Retailer Insurance Manager at Subaru of America, Inc. in Camden, New Jersey

Job Description:

Love. It's what makes Subaru, Subaru®. And as a leading auto brand in the US, we strive to be More Than a Car Company®. Subaru believes in being a positive force in the communities in which we live and work, not just with donations but with actions that set an example for others to follow. That's what we call our Subaru Love Promise®.

Position Summary

As the Retailer Insurance Manager, you will oversee the development, marketing, administration, and compliance of Subaru Equity Shield (SES) insurance products in collaboration with the F&I Development Manager. These products, written in partnership with insurance companies and reinsured through Pleiades (Subaru of America's captive insurance company), include GAP, Tire & Wheel, Dent & Ding, Windshield, and Key coverage. Additionally, you will ensure insurance compliance for Subaru Added Security (SAS) across all states and manage various aspects of the Retailer Reinsurance program, including financial analysis, compliance, and operational oversight.

Major Responsibilities

• Ensures insurance compliance for Subaru Added Security (SAS), which includes the following:
  
  
  • Monitors state laws, determines their effect on SAS, and accordingly secures licenses and approval on coverage changes, new forms, and rates as well as changes to existing forms. Applies state-specific regulatory considerations to include Subaru of America, Inc. (Washington) and Subaru Extended Services Company LLC (Florida).
  • Makes required changes in Certified Pre-Owned (CPO) agreements based on subject matter expertise and assessment of the industry and the regulatory environment as well as input from Sales Department, reviews agreements with outside counsel, and proofreads documents to ensure that all changes have been completed in final forms.
  • Maintains responsibility for the preparation of state filings for submission to the state and forms filings to Finance & Insurance (F&I) Sentinel (lenders' forms approval for retailers).
  • Manages Contractual Liability Insurance Policy (CLIP) and Letters of Credit.
  
  
• Manages the following aspects of Equity Shield insurance products to Subaru retailers and customers:
  
  
  • Monitors and assesses financial results of the program including commissions, incentive funds, and expenses.
  • Reviews, aggregates, and summarizes data prepared by Analyst (including sales results, underwriting results, coverages, and claims handling) and makes recommendations to F&I Development Manager to increase penetration of Subaru Equity Shield (SES) at Subaru retailer level and to increase profitability of SES.
  • Decides coverage changes and updates upon review of recommendations from vendors and outside counsel as well as own professional experience and judgment and application of Subaru's product philosophy.
  • Monitors cancellations and claims denials to ensure appropriate handling.
  
  
• Serves as project manager of the development and implementation of all F&I products sold by our retailers including non-Subaru Added Security service contracts with Safe-Guard for Subaru retailers to sell on non-Subaru vehicles. This includes serving as day-to-day (main) point of contact for stakeholders, determining schedules/timelines, ensuring that goals and milestones are met, integrating change- management activities, and implementing risk mitigation tactics.
• Manages insurance subsidiaries Subaru Insurance Agency (SIAI), Subaru of America Services, Inc. (SASI), and Subaru Extended Services Company LLC (SESC 634), including managing the state license renewals where required for SASI and working with outside counsel to keep apprised of state law changes that may affect SASI and SESC.
• Manages the following aspects of the Subaru Added Security Retailer Reinsurance program:
  
  
  • Evaluates agreements for compliance with minimum requirements and monitors and ensures completion of extensive paperwork by field staff.
  • Monitors retailers' reinsurance companies' results, terminations, and operational changes.
  • Evaluates performance by analyzing claims and sales data.
  • Analyzes retailer surplus payment requests with minimum reserve requirements to approve payment. Makes recommendation to F&I Development manager on minimum reserve requirement changes based on analysis of surplus amount and loss history.
  • Oversees and coordinates with Sales and Accounting on outstanding issues.
  
  

Additional Responsibilities

• Assists F&I Development manager with SES and SAS representation at Subaru meetings (such as National Business Conference and National Training Conference) and development of classes and presentations to support the understanding and sales of these products.
• Participates in ad hoc projects which have risk management implications involving Sales, Finance - Accounting, and IT.
• Evaluates and provides recommendations on goodwill decisions related to SES Tire & Wheel, Dent & Ding, Windshield, and Key coverages.

Required Skills & Personal Qualifications

• Bachelor's in Risk Management, Business Administration, or related business area.
• Associate in Risk Management (ARM) required (or willingness to obtain within 3 years)
• Experience with Captive Insurance or Associate in Captive Insurance (ACI) from the International Center from Captive Insurance Education (ICCIE) preferred.
• Excellent verbal and written communication skills, including presentation skills.
• Strong technical knowledge of F&I insurance contracts and coverage. Knowledge of retailer F&I sales operations preferred.
• Strong project and time management skills.
• Ability to work with minimal supervision, exercise good judgment, solve programs, think critically, multi-task, and prioritize work in a changeable environment.
• Strong negotiation and management skills.
• Ability to analyze and interpret legal documents, vehicle service agreements and insurance policies.
• Advanced computer and data analysis skills. Proficient in Microsoft Office Suite products with advanced skills in Excel.

Education/Experience Requirements: BA/BS with 8 to 10 years of relevant experience

Work Environment:

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  Required Travel: 10%
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  Hybrid Role: Remote work 2 days per week (After 90 Days Onboarding)
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  Internal Work Environment: Prolonged sitting at desk and working on computer.

Compensation: The recruiting base salary range for this full-time position is $89400 - $130,000 / year. Within the range, individual pay is determined by factors, including job-related skills, experience, and relevant education or training. (Internal Job Grade: M1) In addition to competitive salary, Subaru offers an amazing benefits package that includes:

• Medical, Dental, Vision Plans
• Pension, Profit Sharing, and 401K Match Offerings
• 15 Vacation days, 9 Company Holidays, 5 Floating Holidays, and 5 Sick days.
• Tuition Reimbursement Program
• Vehicle Discount Programs
• See our Careers landing page for additional information about our compensation and benefit programs.

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