Underwriting Fraud Prevention Analyst

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Job title: Fraud Prevention Analyst

Job Location: Remote

Closing Date: July 12th 2024

Who we are:

The Commonwell Mutual Insurance Group is not just another insurance company; we are a P&C Mutual company with solid grass roots within our community. We’re proud to be a leader within the P&C industry offering a Mutual experience rich with history, opportunity and exceptional customer service. We are committed to profitable growth, team development, ingenuity, build on strong connections in our remote first work environment. We encourage a work-life balance and we are serious about what we do.

Our promise to you:

Here at The Commonwell, we are all about Protecting Individuals, Together! Our vision is to continue to build an environment that develops and attracts the very best by empowering everyone to foster a workplace where everyone can perform at their very best, be their authentic self and bring their whole self to work.

The Opportunity:

The purpose of this position is to identify and analyze common policy data elements that contribute or lead to an increased risk of fraud exposure to CMIG. Working as an individual contributor the incumbent will seek to learn and apply working knowledge of the industry to this role and work collaboratively with various business units with a common goal to detect, prevent and investigate undesirable risk and possible fraud within the organization. The incumbent in this role will work with the Senior Fraud Analyst to support Underwriting leadership in fraud detection and prevention within processes involving policy data and actively participate in proposing action plans to improve the overall quality of CMIG’s portfolio.

Who you are:

  • Support where required, the technical development within the operations team through information sharing and training
  • Active working relationships with all other cross functional units of the organization
  • Working knowledge of industry contacts including, but not limited to, other Ontario farm mutuals to support competitive intelligence
  • Effective communication skills at an individual and group level, with the ability to motivate and empower peers
  • Ability to support discussions and share investigative findings with internal staff
  • Excels at working under pressure and multi-tasking
  • Consistently meets or exceeds expectations on process turnaround for tasks and responsibilities
  • Supports Portfolio Management & Optimization teams, participating and contributing where necessary, in the review of existing and proposed product and process changes

How you will create an impact:

  • Handle requests for ad hoc data extracts from leadership for the purpose of identifying areas that have fraud/risk potential
  • Analyze findings, summarize trends, and recommend best approach on suitable action plans to improve data quality and incorporate into a formalized approach for future state fraud model
  • Conduct individual review on policies that experience large loss claims or unusual claims identifiers, provide summary to leadership, to support root cause action plan to mitigate any fraud related elements
  • Working with weekly/monthly mechanized fraud detection tools, work highly probable risk/fraud indicators to proactively minimize the risk to CMIG through advance Underwriting overview and actions
  • Work collaboratively with Portfolio Management on identifying common fraud indicators on individual policies as well as assess data on a portfolio level to propose solutions to monitor the health of CMIG’s book of business and work to reduce unprofitable business being bound
  • Investigate broker quote and bind process (ie. New business and policy change) for frequency of modification of the data elements
  • Actively query brokers on undesirable findings, actions next steps and logs outcomes in broker quality audit investigation case management system
  • Educate CMIG Fraud/Risk findings through continuous awareness training
  • Work with Optimization team when the need arises to document process improvements and communicate changes back to the business
  • Participate in sharing the findings in team showcases and huddles to build foundational fraud awareness across underwriting

What you will bring:

  • Completion of Post-Secondary Education
  • 3-5 years’ experience within Personal Lines Underwriting
  • Great organizational skills and ability to multi-task is required
  • Thorough attention to detail is a must to ensure accuracy of data review
  • Ability to perform moderate mathematical calculations is required
  • Effective communication skills: verbal, non-verbal and written
  • Sound morals, ethic and confidentiality with ability to develop trusting and effective working relationships with peers, employees and business partners
  • Strong computer literacy, proficiency in all Microsoft Office programs and Internet navigation

Perks of being a Commonwell Crew Member:

  • Remote work environment
  • Flexible Work arrangements
  • Competitive Compensation Package
  • Parental Leave Top-up
  • Training and Development Opportunities
  • Pension and savings programs
  • Paid volunteer days
  • Wellness and Recognition programs/Platforms

JOIN THE #Commonwell Crew! We saved you a spot!