Insurance Risk Analyst

The Insurance Risk Analyst at Mortenson is primarily responsible for identifying, analyzing, and managing risks associated with the company's operations. This includes collaborating with estimating and project teams on insurance-related needs, supporting negotiations of agreements, and providing pricing and placement for various insurance products. The role involves actively engaging with legal and operational leaders to enhance risk management efforts across the business.

While an associate or bachelor’s degree is preferred, the essential qualifications for an Insurance Risk Analyst at Mortenson include a minimum of 3 years of experience in risk management or the insurance industry. Candidates should also possess strong analytical skills, proficiency in Microsoft Office Suite, and experience in contract reviews and negotiations. Detail orientation and excellent communication skills are crucial for this position.

Success as an Insurance Risk Analyst at Mortenson requires a blend of analytical, communication, and organizational skills. Key skills include the ability to identify and manage risks effectively, strong math and financial analysis capabilities, and a collaborative mindset to work well in cross-functional teams. Active listening and professional customer service skills are also essential when navigating diverse perspectives and feedback.

Insurance Risk Analysts at Mortenson enjoy a comprehensive benefits package that includes medical and dental plans, a 401k retirement plan with generous matching, paid time off, employer-paid life insurance, and mental health resources. Additionally, the company provides tuition reimbursement and a gym membership discount program, emphasizing overall employee well-being and development.

While prior experience in the construction industry is preferred for the Insurance Risk Analyst role at Mortenson, it is not strictly required. Candidates who possess a strong background in risk management or the insurance industry, combined with the relevant skills outlined in the job description, may still be considered for the position.

When approaching risk analysis, I start by gathering data related to different aspects of the company's operations. I then use analytical tools to evaluate this data systematically. I assess the likelihood and impact of risks directly related to project contracts, insurance needs, and operational performance, ensuring that I identify both current and emerging risks.

In a previous role, I identified a potential gap in insurance coverage related to subcontractor default. By analyzing our current policies and assessing project risks, I successfully negotiated an amendment that enhanced our coverage, ensuring that potential losses were significantly minimized. This proactive measure greatly benefited the company's financial stability during that project.

I employ a systematic checklist approach when reviewing RFQs and proposals to ensure all risk management provisions are addressed effectively. This involves identifying key clauses related to liability, insurance coverage, and performance guarantees. I'll also collaborate with legal teams to ensure compliance and mitigate any potential ambiguity in contracts.

When communicating risk findings to non-technical stakeholders, I focus on clarity and conciseness. I avoid jargon and present my findings using visuals, like charts or graphs, to highlight key risks clearly. I emphasize the implications of these risks on project outcomes and the necessary steps to mitigate them, ensuring stakeholders understand their importance.

I prioritize open communication and active listening to foster positive relationships with diverse teams. I encourage dialogue and solicit feedback to cultivate an inclusive environment. Additionally, I make an effort to understand team members’ backgrounds and perspectives, which allows for relatable discussions focused on common goals.

During contract negotiations, I advocate for clear and concise risk management provisions. I ensure that all parties understand the implications of the clauses included in the contract. I remain well-informed on market standards and utilize that knowledge to negotiate favorable terms that effectively mitigate risks while satisfying all parties' interests.

I have extensive experience in pricing and placement for liability insurance, which involves analyzing past performance data and industry benchmarks to determine appropriate coverage limits. I work closely with brokers to identify the best options for our company's needs while consistently evaluating risks related to specific projects.

I regularly attend industry seminars and subscribe to relevant publications to stay updated on the latest trends and best practices in risk management. Additionally, I participate in online webinars and professional networks that specifically cover insurance and risk management topics to enhance my knowledge continuously.

One challenge I faced was adjusting to regulatory changes impacting our insurance requirements. To overcome this, I proactively engaged with our legal team and compliance officers to assess the implications. I then developed a detailed action plan to revise our policies, ensuring compliance while maintaining coverage integrity.

In my experience, software tools like Excel for data modeling, risk management platforms for comprehensive reporting, and specialized analytics software have proven invaluable in risk analysis. These tools enable efficient data analysis and risk quantification, allowing me to make informed decisions and communicate my findings effectively.