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18 Nov 2020

Full-Time Director, Fraud/SIU

Economical Insurance – Posted by lisaheidman Toronto, Ontario, Canada

Job Description

Founded in 1871, Economical Mutual Insurance Company (“Economical”) is one of Canada’s leading property and casualty insurers, with more than $2.7 billion in annualized premium volume and approximately $6.4 billion in assets as of September 30, 2020. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of over one million customers across the country. Economical is pursuing demutualization — the process to become a public company. Demutualization is an exciting and historic opportunity for Economical as it will be the first demutualization of a P&C company in Canada.  The demutualization will also provide Economical the ability to gain access to the capital to further invest in business and innovation, acquire other companies, and strengthen the organization’s financial position for long-term success.

The Director, Fraud/SIU is an exceptional opportunity to make a critical contribution to Economical’s transformative growth plan as it pursues the path of becoming a public company. Reporting to the Vice President, Corporate Claims, the Director, Fraud/SIU (the “Director”) will have primary accountability for leading and executing the Special Investigation Unit (“SIU”) across all lines of business in Claims, and will have enterprise-wide strategic accountability working collaboratively with Underwriting, Risk, Legal, Advanced Analytics, Finance and IT. She/he will also be accountable for the Economical Claims technical claim standards, policies, procedures for the SIU and related claims for all business lines (Auto PD, Property PD, Accident Benefits, Auto BI and Casualty).

The Director will coordinate with Claims Directors in all lines of business and various other key stakeholders to implement system enhancements to optimize and standardize workflow processes and procedures. She/he will also work collaboratively with other departments and internal stakeholders to embrace and enhance fraud analytic tools and networks as conduits for information sharing to identify action plans to combat fraud. The Director will provide management, oversight and quality assurance of SIU related vendor programs and internal fraud. She/he will also provide support, leadership, direction and guidance for the design, development and implementation of procedures/processes related to claims programs, projects and strategic initiatives. As a member of the Claims senior management team, the Director will develop and maintain key relationships in the insurance industry, law enforcement and government bodies. The Director will also lead the Enterprise Fraud Committee with the various stakeholders and report to the senior leadership team of Economical.

The ideal Director, Fraud/SIU is a collaborative, results-oriented leader who demonstrates leadership, knowledge and application of the insurance industry and is acutely aware of industry best practices and use of advanced data analytics and business analysis in combating fraud. The successful candidate will have a university degree and may have pursued continuing education which may include an MBA, a Chartered Insurance Professional and/or Fellowship designation. She/he will have 8–10 years in a leadership capacity in the P&C insurance industry, with direct experience in fraud investigation/detection and data analytics, and previous experience working as a property and auto claims representative handling progressively more challenging losses including handling suspicious losses within the last five years. Exposure to the litigation claims handling process, coupled with strategic claims handling and risk assessment is desired. Multi-line exposure to AB and BI/Casualty and experience with Guidewire are assets.

The successful candidate is a strong communicator who has a track record of forming their own opinions and judgments without bias toward any interest or stakeholder. She/he has the strength and ability to ask difficult questions and has the ability to hear all sides of an issue and to make all contributors feel valued and heard. She/he consistently applies logic, sound critical thinking, well-developed strategic thinking and problem-solving skills to all issues. In an environment of continuous growth and change, she/he sets priorities, focuses on  what is important, gets buy-in and drives consensus on process, objectives and results  and contributes to ensuring that Economical is the P&C insurance company that has zero tolerance for fraud. 

How to Apply

If you are interested in further exploring this Economical Insurance Director, Fraud/SIU opportunity, please contact Lisa Heidman, Founder and Chief Executive Officer, Arlington Partners International at The detailed Position Profile highlighting the Economical Insurance Director, Fraud/SIU opportunity and desired key competencies will be provided to all candidates under consideration. We look forward to exploring your candidacy.

Job Categories: SIU. Job Types: Full-Time. Job Tags: claims, Fraud, P&C Insurance, and SIU.

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