Reinsurance Claims and Administration Associate

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Date: Sep 11, 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 Summary:

New York Life’s Reinsurance Team is responsible for assessing and acquiring reinsurance (insurance purchased by New York Life to cover a portion of the 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 for over 1 million policies. 

The Reinsurance Claims and Administration role supports the Reinsurance Operations area in ensuring that reinsured policies and claim payments from reinsurers are handled timely and accurately for New York Life’s Individual Life reinsurance agreements. 

 

Major Responsibilities:

  • Identify, evaluate and resolve issues related to the processing of reinsurance on individual policies within pre-established procedures and guidelines
  • Monitor various reports to ensure issues are addressed in a timely manner and the financial implications are identified and reported
  • Responsible for calculating interest on claim payments and processing claims in the reinsurance administration system
  • Ensure reinsurers are notified/billed for claims in a timely and accurate manner and monitor receipt of claims recovered from reinsurers
  • Interact with reinsurers to provide requested explanations and information.
  • Prepare and provide supporting data for reinsurer audits
  • Work with management on ad-hoc projects
  • 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, Business 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
  • SQL Skills a plus
  • Strong analytic skills and attention to detail
  • Continuous improvement mindset
  • Strong verbal and written communication skills
  • 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: 87111

 

 

 


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Nearest Secondary Market: New York City

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