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Job Description Summary
The Sr. Compliance Consultant manages market regulatory activity for the Personal Insurance organization from initial notification through completion of corrective action plans. Coordinates interaction with business unit representatives, Legal, Corporate Compliance, and other areas to assure appropriate individuals are involved during the market regulatory process. Provides technical expertise and support to business units on compliance related matters and is viewed as a reliable, “value add” compliance resource. Main Personal Insurance liaison between Travelers and various regulatory bodies. Participates in the evaluation, implementation, and enforcement of internal processes, procedures, and controls. Contributes to PI’s overall compliance and maintains a compliance awareness mindset.
Primary Job Duties & Responsibilities
Contact with Regulatory Bodies:
Assist on and/or own a broad range of topics and inquiries, including, but not limited to market conduct exams, regulatory audits or investigations, data calls, consumer complaint handling, and producer licensing.
Develop and maintain relationships with external partners.
Market Regulatory Activity:
Facilitate and participate in non-financial regulatory activities, including the Market Conduct Annual Statement (MCAS), from initial notice through closure.
Research, coordinate, and analyze Travelers responses to inquiries, criticisms, and alleged violations from regulators through collaboration with internal business, compliance, and legal areas.
Review and provide evaluation of adherence to compliance requirements.
Design, monitor and negotiate corrective actions and potential penalties.
Monitor corrective action plans for timeliness and completeness. May draft filings required under state insurance laws and regulations, including those related to insurer and third-party administrator licensing.
Develop and may report relevant market regulatory activity to business clients, such as Travelers results and/or trending industry analysis.
Participate in proactive compliance measures to contribute to PI’s overall compliance (e.g. mock exams, industry research)
Maintain a compliance awareness mindset in all that you do.
Collaborate with business partners to research whether agents are properly licensed and appointed.
Assist with responding to regulatory investigations concerning allegations of producer misconduct.
Address Consumer Complaints:
Independently partner with appropriate business areas to research and respond to consumer complaints
Advise, Consult, Train on Regulatory Matters/General Compliance Issues:
Research and conduct analysis on moderate to complex regulatory issues and work with assigned business areas to provide consultation and guidance on compliance, licensing, and regulatory issues regarding the development of new and existing products, workflows, and strategies.
Help to design, execute, and/or support compliance awareness training for the business.
Assist in creating and maintaining various compliance procedures and internal protocols.
Collaborate with business partners to develop compliance solutions in response to compliance or regulatory discrepancies.
Work with business partners to identify regulatory compliance or control/workflow gaps through various proactive risk-based compliance techniques.
Market Regulatory Research and Trends:
Analyze and monitor competitor data and industry websites and may participate in industry events to identify state or subject matter trends.
Proactively assess specific compliance attributes that are the subject of regulatory criticism for competitors.
Support the development of product strategy and filings by conducting competitive analysis and research.
Maintain understanding of state and/or federal regulatory climate.
May communicate relevant market regulatory activity to influence regulatory response and business strategy.
Vendor & Third-Party Regulatory Oversight:
In collaboration with business partners, may monitor performance of regulatory vendors and third parties to ensure accuracy and adherence to regulatory requirements.
Minimum of 3 years of relevant business and/or regulatory experience required.
Ability to analyze and understand laws and regulations as required.
Experience with state jurisdictional guidelines, regulations and procedures required.
Job Specific Technical Skills & Competencies
Ability to communicate thoughts/designs/ideas in an unambiguous manner and adjust communication based on audience.
Ability to communicate with business partners clearly and concisely. Demonstrates willingness, cooperation, and concern for business issues.
Possess strong analytical skills. Ability to understand, synthesize, and convey complex data.
Ability to understand assigned business unit and business priorities.
Strong communication (both written and verbal), interpersonal skills, and ability to relate to a broad array of clients across the organization. Listens and understands what others are saying. Shares information and maintains confidentiality.
Ability to build and foster relationships with team, internal/external business, and technical partners to achieve objectives.
Excellent collaboration skills and ability to build strong working relationships.
Excellent creative problem-solving skills and ability to identify compliance-related matters.
Ability to collaborate with other technical areas to achieve project/department or division goals.
Ability to work independently and effectively with others in a team environment.
Establishes and maintains effective working relationships.
Ability to effectively manage competing priorities and multiple deadlines to provide management with accurate and timely status of information.
Thinks strategically with ability to develop new methods, processes and/or approaches to achieving objectives. Is resourceful in solving problems by identifying customer needs and taking appropriate action to meet those needs.
Strong operational and organizational skills.
Ability to pull together and understand details while remaining focused on broader goals and priorities.
Self-motivated and self-starter. Demonstrates effective and efficient decision making.
Establishes self as credible, reliable, and available both within and outside the organization.
Willingness to learn new things.
Deliver quality work products that are accurate, clear, concise, and thorough.
Strong proficiency in Microsoft Office — Word, Excel, and PowerPoint.
Knowledge of business applications/systems.
Experience with adopting and learning new computer applications.
Experience with matter management and document management programs.
Travelers offers a hybrid work location model that is designed to support flexibility.
Travelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.
If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.
Travelers reserves the right to fill this position at a level above or below the level included in this posting.
When you work at Travelers, life’s most important moments become your life’s work. That means helping families feel secure, businesses to prosper, knowing that you’ve made a difference, and feeling like you belong to something bigger. It also means being part of a team comprised of 30,000 + talented and passionate people that are evolving to meet changing needs – from customer service to data science and beyond. If that’s more than you imagined in an insurance career, it’s time to join us at Travelers.