Job Description
About Us At Selective, we don't just insure uniquely, we employ uniqueness. Selective is a midsized U.S. domestic property and casualty insurance company with a history of strong, consistent financial performance for nearly 100 years. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in Forbes Best Midsize Employers in 2024 and certification as a Great Place to Work in 2024 for the fifth consecutive year.
Employees are empowered and encouraged to Be Uniquely You by being their true, unique selves and contributing their diverse talents, experiences, and perspectives to our shared success. Together, we are a high-performing team working to serve our customers responsibly by helping to mitigate loss, keep them safe, and restore their lives and businesses after an insured loss occurs.
Overview Manages the overall functions related to internal and external premium receivables including: the status and age of all direct bill and agency billed balances, the relationships with third party collection vendors (collection agencies and collection attorneys) and minimizing bad debt write-offs. Reviews monthly past due amounts, legal fees and charge-offs against established targets and/or budgets and ensures all are tracking as expected. Develops and implements strategies for effectively resolving and writing-off receivables, including streamlining workflows and identifying automation opportunities. All job duties and responsibilities must be carried out in compliance with applicable legal and regulatory requirements.
Responsibilities - Lead and provide guidance for the Direct Bill Receivables and the Agency Bill/External Receivable teams.
- Build collaborative relationships with internal partners, particularly regional and BSU management, to ensure that timely responses, a consistent approach and the resolution of outstanding receivables are a part of all business decisions. Build and manage relationships with external collection partners (collection agencies and collection attorneys) to ensure that our portfolio is handled appropriately and recoveries are maximized.
- Review procedures and workflows for accuracy, efficiency and effectiveness. Implement improvements and recommend system enhancements.
- Negotiate or provide direction to staff for negotiating payment plans, resolving disputed amounts, or settling balances.
- Provide counsel for handling suits, judgments and bankruptcies.
- Oversee responses to complaints, particularly those from state insurance departments.
- Represent or provide representation for Selective's billing and receivables functions as they relate to disputes or court cases.
- Develop team members through coaching and by providing them with growth opportunities.
- Participate in insurance education and skill development programs.
Qualifications Knowledge and Requirements
- Management experience, including strategy development, performance appraisals, determining appropriate staffing levels and assigning job responsibilities to meet business needs.
- Complete understanding of internal and external collections, dispute resolution and payment negotiation.
- Thorough understanding of suits, judgments and the bankruptcy process.
- Leadership and mentoring.
- Decision making and problem solving.
- Excellent written and verbal communication.
- Proficient in MS Office software
Education and Experience
- Degree in Accounting, Finance, Economics or Business
- 7-10 years collection, settlement and overall receivable management experience
- 5-7 years managing a receivables unit and third-party collection firms
- 3-5 years working with the legal aspects of collections, including suits, judgments and bankruptcies.
- 1-3 years P&C insurance experience preferred.
Total Rewards Selective Insurance offers a total rewards package that includes a competitive base salary, incentive plan eligibility at all levels, and a wide array of benefits designed to help you and your family stay healthy, achieve your financial goals, and balance the demands of your work and personal life. These benefits include comprehensive health care plans, retirement savings plan with company match, discounted Employee Stock Purchase Program, tuition assistance and reimbursement programs, and paid time off plans. Additional details about our total rewards package will be provided during the recruiting process.
The actual base salary is based on geographic location, and the range is representative of salaries for this role throughout Selective's footprint. Additional considerations include relevant education, qualifications, experience, skills, performance, and business needs.
Pay Range USD $104,000.00 - USD $150,000.00 /Yr.
Additional Information Selective is an Equal Employment Opportunity employer. That means we respect and value every individual's unique opinions, beliefs, abilities, and perspectives. We are committed to promoting a welcoming culture that celebrates diverse talent, individual identity, different points of view and experiences - and empowers employees to contribute new ideas that support our continued and growing success. Building a highly engaged team is one of our core strategic imperatives, which we believe is enhanced by diversity, equity, and inclusion. We expect and encourage all employees and all of our business partners to embrace, practice, and monitor the attitudes, values, and goals of acceptance; address biases; and foster diversity of viewpoints and opinions. #J-18808-Ljbffr Selective Insurance
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