CVP, GBS Underwriting Technical UW Consultant - National

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Posting Date: Feb 8, 2024

Location: Philadelphia, PA, US

Company: New York Life Insurance Co

Location Designation: Hybrid 

 

 

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.

 

GBS

 

 

The Group Benefit Solutions Underwriting organization partners with Sales, Client Management, Pricing, Risk Management, and other business partners to evaluate and manage risk.  We are responsible for analyzing employer group characteristics and plan designs to determine the appropriate rates for Life, Accident, Disability and Absence products.  One of our key priorities is to manage the growth and profitability of our portfolio, through new business sales and the persistency and margin improvement of our inforce book of business.  Our team also includes the Medical Underwriting organization that evaluates the risk of individual applications for Life and Disability coverage, as well as our UW Operations organization that helps to drive efficiency and productivity in our process.
 

This is a key individual contributor role in the National Underwriting Team accountable for providing technical coaching, subject matter expertise, and guidance to a region’s staff. It will also play an important part in the region’s portfolio/process management and financial reporting activities partnering closely with UW and Distribution leadership to support market persistency, EVA and NBG goals. 

 

Candidates for this position will have an in-depth understanding of manual and experience rating models and related pricing tools; knowledge of pricing adjustments, alternative and complex funding arrangements, and available plan designs; and an ability to assess financial risk based on multiple information sources.  They will also possess the ability to coach, educate and develop other underwriters through performance of effective case reviews and risk discussions. This role also requires renewal underwriting on an assigned in-force book of large and complex client business, focused on attaining profitable growth, persistency, and earnings as well as book of business management. 

 

Core UW Role Responsibilities:

 

  • Primary responsibility will be to lead in the development and strategy execution of a region’s underwriting staff through the regular performance of technical case reviews and participation in large case strategy discussions.
  • Works closely with Market/Regional VPs to mentor and train less tenured underwriters on a region’s staff.  Help increase their understanding of risk management, underwriting, and segment & region strategy, maintaining focus on technical knowledge, competency skill development, and application of strategy. Provides constructive input on employee performance, assessment, and development plans.
  • Is the subject matter expert (along with Market/Regional VPs) and additional resource to a region’s staff members on risk-based adjustment / investment guidance, unique plan design provisions, and application of plan design change impact.
  • Influences underwriting best practice and plays an integral part in ensuring they, along with key market themes, are shared across the team. Provides input to matrix partners on product development and pricing.
  • Act as the UW technical expert on enterprise projects associated with new innovations or initiatives.
  • This role encompasses both new business and renewal underwriting for NYL Group Benefits Solutions, Accident, Long Term Disability, Short Term Disability, and Absence products and services.
  • Manages an assigned book of business including large complex clients and alternative funding arrangements, while focusing on attaining profitable growth, persistency, and earnings.
  • Perform case specific risk assessments to develop appropriate premium rates for a given risk to support the market’s growth and profitability goals.
  • Responsible for account level rate development and conducting customer negotiations with Sales on a more complex book of business.
  • Develops and monitors account earnings plans to achieve growth and profitability.
  • Develops strategic recommendations related to market competition, products, and pricing.
  • Partners with sales and brokers to deliver customer presentations and acts as financial consultant on case-specific issues.
  • Influential in a region’s P&L results.
  • Work in conjunction with Market/Regional VPs to develop function/business strategy plans and policies to address service and/or operational challenges. 
  • Helps ensure a region’s case-level decision-making, project support, and workload distribution is aligned with product/market/group strategy and goals. Assists in monitoring of region results with Market/Region VPs and sharing key insights with team.
  • Seek out challenging projects or process opportunities that benefit the entire organization. Expected to seek out and execute on these type of opportunities both inside and outside one's own team and drive meaningful change or value added contributions. 

 

Qualifications:

 

  • Bachelor's degree or equivalent work experience required
  • 8 years + of Group Life, Accident, Long Term Disability, and Short Term Disability underwriting experience preferred.
  • An expert in rating, product, and financial knowledge, including experience with complex funding and participating accounts.
  • Demonstrated business acumen with understanding of financial principles, economic trends, and marketplace forces that impact risk and pricing.
  • Demonstrated knowledge of large employer groups with multi-carrier product offerings and has awareness of the drivers of a marketing outside of group insurance specific dynamics.
  • Ability to make effective decisions based on strong knowledge of all financial and risk levels, both internal and external
  • Proficient in using informatics and analysis to recommend positons and insights to management
  • Capable of coaching, educating, and developing underwriters.
  • Demonstration of strong leadership skills; lead by example
  • Strong interpersonal and communication skills. Communicates complex ideas; persuades and negotiates effectively
  • Ability to lead discussions and deliver external presentations and analysis to a diverse client and employee base.
  • Demonstrated ability to serve as UW technical expert on enterprise projects associated with new innovations or initiatives.
  • Ability to anticipate business and/or regulatory issues and identify requirements for product process or service improvements.
  • Ability to serve as a thought leader to develop guidance and identify risk-based trends that can be shared with and used across the organization.
  • Capable of managing competing priorities and navigating through change
  • Strong time management skills, highly organized, detail oriented
  • Ability to foster strong working relationships.  Demonstrated strong ability to balance stakeholders and matrix partners

    #LI-LS1

 

 

Salary range: $100,000-$140,000 

Overtime eligible: Exempt 

Discretionary bonus eligible: Yes 

Sales bonus eligible: No 

 

Click here to learn more about our benefits. Starting salary is dependent upon several factors including previous work experience, specific industry experience, and/or skills required.

 

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: 89805

 

 

 

 

 


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