Vice-President Strategic Field Underwriting, BMO Private Wealth

Application Deadline:

08/15/2024

Address:

1501 McGill College Avenue

Job Family Group:

Customer Solutions

Assesses the underwriting risk associated with new and existing in‐force applications for BMO Life Assurance insurance policies, including financial risk, medical risk, target market risk and other identified risks, in relation to the company's underwriting principles, directives & guidelines. Decides whether to issue the policy as requested, to modify, or to reject the policy. Outlines the terms of an acceptable policy and determines the rates or premiums.

• Provides strategic input into business decisions as a trusted advisor.
• Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.
• Acts as a subject matter expert on relevant regulations and policies.
• Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.
• Helps determine business priorities and best sequence for execution of business/group strategy.
• Conducts independent analysis and assessment to resolve strategic issues.
• Acts as the prime subject matter expert for internal/external stakeholders.
• Defines business requirements for analytics & reporting to ensure data insights inform business decision making.
• Designs and produces regular and ad-hoc reports, and dashboards.
• Breaks down strategic problems, and analyses data and information to provide insights and recommendations.
• Monitors and tracks performance, and addresses any issues.
• Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
• Leads the development of the communication strategy focusing on positively influencing or changing behaviour.
• Resolves escalated complaint and reconsideration requests.
• Implements approved continuous improvement for content and underwriting rules.
• Coordinates internal medical information bureau audits
• Acts as a subject matter expert for insurance underwriting.
• Provides expert opinion regarding application contents (including all Underwriting risk selection forms).
• Reviews non contestable claims and liaises with claims to see trends and determines if changes need to be made.
• Reviews possible rescind investigations.
• Oversees the design, development, and implementation of tools and training required to deliver business results.
• Provides underwriting expertise and support on complex cases – and working towards expertise on underwriting of all products/ distribution channels.
• Leads/participates in the design, implementation and management of core business/group processes.
• Follows the underwriting principles, directives, guidelines & manuals to assess the underwriting risk for New Business applications, Policy Changes for various product lines and distribution channels (Agency, Direct, and Group) including gathering information and reports, identifying and requesting missing information, studying various insurance proposals to determine purpose and insurability, liaising with specialists to understand risk factors, applying financial assessment for each policy.
• Identifies, submits and accepts (if applicable) facultative reinsurance.
• Calculates appropriate rating and decides whether the risk should be shared with a re-insurer and negotiates reinsurance agreements on individual cases as required.
• Decisions the insurance policy and specifies any additional conditions to be imposed based on the overall underwriting risk assessment.
• Prepares documentation and ensures that all systems are updated according to established policies and procedures.
• Maintains excellent reinsurance relationships in the discussion of individual case management and requirements.
• Reviews special underwriting requests or rating reconsiderations for MGAs and brokers and negotiates terms as required for specific business (within authority limits).
• Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders.
• Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.
• Implements changes in response to shifting trends.
• Broader work or accountabilities may be assigned as needed.

  Qualifications:

• Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
• Expert knowledge of insurance products, contracts and b