Corporate Vice President (PF5) - Financial Underwriter (Special Risk/BTA)

Location Designation: Fully Remote 

 

 

When you join New York Life, you’re joining a company that values career development, collaboration, innovation, and inclusiveness. We want employees to feel proud about being part of a company that is committed to doing the right thing. You’ll have the opportunity to grow your career while developing personally and professionally through various resources and programs. New York Life is a relationship-based company and appreciates how both virtual and in-person interactions support our culture.

 

 

New York Life's Group Membership Association Division (GMAD) seeks an experienced underwriter to join the Financial Underwriting Team (FUW) and help launch a new business within GMAD. This position will be primarily accountable for underwriting Special Risk policies including participant, volunteer, and occupational accident as well as Business Travel Accident (BTA). The position requires extensive knowledge of Special Risk / BTA coverages, pricing & tabular rating. This individual will work closely with other departments to maximize growth, maintain profit targets, while remaining competitive in the Special Risk / BTA marketplace. This individual will also interact directly with Special Risk / BTA brokers on new business and renewal underwriting.

 

Additionally, this individual will gain a working knowledge for underwriting group policies insuring association members. The product portfolio includes Annual Renewable Term Life, 10/20 Year Level Term Life, Accidental Death & Dismemberment, Long & Short-Term Disability, and other ancillary lines. Although focused on Special Risk / BTA, this underwriter may need to help support these lines of coverage at times.

 

The position requires the ability to utilize internal & external reports to analyze claims data, mortality & morbidity trends, demographics, and tabular rating, all in an effort to make sound pricing and renewal recommendations that contribute to GMAD profit & growth goals. This individual will debrief their manager and GMAD senior management regarding findings & analysis to gain consensus on recommended actions. As Special Risk / BTA are new lines for GMAD, producing and presenting results to senior management takes on added importance.

 

Primary Job Responsibilities:

 

• Working with account management, distribution, and brokers on prospecting efforts to build a Special Risk/BTA portfolio in GMAD, through both acquisition/RFPs and start-up ventures
• Respond to Special Risk / BTA RFPs. Use tools to develop rates. Calibrate rates relative to competitor bids
• Develop underwriting guidelines for MGAs writing Special Risk & BTA on our behalf.  Support MGA underwriting implementations. Update underwriting parameters based on results and trends
• Monitor the Special Risk/BTA block on a macro basis as a means to refine tabular rating and cost-of-benefit relativities while maintaining price controls
• Partner with FUW Manager, GMAD Account Managers, Brokers, TPAs, and Policyholders to negotiate & rollout agreed upon renewal actions
• Present and participate in meetings with Manager and/or Senior Management regarding ongoing case specific action plans to meet & maintain profitability & growth
• Independently gather, illustrate & analyze financial experience, demographic data and policy provisions to formulate & recommend renewal actions when appropriate
• Utilize policy year retention exhibits and related funding arrangements to assess risk and make well informed financial decisions
• Conduct statistical analysis of both internal & external population data to price products and benefit revisions
• Provide, as needed, premium verification testing relating to SOX regulations
• Research ways to improve FUW efficiency related to gathering, illustrating, and dissecting financial data on a case level and macro basis
• Ad hoc project support as needed

 

Qualifications: