Job Description

At Medtronic you can begin a life-long career of exploration and innovation, while helping champion healthcare access and equity for all. You’ll lead with purpose, breaking down barriers to innovation in a more connected, compassionate world.

A Day in the Life

The Principal Insurance and Claims Management role is a newly created expert and highly specialized position under Medtronic Diabetes Risk Management, reporting directly to the Sr. Director, Insurance and Risk Management.

This position plays a key role in the Insurance Program placement to ensure Medtronic Diabetes has the most fitting protection at the most appropriate cost.

Amongst its key responsibilities, this is a global role what works cross-functionally and cross-geographies with key stakeholders at all levels to gather information for insurance placement, facilitates claims resolution between internal and external stakeholders, provides transparency and visibility of insurance premiums, coverages and guidance for budgeting purposes, and works with key business partners to strengthen our risk management capabilities.

This position is an exciting opportunity to work with Medtronic's Diabetes business. Medtronic has announced its intention to separate the Diabetes division to promote future growth and innovation within the business and reallocate investments and resources across Medtronic, subject to applicable information and consultation requirements. This separation provides our team with a bold opportunity to unleash our potential, enabling us to operate with greater speed and agility. As a separate entity, we anticipate leveraging increased investments to drive meaningful innovation and enhance our impact on patient care.

This role requires you to work on-site at our Northridge, CA or Minneapolis, MN office at least 3 days per week.

Responsibilities may include the following and other duties may be assigned.

Insurance Placement (40%)

Provides input and reviews Broker’s strategy for accuracy during the renewal negotiations

Coordinates internal data requests of pre-binding information by market/function in preparation to renewals (e.g., data collection and review for accuracy, compilation of underwriting and data exposure) in accordance with Insurer’s request; influences data collection timeline internally (key stakeholders) and externally (brokers)

Contributes with recommendations on renewals (e.g., risk tolerance, premiums x coverage relationship, fees, etc.) to the Sr. Director, Insurance and Risk Management

Reviews of insurance policies and endorsements for accuracy

Claims Management and Certificate of Insurance (COIs) (30%)

Key point of contact for claims from triage to resolution; assists with claims settlement between key internal stakeholders and external partners (brokers and/or insurers).  Notifies Sr. Director, Insurance and Risk Management to determine next steps for damages that might influence business sustainability / could impact the business or function’s ability to meet its strategic plan objectives

Manages requests for issuance and revision of COIs; coordinates COIs renewal process for internal distribution; and auto identification cards process

Supports claims management including worker’s compensation and auto insurance claims

Insurance Budget, Premiums Allocations, and Invoicing (25%)

Provides insurance budget guidance to Finance according to trends provide by the Brokers/Insurers

Coordinates premium allocation across different legal entities

Reviews premium invoices and coordinates payments; troubleshoot reconciliations if needed

Risk Management (15%)

Monitors of loss control program compliance and acts as key point of contact between the business and key insurers in case of visits and audits

Documents key risk management processes, insurance manuals, builds presentations to educate key stakeholders about Medtronic Diabetes Risk Management; assists with the Insurance Program Strategy Playbook and the Risk Management SharePoint site

Supports Sr. Director, Insurance and Risk Management in performing insurance due diligence reviews for mergers/acquisitions and new business, and potential Requests For Proposals (RFPs), if needed

REQUIRED QUALIFICATIONS

Bachelor’s Degree in Insurance, Business, or Engineering and 7 years of relevant risk management and insurance experience with emphasis on managing global risk exposures

Or, advanced degree and 5 years of relevant risk management and insurance experience with emphasis on managing global risk exposures

PREFERRED QUALIFICATIONS

Master’s Degree with specialization in Risk Management, Insurance, or Finance

Professional insurance designations or equivalent experience

Professional and management liability, and property and casualty insurance experience

Expertise in professional and management liability, and property and casualty insurance, particularly within the MedTech field

Proficient in Microsoft 365 packages (Excel, PowerPoint, Word, SharePoint, Teams)

SOFT SKILLS

Ability to work independently and influence without ranks

Analytical and detailed oriented

Process driven with a disciplined approach towards deliverables and timeline

Ability to work across multiple time zones and cultures

#LI-MDT