Reinsurance Quality Assurance, Associate

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Date: Jun 16, 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.

 

 

POSITION RESPONSIBILITIES

 

Position Summary:

New York Life’s Reinsurance Team is responsible for leading the efforts to assess and acquire reinsurance (insurance purchased by New York Life to cover risks on policies that we issue)   The team’s role is to support New York Life’s profitability and risk mitigation objectives, while administering the portfolio of reinsurance agreements on an ongoing basis. New York Life has over 300 reinsurance agreements in place, which provide $220B of reinsurance coverage on over 1 million policies. 

The Reinsurance Quality Assurance Associate role supports the Reinsurance Operations area in ensuring the accuracy of the administration of reinsurance treaties for Individual Life Insurance policies.  This involves finding, evaluating, and resolving issues that arise on policies. It also involves performing quality assurance reviews to identify trends and root causes of issues and working with management to devise and implement corrective actions. 

 

Major Responsibilities:

  • Assist in identifying, evaluating and resolving issues related to the processing of reinsurance on individual life insurance policies.
  • Perform quality assurance reviews to ensure that policies are properly reinsured and being administered in compliance with treaty parameters; involves the application of both quantitative and qualitative skills.
  • Comparison of data from external sources to reinsurance systems to identify and report variances for ultimate resolution.  
  • Involved in the verification of new reinsurance agreements and amendments in the reinsurance administration system, including the verification of reinsurance rates.
  • Responsible for the monthly review of cases identified as anomalies to ensure that they’re properly reinsured.
  • Involved in researching issues and trends identified during external and internal audits and working with management to determine root causes and corrective actions.
  • Communicate with internal and external customers regarding inquiries and audit issues.

 

Qualifications

 

Indicate the preferred level of formal/academic education for this position: Bachelor’s Degree

 

Areas of Study (if applicable): Finance, Accounting, Computer Science or Equivalent Experience

 

Indicate the minimum level of experience needed in order to accomplish the job objectives: Entry Level

 

List specific technical knowledge, skills, certifications, or licenses required for this position:

  • Excellent Excel, Access, Word, PowerPoint skills
  • Knowledge of SQL a plus
  • Strong analytic skills and attention to detail
  • Continuous improvement mindset
  • Good verbal and written communication skills
  • Critical thinker with ability to discern trends and patterns
  • Ability to quickly learn new systems, procedures and processes
  • Work with limited supervision

 

 

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: 86631

 

 

 


Nearest Major Market: Manhattan
Nearest Secondary Market: New York City

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