The Insurance Director will have responsibility for identifying, analyzing, measuring and managing Royal Caribbean Cruises Limited's (RCL) insurable risks. To carry-out this responsibility, the individual will need to implement risk management solutions consisting of insurance coverage, risk retention and other risk management solutions to optimize RCL's total cost of risk (TCOR). The Director would serve as the primary contact and take on a leadership role in supporting the V.P. of Risk Management with all insurance program negotiations, including RCL's relationships with outside brokers and other integral service providers. This role will also be responsible for the preparation of reports and presentations to update/inform the V.P., department, and other company personnel / executives on the status of the insurance program and other risk management activities. This position has a significant financial impact on the Company due to the materiality of the insurance premium managed.
Analyzes global risk exposures and implements risk mitigation strategies to optimize RCL's TCOR, both for existing risks and ones introduced due to the acquisition of assets or other transactions.
Plays a key role in supporting the department V.P. with the analysis, negotiation and procurement of significant insurance coverages and the selection / management of insurance brokers, underwriters and other 3rd party insurance professionals worldwide. In certain cases, may independently manage the negotiation and procurement of insurance.
Serves as the primary relationship / contact person for all broker(s), underwriters, claim handlers and other insurance related personnel. This responsibility includes keeping the relevant individuals informed of Company information and playing a lead active role in crisis management and other critical event situations.
Gathers all the requisite underwriting information from internal sources (e.g. Accounting, Commercial, Legal, etc].
Manages the day-to-day operation of all corporate insurance programs including hull & machinery, protection and indemnity, off vessel liability, war risk, surety (in certain cases), liability, directors and officers, property and casualty, crime, workers compensation, etc.
Manages other insurance-related functions including approval and processing of insurance premium invoices for payment, claim handling/processing, policy audits, due diligence reviews, etc.
Reviews and proposed language/terms for contracts, agreements, bids, proposed transactions, special coverage requests, and other company arrangements for necessary indemnification, insurance requirements, and other related risk management objectives.
Provides feedback on insurance certificates provided from suppliers, entertainers, tour operators and other third parties to ensure compliance with contractual and/or other requirements / risk management objectives.
Prepares Board of Director level presentations summarizing the corporate insurance program's structure and strategy and other adhoc requests as necessary.
Provides input for, and reviews, corporate insurance plan budgets and forecasts, and explanations for variances thereto.
Evaluates coverage needs for new corporate acquisitions of property or operations.
Qualifications
Requirements
Seven (7) to ten (10) years of corporate risk management, insurance brokerage, or insurance company experience required
Bachelor's degree in finance, accounting or other related insurance field required. Master's degree preferred.
Significant experience with implementing, overseeing and managing large corporate insurance programs
In-depth knowledge and technical understanding of various insurance coverages and markets, maritime background preferred
Strong leadership, organizational, time-management, communication, presentation, and analytical skills
Existing relationships in the insurance industry
ARM, CPCU or other relevant industry designation preferred
Superior critical thinking, problem solving and analytical skills (both quantitative and qualitative).
Highly proactive in seeking out and reviewing data in order to make informed decisions to achieve business goals. Ability to influence without direct control of resources.
Demonstrated ability to conduct cost / value analysis, track key performance indicators and realize the intended benefits of major risk management initiatives.
Strong written and oral communication and presentations skills, including experience with composing executive communications.
Advanced interpersonal skills, strength in communicating in a multicultural environment with all levels of employees, management and executives.
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