Profession insurance claims manager

Insurance claims managers lead the team of insurance claims officers to ensure they handle insurance claims properly and efficiently. They deal with more complex customer complains and assist with fraudulent cases. Insurance claims managers work with insurance brokers, agents, loss adjusters and customers.

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Personality Type

  • Enterprising / Conventional

Knowledge

  • Types of insurance

    The various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.

  • Financial management

    The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.

  • Principles of insurance

    Understand the principles of insurance, including third party liability, stock and facilities.

  • Financial statements

    The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.

  • Financial analysis

    The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.

  • Insurance law

    The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation of insurance claims and the business of insurance.

  • Corporate social responsibility

    The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.

  • Fraud detection

    The techniques used to identify fraudulous activities.

Skills

  • Liaise with managers

    Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.

  • Manage claim files

    Follow up on the progress of a claim file, keep all parties informed of the status of the file, ensure the customer receives the damages owed, treat any problems or complaints from customers, close the file and give information to an authorised person or department when there is suspicion of fraud.

  • Manage claims process

    Manage the relation with an insurer related to its obligation to receive, investigate and act on a claim filed by an insured.

  • Handle incoming insurance claims

    Manage, process and evaluate submitted requests for insurance in case a problem, which is covered under an insurance policy, occurs. The claim may or may not be approved, based on assessment of the circumstances.

  • Enforce financial policies

    Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.

  • Lead claim examiners

    Select claim examiners and assign them to cases, assist them and give them advice or information when needed.

  • Review insurance process

    Analyse all documentation related to a specific insurance case in order to ensure that the application for insurance or the claims process was handled according to guidelines and regulations, that the case will not pose significant risk to the insurer or whether claims assessment was correct, and to assess the further course of action.

  • Analyse market financial trends

    Monitor and forecast the tendencies of a financial market to move in a particular direction over time.

  • Follow company standards

    Lead and manage according to the organisation's code of conduct.

  • Prepare financial auditing reports

    Compile information on audit findings of financial statements and financial management in order to prepare reports, point out improvement possibilities, and confirm governability.

  • Plan health and safety procedures

    Set up procedures for maintaining and improving health and safety in the workplace.

  • Manage staff

    Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.

  • Strive for company growth

    Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else's. Strive with actions to increase revenues and positive cash flows.

  • Organise a damage assessment

    Organise a damage assessment by indicating an expert to identify and examine the damage, give information and instructions to experts and follow up on the experts, and write a damage report.

  • Conduct financial audits

    Evaluate and monitor the financial health, the operations and financial movements expressed in the financial statements of the company. Revise the financial records to ensure stewardship and governability.

  • Advise on financial matters

    Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.

Optional knowledge and skills

apply technical communication skills insurance market analyse claim files analyse financial performance of a company ensure cross-department cooperation recruit employees manage financial risk estimate damage create insurance policies handle customer complaints initiate claim file manage contract disputes analyse insurance risk assess customer credibility create a financial plan handle financial disputes analyse financial risk

Common job titles

  • Field claims manager
  • Claims manager
  • Manager/sr manager claims
  • Litigation manager-northern region
  • Litigation manager-southern region
  • Casualty claims unit manager ii
  • Senior global insurance risk manager
  • Insurance claims manager
  • Claims consultant - commercial casualty complex loss
  • Manager, short term disability claims