Director, Claims

📋 Description

• • Lead and oversee the comprehensive BMO Insurance Claims functions, encompassing both day-to-day operations and critical Reinsurance accountabilities, ensuring the effective and efficient assessment and delivery of claims across all BMO Life Assurance products.
• • Cultivate and maintain exceptional collaborative relationships with external Reinsurance partners, internal stakeholders across various departments, and industry peers, fostering a network of trust and mutual benefit.
• • Actively participate in the review of new product developments and procedural enhancements for both the Life and Creditor Insurance portfolios, leveraging deep industry knowledge to provide strategic input and mitigate potential risks.
• • Make independent, well-informed decisions that carry significant reputational and financial implications for the company, demonstrating a strong understanding of the insurance and reinsurance landscape.
• • Serve as a key member of the BMO Insurance leadership team, contributing significantly to the formulation and execution of the bank’s overarching insurance strategy and objectives.
• • Define, implement, and rigorously uphold the BMO Insurance Underwriting & Liability Risk Policy and the Creditor Insurance Reinsurance Policy's claims accountabilities, ensuring compliance and best practices.
• • Drive the execution of strategic initiatives for both Life and Creditor Insurance lines of business, effectively managing Claims resources to achieve ambitious business and financial goals.
• • Champion a culture of talent development by attracting, retaining, and nurturing top-performing individuals, actively supporting their career progression and professional growth within the organization.
• • Lead and inspire a high-performing team, fostering an environment of recognition and reward, providing consistent coaching, and actively supporting the development of each team member's capabilities.
• • Provide expert advisory services to senior leadership on strategic direction and the implementation of new initiatives, ensuring alignment with broader business and group strategies.
• • Proactively identify, assess, and understand key regulatory requirements and potential reputational risks pertinent to the claims business, implementing robust mitigation strategies.
• • Monitor and analyze emerging issues and industry trends within the claims and reinsurance space, translating insights into actionable recommendations for informed decision-making.
• • Oversee the design, development, and successful implementation of essential tools, systems, and training programs required to achieve optimal business results and enhance operational efficiency.
• • Manage and oversee all litigation matters related to claims for both BMO Insurance (Life and Creditor Business), ensuring legal compliance and effective resolution.
• • Represent BMO Life Assurance in industry surveys and external committees, actively contributing to the enhancement of the company's reputation and supporting the broader insurance industry's advancement.
• • Take on leadership roles in relevant sub-committees when appropriate, further solidifying BMO's position as an industry leader.
• • Manage all aspects of Reinsurance activities for both Life and Creditor claims, including the negotiation and meticulous monitoring of claims sections within treaties.
• • Collaborate effectively and participate in internal reviews to rigorously assess the performance of reinsurance partnerships and ensure strategic alignment with BMO's long-term objectives.
• • Ensure claims are adjudicated in a fair, consistent, and timely manner, upholding BMO's commitment to its policyholders and contractual obligations.
• • Develop and maintain strong working relationships with external claims management vendors and service providers, ensuring service level agreements are met and performance is optimized.
• • Drive continuous improvement initiatives within the claims department, identifying opportunities for process optimization, cost reduction, and enhanced customer satisfaction.
• • Stay abreast of legislative changes and industry best practices related to claims management and insurance regulations, ensuring the department remains compliant and competitive.
• • Foster a proactive risk management approach within the claims function, identifying potential areas of exposure and implementing controls to mitigate financial and reputational damage.
• • Contribute to the development and refinement of underwriting guidelines and claims policies to ensure consistency and accuracy in adjudication.
• • Prepare and present comprehensive reports on claims performance, financial metrics, and strategic initiatives to senior management, providing clear insights and recommendations.
• • Lead the development and implementation of robust business continuity and disaster recovery plans for the claims department, ensuring operational resilience.
• • Champion a customer-centric approach within the claims team, ensuring that policyholder needs are met with empathy, efficiency, and professionalism.