Position Summary:
The Director of Insurance is responsible for leading the end-to-end procurement, renewal, and placement of all corporate insurance policies across a broad portfolio. This role ensures insurance coverage aligns with the organization's risk tolerance, exposure levels, and evolving business needs. The Director leads regular coverage audits, manages policy budgets and accruals, and oversees invoice processing. Additionally, this role maintains compliance with insurance regulations, manages the issuance of certificates of insurance for various stakeholders and operations, and serves as an internal subject matter expert for insurance-related matters and escalations across the enterprise.
Major Responsibilities:
Policy Procurement and Management: • Lead end-to-end procurement, renewal, and placement of property and casualty insurance policies. This responsibility includes both domestic and international programs. Responsible for ensuring coverage aligns with organizational risk tolerance and exposure levels.
Coverage Adequacy & Risk Alignment: • Lead internal and external audits in collaboration with internal stakeholders and brokers to ensure policies reflect evolving business needs, known exposures, and usage, and external landscape changes.
Compliance & Regulatory Oversight: • Maintain accurate and up-to-date insurance records, certificates, and policy schedules. Maintain awareness of insurance compliance trends and any updates that may impact policy language or placement. Responsible for customer compliance with rental and lease contract requirements.
Internal Consultation: • Act as a subject matter expert for insurance-related questions and needs across the enterprise. Responsible for escalation matrix and engage in deal escalations, as needed.
Financial Impact: • Oversee budget for insurance field-level insurance accruals. Work closely with claims, TPA, and accounting on overall insurance reserves. Responsible for monthly reporting to senior management on claims costs and trends. Identify costs/benefits of insurable vs. retained risks.
Systems: • Responsible for efficient management of department systems, ensuring system is supportive of streamlining processes and automation.
Qualifications:
• Bachelor's degree in Risk Management, Finance, Business Administration, or related disciplines required. Master's degree preferred.
• ARM and/or CPCU preferred
• Minimum 10+ years of experience in corporate insurance, risk management, or insurance brokerage.
• Minimum 5+ years of leadership experience.
• Strong experience in procuring and managing complex insurance programs across multiple lines of coverage
• Insurance expertise and knowledge - deep knowledge of commercial insurance lines
• Experience working with brokers and TPAs
• Ability to assess organizational exposures and evaluate appropriate coverage
• Familiarity with federal, state, and industry-specific insurance regulations
• Excellent negotiation skills and change management skills
• Ability to explain insurance terms and decisions clearly to non-experts
• Ability to work cross-functionally
• Ability to influence and manage various stakeholders across the enterprise
• Ability to translate enterprise risk strategy into actionable insurance decisions
• Regular, predictable, full attendance is an essential function of the job
• Willingness to travel as necessary, work the required schedule, work at the specific location required, complete Penske employment application, submit to a background investigation (to include past employment, education, and criminal history) and drug screening are required.
Physical Requirements:
• The physical and mental demands described here are representative of those that must be met by an associate to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
• The associate will be required to: read; communicate verbally and/or in written form; remember and analyze certain information; and remember and understand certain instructions or guidelines.
• While performing the duties of this job, the associate may be required to stand, walk, and sit. The associate is frequently required to use hands to touch, handle, and feel, and to reach with hands and arms. The associate must be able to occasionally lift and/or move up to 25lbs/12kg.
• Specific vision abilities required by this job include close vision, distance vision, peripheral vision, depth perception, and the ability to adjust focus.
About Penske Truck Leasing/Transportation Solutions:
Penske Truck Leasing/Transportation Solutions is a premier global transportation provider that delivers essential and innovative transportation, logistics, and technology services to help companies and people move forward. With headquarters in Reading, PA, Penske and its associates are driven by a dedication to excellence and a commitment to customer success. Visit Go Penske to learn more.
Job Category: Executive Job Family: General Administration Address: 100 Gundy Drive Primary Location: US-PA-Reading Employer: Penske Truck Leasing Co., L.P. Req ID: 2600454