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27 Jan 2021

Full-Time Vice President, Fraud

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. National in scope, this Canadian-owned and operated company services the insurance needs of over one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Sonnet, Petline, and Family Insurance Solutions. Economical is pursuing its final phase in their 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 Vice President, Fraud 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 Senior Vice President, Claims, the Vice President, Fraud is a key member of the Economical Insurance leadership team. In this newly created role, the Vice President, Fraud will be directly accountable for the strategic leadership of the end-to-end fraud function across the enterprise for all business lines through both the broker and direct-to-consumer (Sonnet) channels. Working collaboratively with Underwriting, Risk, Legal, Advanced Analytics, Finance and IT, the Vice President, Fraud will develop the strategy and lead the industry’s best-in-class effort to analyze, investigate and prevent all types of opportunistic fraud which impact the industry, including claims, underwriting, broker, vendor, employee, and digital/cyber fraud and among others, all types of fraud perpetrated by networks and organized crime locally and globally.

The successful Vice President, Fraud understands how insurance fraud occurs and knows how P&C companies can detect, investigate and prevent fraud by developing and executing end-to-end strategies along all sides of the insurance enterprise. With deep expertise ensuring the right fraud detection and investigation strategies and processes are in place across the enterprise, the Vice President, Fraud has a real passion for eliminating fraud in every iteration. Street smart and technologically savvy, the Vice President, Fraud uses data, predictive models and AI to detect patterns and investigate P&C insurance fraud. With depth of knowledge and experience on best-in-class knowledge on fraud prevention and detection tools and trends, the Vice President, Fraud is well versed in behavioural economics techniques to anticipate, deflect and/or prevent opportunistic fraud. Results-driven and inherently curious, the Vice President, Fraud is driven to investigate, solve, and outsmart common and emerging organized crime fraud schemes to proactively combat fraud across the enterprise.

Regarded as a fraud strategy expert and a leader with integrity and strong business, operational and financial acumen, the Vice President, Fraud will have a university degree and 15+ years’ fraud investigation/detection, data analytics and digital leadership experience within insurance, financial services, ecommerce/retail, and/or professional services. As the leader of Economical’s fraud strategy and a respected industry trailblazer in fraud control, the Vice President, Fraud will develop strong relationships to drive cross-functional efficiencies and to positively influence key relationships in the insurance industry, law enforcement and government bodies. With proven experience excelling within a dynamic environment of continuous growth and change, the Vice President, Fraud defines Economical’s fraud 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 leading P&C insurance company with zero tolerance for fraud.  

How to Apply

This is an exceptional opportunity for an accomplished fraud leader to make their mark and have a significant impact within a critical area of Economical’s business for many years to come. If you are interested in exploring this exciting Vice President, Fraud opportunity, please provide a resume and detailed cover letter connecting the dots between your relevant experience and the key competencies outlined in this Position Profile to Lisa Heidman LL.B., ICD.D, Founder and Chief Executive Officer, Arlington Partners International at lisaheidman@arlingtonpartnersinc.com. We look forward to exploring your candidacy.

Job Categories: Insurance. Job Types: Full-Time.

Job expires in 1 hour.

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