Job Description
Heartland Fidelity Insurance Company has an opening for a Vice President and Risk Officer to manage key relationships with its regulator and rating agency, explore and develop new market opportunities for Heartland to leverage its insurance capabilities and lead the company’s Enterprise Risk Management (ERM) responsibilities. The position reports to Heartland’s Chief Operating Officer. The ideal location for the position is in Clifton, N.J., with Lawrenceville, N.J. also an option. The ideal candidate will have demonstrated knowledge and experience working for and with health insurance companies, including working with the health insurance company’s finances and operational areas. Familiarity with captive insurers (particularly Association Captives) is a plus, as is a working understanding of employee group health benefit programs, particularly pharmacy and vision.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
The successful candidate will be responsible for the following duties and responsibilities
Financial Planning and Analysis (FP&A):
- Partner with Finance department to ensure thorough analytic discipline for the development of Heartland’s annual P&L and Balance Sheet budgets and forecasts, as well as analysis of actual results throughout the year compared to the forecast for submission to our regulator and rating agency
- Work collaboratively with the Finance, Underwriting and Business Analytics departments to conduct the necessary analysis of product line performance, as well as develop and implement recommendations to achieve targeted results
- Prepare presentations on actual and projected financial trends for management and the Board of Directors, and for our regulator and rating agency as required
- Prepare Risk-Based Capital (RBC) calculation annually or as necessary to confirm Heartland’s risk-based capital remains strong. Support capital planning, solvency assessments, and stress-testing to ensure financial resilience
Enterprise Risk Management:
- Oversee company-wide ERM governance framework across Heartland and its Affiliates / Program Managers, including leadership of Heartland’s ERM Committee, with effective monitoring and reporting of risk exposures to the COO, Board Compliance Committee and Board of Directors
- Identify, measure, monitor, and mitigate enterprise risks including underwriting, credit, operational, legal/regulatory, strategic, market and reputational risks
- Evaluate emerging risks in the group employee benefits sector, as well as the insurance industry at large
- Ensure alignment of risk appetite with the company’s strategic objectives and capital management framework
- Prepare, communicate and document all required materials both internally for governance and management, as well as externally as required by our regulator and rating agency
Regulatory:
- Responsible for managing the relationship with our insurance regulator and captive manager, including preparing documents submitted to the regulator, as well as maintaining Heartland’s relationships to ensure responsiveness and compliance with all regulations
New Business Opportunity Assessment:
- Research, analyze, and prepare for Heartland senior management / ownership potential insurance business expansion strategies to be evaluated to expand our footprint of existing products and services, as well as explore and implement new products and services to diversify our portfolio of services in the insurance marketplace
Rating Agency - AM Best:
- Handle all aspects and communication pertaining to Heartland’s relationship with AM Best, including but not limited to our annual credit rating process, drafting the annual business narrative, supporting the preparation of the financial forecast, preparing PowerPoint presentation, and reviewing AM Best materials for publication, i.e., the annual Credit Report
- Update financial projection as required in coordination with Finance and Underwriting
- Respond to all follow-up information requests from AM Best
Annual Board Meetings:
- Participate and coordinate Heartland’s Annual Shareholder and Board of Directors meeting process, as well as Benecard Association’s Annual Shareholder and Membership Association meetings
Other duties:
- Other duties as assigned by management for Heartland or the Benecard family of companies
KEY SUCCESS FACTORS:
- Strong understanding of the insurance / reinsurance industry, as well as the operating model for captive insurance companies, including the ability to identify business development opportunities
- Fundamental knowledge of the group health benefits insurance marketplace, with specific focus around association captive insurance companies and how they operate and identify opportunities to expand products and services
- Pharmacy, Vision and/or other group health benefits experience and healthcare industry knowledge, including market trends and competitive landscape, with an ability to assess and consider these factors when developing strategies
- Strong communication and written skills, as well as the ability to understand the financial levers in managing Heartland’s products and services
- Good financial acumen, with an understanding of marketplace economics and awareness of margin contributions. Underwriting experience a plus
- Ability to work in a team environment with multiple internal departments (Finance, Marketing, Underwriting, Compliance) to execute on Heartland’s strategies
- Reputation of ethical and professional character
QUALIFICATIONS:
- Bachelor’s degree is required, preferably in finance, actuarial science, economics, business, or a related field. MBA or similar preferred
- Minimum of 7-10 years of increasing work experience in the insurance or healthcare industries, preferably with group health benefits experience. Group Pharmacy and Vision benefit experience a plus, as well as prior business development experience
- Work experience with captive insurance companies is desirable
- Demonstrated excellent oral and written communication skills, with the ability to present information clearly, prepare well-structured reports, and communicate persuasively and effectively across all levels internally as well as to external stakeholders
- Strong analytical and quantitative skills to communicate finance and underwriting results with the ability to work as part of cross functional teams. Proficient with all components of Microsoft Office
- Limited travel required
- Licensed insurance producer in P&C, Accident & Health, a plus
SUPERVISORY RESPONSIBILITIES: None directly, however indirect cross functional coordination
Job Tags
Work experience placement, Work at office,