Insurance Claims Specialist

  • Job Reference: 00000067-1
  • Date Posted: 2 August 2019
  • Recruiter: FSCS
  • Location: London
  • Salary: On Application
  • Skill Set: Claims Handling
  • Job Type: Permanent
  • Work Hours: Full Time
  • Contact: admin admin
  • Email: jobs@fscs.org.uk

Job Description

We are looking for an experienced, highly energised and motivated individual to join FSCS as an Insurance Claims Specialist   The ideal candidate will be obsessed with delivering a great service for our customers which supports them throughout their journey with FSCS. 

The successful applicant will be part of the team responsible for the effective management of failed estates working with the Insolvency Practitioner, run off agents and other suppliers. This role ensures that estates are managed as effectively as possible ensuring the processes and key controls are agreed, adhered to and seek assurance on supplier performance through audit activity.

The ideal candidate will be able to provide technical advice to suppliers and other claim handling parties to ensure the correct compensation is paid to our customers. 

Candidates will only be shortlisted if they can evidence a high level of insurance claims handling experience and a wide knowledge of Insurance products.

FSCS is a long-established organisation with an enviable reputation for quality and success. We protect consumers when financial services firms fail. It’s the compensation scheme for customers of UK authorised financial services firms. Since 2001 we’ve helped millions of people and paid out billions of pounds. It’s completely free to consumers and independent of government and the financial industry.

Our Culture

At FSCS we recognise and reward people’s hard work and contribution and actively support personal and professional development.  Our people make a difference to other people’s lives and we like to recognise their impact through social events, team lunches and away days, fund raising activities and giving back events.

We are committed to ensuring that there are no barriers when applying for our roles.  All our roles are offered with flexibility in mind plus we are keen to make any reasonable adjustments to enable you to fulfil the role.  We offer all roles as either part time or full time with the added benefit of flexible working. We practice award winning diversity and inclusion and enhance both maternity and paternity leave plus recognise the wider needs of employees with disabilities and other groups such as carers and older workers.

FSCS is non-profit and independent and a great place to work if you enjoy making a difference to people’s lives.

Our Values

We put the customer at the heart of everything we do at FSCS. Our values are designed to ensure that all staff can affect the impact on our customers:

Accountable

  • We always do what we say we will do. People can trust us to deliver.
  • We put FSCS and what FSCS is trying to achieve above all else.
  • We have the humility to acknowledge when we are wrong and learn from our mistakes.

Challenge

  • We encourage constructive and appropriate challenge.
  • We are brave and honest in questioning each other and receptive to questions ourselves.
  • We strive daily to add greater value for all our customers.

Collaborative

  • We believe in our collective strength. We work better together.
  • We respect each other’s expertise and use it to achieve common goals.
  • We work as one to do what we agree is right

What the role will deliver

  • Insurance claims paid within required SLA’s
  • Accurate technical and process guidance provided to suppliers / Run off agents
  • Effective training delivered to suppliers / Run off agents
  • Effective engagement with liquidator, run off agents and brokers for new insurance defaults
  • Supplier assurance/audit reports
  • Value for money benefits delivered

 What the candidate will deliver

Firm Failure Estate Set Up

  • Agree and document key controls of Run of Agents, TPA’s etc
  • Document and manage processes of Run of Agents
  • Set Management Information plan
  • Set and manage FSCS fund processes
  • Gather and document required information to ensure all governance in place

 Live Firm Failures

  • Working with third parties including PRA, Insolvency Practitioners and run off agents to assist FSCS readiness and to deliver Insurance processes effectively, including attendance at relevant creditor committees.
  • Internal stakeholder management
    • Legal, Finance, Comms, Digital, Data Team, Insurance Strategy Manager, Head of Resolution, Contact Centre
  • External liaison point
    • Regulators, IP/ Administrators, Brokers, TPA’s – Third Party Agents, ROA’s Run Off Agents, External compensation funds
  • Collaborate with the Comms/ Digital team to develop customer information to go on digital platforms
  • Work with the data team to support to gather and compile correct data reporting
  • Work with legal on memorandum of understanding, terms of agreement with brokers and transfer of cover contracts
  • Liaise with finance on accruals and payments including ROP
  • Co-ordinate Return of Premium payments where necessary
  • Liaise with failed institutions, insolvency practitioners and other third parties enabling claims issues to be resolved effectively post declaration

 Estate Management

  • Regular meetings with relevant parties, IP reports, insights from creditor committees and finally file audits.
  • Manage and monitor progress and performance of each estate (level of incoming new claims, no. of closed claims, reserves held and movements)
  • Manage and facilitate large claims within the estate
  • Estate audit activity
    • First initial audit establish agreed controls and processes are being adhered to (set up at initial set up stage)
    • Agree audit plan for the year, including frequency and scope
    • Attend life cycles audits as set up in the plan, liaise with ROA’s to complete plan, provide list of claims to audit
    • Feedback results of audit and manage and monitor progress of recommendations
    • Document performance of estate audit results and progress
  • Approval of valid payments on insurance claims within required SLAs.
  • Correct insurance eligibility decisions made within SLA’s
  • Reference point for Insurance and FSCS protection.
  • System configuration and testing
  • Onsite support to run off agents
  • Educate run of agents and suppliers on FSCS process
  • Manage the closure of estates, ensuring any FSCS follow on activity planned and delivered
  • Provide technical support and guidance to suppliers / Run off agents
  • Deliver effective training to suppliers / Run off agents
  • Provide oversight on the proposed strategy for individual large loss claims

What you need to know

  • High level of experience in stakeholder management and monitoring performance of Third Parties/ Outsourcers with successful outcomes
  • Successful evidence of liaising with a range of stakeholders across jurisdictions and regulators within the financial sector
  • In depth knowledge of claims handling across different product lines, evidence experience of managing a personal portfolio
  • Evidence a high level of authority within claims handling experience
  • Demonstrate a thorough understanding of Policyholder Protection Rules and their
  • application to insurance contracts and claims
  • Demonstrate a strong level of awareness of current operational procedures followed by insurers in the management of insurance claims across a range of products
  • Demonstrate successful experience of planning, organising and executing a technical claims audit of third suppliers or TPA's providing feedback and managing remediation activities
  • Demonstrate knowledge of the law and practice of insurance contracts and their
  • application in resolving policy coverage issues
  • Deliver outstanding customer service to our suppliers, stakeholders and customers through interactions with them
  • Demonstrate proactive and excellent communication skills across all platforms of communication
 We have a generous benefits package offering a competitive salary, 26 days’ holiday plus Bank Holidays, contributory pension, discretionary bonus, 20 weeks fully paid maternity and paternity leave, health and dental insurance and more. We are based in the City of London in corporate offices with excellent access to major transport links.