leadership.

New Insurance Placement - Identifies emerging risks through dialogue with business partners; assesses new insurance line using data-driven analysis to match cover to exposure; determines risk mitigation strategy; recognizes when to leverage the captive structure to obtain optimal coverage and retention levels; designs and procures insurance coverage to match the exposure while mitigating financial loss; recognizes duplication or gaps in cover while maintaining compliance with contracts and/or local regulations.

Risk Transfer Strategy - Develops risk transfer strategy and defines appropriate risk transfer structure to align with risk appetite of the business and meet Corporate/ABO financial objectives; assesses financial impact of different insurance program structures or changes determining structures that provide solutions to various stakeholders.

Insurance Acumen - Leverages insurance and claims processes including type of exposure data required to support Risk Insurance placements and mitigation efforts.

Education, Licenses, Certifications

College, university or equivalent degree required;
RIMS-CRMP preferred;
Broker license/ producer license optional

Experience

Intermediate level of work experience required

 Lead and manage the preparation andreview of all SEC reporting functions, including annual report, 10K, 10Q,earnings release, 8K, S-8 and XBRL tagging. 

• Responsible for the compilation of financialstatements, footnotes, management’s discussion and analysis and all othercomponents of the filings.

• Responsible for the preparation andcoordination of filing of all internal and external financial reporting,compliance with government and other regulators. 

• Assist with the annual proxy preparationprocess and shareholders’ reports.

• Assist in providing technical expertise andleadership to the finance organization on the treatment of accounting issues,implementation of new accounting standards and compliance with U.S. GAAP, SEC,and PCAOB regulations.

• Monitoring and research of new GAAP and SECpronouncements; evaluation of impact to the company; assisting in theimplementation of new business, accounting and financial reporting processes.

• Work with external and internal auditors onrequests for assistance.

• Assist with ad hoc projects andresponsibilities as needed.