Director, Insurance Risk Financial Services

Overview

Our team members are the heart of what makes us better.

 

At Hackensack Meridian Health we help our patients live better, healthier lives — and we help one another to succeed. With a culture rooted in connection and collaboration, our employees are team members. Here, competitive benefits are just the beginning. It’s also about how we support one another and how we show up for our community.

 

Together, we keep getting better - advancing our mission to transform healthcare and serve as a leader of positive change.

 

The Director, Insurance Risk Financial Services establishes, directs, and manages a system wide enterprise and insurance risk management program for Hackensack Meridian Health (HMH). Responsible for the strategic and operational leadership and management of the organization's insurance and alternative risk finance program. Establishes and implements an appropriate ERM framework including risk policies, metrics, reporting and monitoring and ensures alignment of the ERM with corporate strategy. Develops and maintains collaborative relationships within HMH to support risk identification, risk solutions and loss prevention initiatives.

 

Position will be hybrid (2-3 days) in office as well as travel to HMH sites and potential to travel to various insurance markets. 

Responsibilities

A day in the life of a Director, Insurance Risk Financial Services at Hackensack Meridian Health includes:

• Lead the development, implementation and optimization of Hackensack Meridian Health's overall property & casualty insurance and risk finance programs, including but not limited to Professional Liability/Medical Malpractice, General Liability, Automobile, Aviation, Crime, Cyber, D&O/EPLI, Environmental, Fiduciary, Property, Workers' Compensation, Umbrella/Excess, Employed Physician/Provider, Captive & self-insurance programs.
• Oversees the claims management of a complex and growing insurance portfolio and coordinate with insurers on insurance claims
• Define strategic objectives and policies to ensure effective insurance coverage for the organization and to develop risk financing budgeting
• Evaluate and measure enterprise capacity for risk assumption; recommend program structures to maximize risk retention
• Identify and evaluate financial risk exposure and manage insurable risk through traditional and non-traditional insurance and risk finance programs
• Collaborate with internal stakeholders in evaluating insurance and risk finance needs for new ventures; contracts and agreements; and other initiatives as appropriate
• Serve as Hackensack Meridian Health's senior insurance and risk finance leader. Maintain a high level of knowledge, authority and independence as the insurance subject matter expert. Represent Hackensack Meridian Health to external stakeholders including insurers, reinsurers, brokers and consultants
• Manage a self-insured workers' compensation program
• Develop and manage annual Insurance and Risk Finance budget of $80M+
• Other duties and/or projects as assigned.
• Adheres to HMH Organizational competencies and standards of behavior.

Qualifications

Education, Knowledge, Skills and Abilities Required:

• 10-15 years of experience in either insurance, risk management, underwriting, insurance brokerage organization
• Experience with complex insurance programs and alternative risk finance programs, including captive insurance and self insurance programs including, hospital professional and physician professional liability
• Working understanding of State of New Jersey and Federal insurance regulations; Bermuda captive insurance company regulations

Education, Knowledge, Skills and Abilities Preferred:

• Bachelor's of Science Degree
• Experience in leading insurance and risk finance programs for a large complex organization; healthcare organization a plus

Licenses and Certifications Required:

• Risk Management (ARM) or other similar professional designation

If you feel that the above description speaks directly to your strengths and capabilities, then please apply today!   

Starting Minimum Rate

Starting at $153,732.80 Annually

Job Posting Disclosure

HMH is committed to pay equity and transparency for our team members. The posted rate of pay in this job posting is a reasonable good faith estimate of the minimum base pay for this role at the time of posting in accordance with the New Jersey Pay Transparency Act and does not reflect the full value of our market-competitive total rewards package. The starting rate of pay is provided for informational purposes only and is not a guarantee of a specific offer. Posted hourly rates may be stated as an annual salary in the offer and posted annual salaries may be stated as an hourly rate in the offer, depending on the level and nature of the job duties and credentials of the candidate. The base compensation determined at the time of the offer may be different than the posted rate of pay based on a number of non-discriminatory factors, including but not limited to: Labor Market Data: Compensation is benchmarked against market data to ensure competitiveness. Experience: Years of relevant work experience. Education and Certifications: Level of education attained, including specialized certifications, credentials, completed apprenticeship programs or advanced training. Skills: Demonstrated proficiency in relevant skills and competencies. Geographic Location: Cost of living and market rates for the specific location. Internal Equity: Compensation is determined in a manner consistent with compensation ranges for similar roles within the organization. Budget and Grant Funding: Departmental budgets and any grant funding associated with the job position may impact the pay that can be offered. Some jobs may also be eligible for performance-based incentives, bonuses, or commissions not reflected in the starting rate. Certain positions may also be eligible for shift differentials for work performed on evening, night, or weekend shifts. In addition to our compensation for full-time and part-time (20+ hours/week) job positions, HMH offers a comprehensive benefits package, including health, dental, vision, paid leave, tuition reimbursement, and retirement benefits.