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Vice President Residual Markets Workers Compensation

Hartford, Connecticut

Who Are We?

Taking care of our customers, our communities and each other. That's the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.

Compensation Overview

The annual base salary range provided for this position is a nationwide market range and represents a broad range of salaries for this role across the country. The actual salary for this position will be determined by a number of factors, including the scope, complexity and location of the role; the skills, education, training, credentials and experience of the candidate; and other conditions of employment. As part of our comprehensive compensation and benefits program, employees are also eligible for performance-based cash incentive awards.

Salary Range

$198,500.00 - $317,700.00

Target Openings

1

What Is the Opportunity?

This position is the Business Head for the Residual Markets Division which provides workers' compensation insurance to businesses that are unable to obtain coverage in the voluntary insurance market. Travelers' Residual Markets Division (RMD) services residual market employers by providing a full array of policy services through state and private service contracts. The position develops cost effective business strategies to maximize compliance of the business it services while meeting statutory and contractual requirements of the workers' compensation residual market plans.

The preferred location for this position is Hartford, CT. Will also consider St. Paul, MN which will require frequent/regular travel to Hartford.

What Will You Do?

*Lead the Residual Markets Division (RMD) in achieving its financial goals by participating in bids for National Council on Compensation Insurance (NCCI) states and Direct Assignment business

*Collaborate with key internal and external RMD constituents to expand business opportunities through effective networking and the conveyance of the RMD vision. Develop and strengthen relationships with reinsurers, regulators, clients, as needed.

*Ensure profitability goals are met by developing and implementing a long and short-term strategic underwriting business plan that effectively provides portfolio management oversight.

*Provide RMD Business Solutions for the optimal delivery of enhancements and fixes to strategic RMD policy systems.

*Lend support to audits and compliance related RMD processes as well as to disseminating Plan Administrator requirements and specifications across the division.

*Provide investigative and fraud management services on referrals within RMD and from the voluntary markets. Serve as the enterprise's subject matter expert on workers' compensation employer fraud.

*Ensure the RMD special collections process optimizes results. This includes the management of vendor relationships and business relationships with pool administrators regarding premium collections, oversight, and management services for contested claims as well as the management of litigation referrals and expense reimbursements, where needed.

*Provide accurate and timely financial information to RMD's internal and external clients and business partners. Ensure accurate and timely posting of key financial reporting data to monthly ledger results.

*Work closely with government relations to monitor state and federal legislative activities that may affect the residual market.

*Represent and advance Travelers' corporate interests through the fulfillment of RMD initiatives and participation on Boards.

*Perform other duties as assigned 

What Will Our Ideal Candidate Have?

*College degree in related field or equivalent experience preferred.

*Typically has 10+ years of workers' compensation experience or experience in related field such as underwriting, actuarial, finance or claim.  Demonstrates an expert knowledge of workers' compensation products and strong understanding of underwriting practices as well as financial analysis. 

*Seeks out, builds, fosters, and maintains collaborative/productive relationships, networks, and alliances to meet goals and achieve results. 

*Proven ability to effectively lead an organization; coach and develop other leaders.   

*Excellent strategic thinking, analytical, and decision-making skills.

Proven abilities in strategy formation and assessment of competitive environment.  Can effectively communicate a vision, create a followership; and execute on the plan.   

*Effective communicator. Strong negotiation and influence abilities to effectively balance the needs of multiple constituencies.

*Prior experience serving on workers' compensation boards is a plus.

What is a Must Have?

  • 8 years of workers' compensation experience required.
  • 5 years of management experience required.

What Is in It for You?

  • Health Insurance: Employees and their eligible family members - including spouses, domestic partners, and children - are eligible for coverage from the first day of employment.
  • Retirement: Travelers matches your 401(k) contributions dollar-for-dollar up to your first 5% of eligible pay, subject to an annual maximum. If you have student loan debt, you can enroll in the Paying it Forward Savings Program. When you make a payment toward your student loan, Travelers will make an annual contribution into your 401(k) account. You are also eligible for a Pension Plan that is 100% funded by Travelers.
  • Paid Time Off: Start your career at Travelers with a minimum of 20 days Paid Time Off annually, plus nine paid company Holidays.
  • Wellness Program: The Travelers wellness program is comprised of tools, discounts and resources that empower you to achieve your wellness goals and caregiving needs. In addition, our mental health program provides access to free professional counseling services, health coaching and other resources to support your daily life needs.
  • Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved. Travelers has a Matching Gift and Volunteer Rewards program that enables you to give back to the charity of your choice.

Employment Practices

Travelers is an equal opportunity employer. We believe that we can deliver the very best products and services when our workforce reflects the diverse customers and communities we serve. We are committed to recruiting, retaining and developing the diverse talent of all of our employees and fostering an inclusive workplace, where we celebrate differences, promote belonging, and work together to deliver extraordinary results. 

In accordance with local law, candidates seeking employment in Colorado are not required to disclose dates of attendance at or graduation from educational institutions.


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.

To learn more about our comprehensive benefit programs please visit http://careers.travelers.com/life-at-travelers/benefits/.


About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company's diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $25 billion in 2010.