CVP - Institutional Life Market Strategy Lead

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Date: Sep 7, 2022

Location: New York, NY, US

Company: New York Life Insurance Co

 

 

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.

 

This position involves a hybrid work schedule - working remotely: Monday & Friday / on site: Tuesday, Wednesday and Thursday.
 

 

New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico. Financial strength, integrity, and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.

New York Life is one of the most financially strong and highly capitalized insurers in the business. The Institutional Life Department (IL) offers sophisticated life insurance products in the Bank Owned Life Insurance (BOLI), Corporate Owned Life Insurance (COLI) and Corporate Sponsored markets, designed to support highly compensated executives and professionals.

 

New York Life is seeking a highly talented and driven investment product management associate to join our dynamic, high-performing team to support the investment components of IL’s COLI and BOLI products and will also include broader product management support.

 

Reporting to the Head of Market Strategy, Product Development and Compliance, this position will lead, enhance and be responsible for the continued evolution of sustainable growth strategies for the Institutional Life business as well as support both inforce and new business to grow and maintain persistent inforce business.

 

  • Responsible for the continued evolution of sustainable growth strategies for the business, working across the business to always consider the regulatory environment, technical needs to execute, and competitive environment.
    • Develop a long term strategy to stay ahead of a variety of economic conditions within the BOLI market – considering regulatory, competitive, and technical challenges
    • Develop a sustainable ICOLI growth strategy, considering distribution, product, and fund options while assessing regulatory and technical needs required to execute
    • Assess Traditional COLI sustainable growth opportunities and ensure implementation of those strategies is reasonable
    • All sustainable long term strategies should include market analysis and an evaluation across NYL for partnership opportunities
  • Maximize new business value generation from BOLI, Traditional COLI, and ICOLI by working closely with distribution partners and pricing actuaries to assess immediate needs to maintain competitiveness and place profitable business.
    • Align with IL Distribution and Pricing Actuaries to assess current competitive landscape and bid strategy options that optimize revenue and ensure alignment with stated objectives
    • Provide direction on product development and creative solutioning to client needs while balancing the long term business needs
    • Collaborate with pricing team to monitor emerging experience and refine key pricing assumptions and approaches
    • Develop a CEVUL Plus Individually Owned Policy Strategy
    • Maintain and lead the enhanced NQDC Service Model strategy to support sales opportunities
    • Maintain sales plan with IL Sales and Finance team for all product lines
    • Case Pipeline Management
      • Lead weekly case meeting discussion
      • Maintain Pipeline report
      • Coordinate, track and analyze customized CEPPVUL and BOLI case quotes
      • Market/Producer/client insights for customized case quotes to optimize pricing
  • Develop strategies to optimize earnings from Institutional Life’s $30+ billion of BOLI and Traditional COLI to support inforce persistency and identify incremental sales opportunities.
    • Monitor and analyze inforce persistency risks through advancement of Inforce data capabilities and work with the business and distribution to develop solutions – maintain a playbook and scenarios successfulness under different economic and client conditions
    • To support inforce persistency analyze and develop segmentation of business, such as broker, products, clients
    • Develop insights and go to market strategies that support the Distribution team in soliciting incremental funding from existing cases
  • Provide input BOLI Crediting Rate Strategy for both inforce and new business factoring in investment activity and competitor intel.
    • Liaise with NYL Investors and Investment Strategy teams on investment activities/portfolio management
  • Responsible for the IL Marketing Function
    • Develop and maintain collateral materials
    • Provide field support (collateral, decks, etc.) for client, broker and industry meetings
    • Own and manage public and secure websites working across NYL
  • Provide market and competitor insights for BOLI, COLI and ICOLI to inform and influence strategic direction and investment decisions.
    • Leverage brokers, IL Distribution, and industry publications to develop competitor insights and tracking of BOLI, Traditional COLI, and ICOLI including rates, products, portfolio, funds and broker relationship
    • Consolidate IBIS/LIMRA/FDIC analysis and coordinate, analyze, and report insights and data relevant to the IL business

 

Desired Qualifications

 

  • 10 years of experience in roles requiring in-depth research and analysis, leading complex cross functional initiatives
  • Understanding of life insurance business
  • Experience working in roles with research develop and strategic thought
  • Experience leading a team and developing talent
  • Excellent influencing skills
  • Excellent analytical and communication (written and oral) skills
  • Desired backgrounds include corporate strategy, product development and actuarial roles
  • Bachelor’s degree required, MBA or FSA desirable

 

This position involves a hybrid work schedule - working remotely: Monday & Friday / on site: Tuesday, Wednesday and Thursday.

 

SF:LI-KH1

#LI-HYBRID 
 

 

Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

Job Requisition ID: 87583

 

 

 


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