DIRECTOR, MEDICAL UNDERWRITING TEAM MANAGER

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Date: Jan 25, 2019

Location: White Plains, NY, US

Company: New York Life Insurance Co

New York Life Insurance Company is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life reported 2017 operating earnings of $2.06 billion. Total assets under management at year end 2017, with affiliates, totaled $586 billion.

 

New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+ (Source: Individual independent rating agency commentary as of 8/1/17).

 

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.

 

 

The Team Manager is responsible for the management and professional development of the Underwriters reporting to him/her.  They are expected to ensure that production and quality standards are met for the team, identifying and maximizing any efficiencies and opportunities for process improvements, working closely with the Manager of Service.  The Manager often reviews cases with his/her direct reports.  When making decisions, they predominantly rely on Underwriting Guidelines to evaluate an applicant’s risk classification; however, due to the complexity associated with multiple conditions or the diversity of conditions identified within an Attending Physician Statement, they are frequently required to make assessments of applicant risk absent specific direction from the Underwriting Guidelines.  Whether synthesizing the mortality risk of medical labs and family history or discounting the mortality risks of highly correlated factors such as motor vehicle reports and avocations, they are expected to evaluate an applicant's overall risk profile, not simply summing the total from individual risk factors.  Medical Directors, OGC and Management are available for consult as necessary.

 

The Manager must have an expert knowledge of medical terminology and awareness of how various medical impairments interact and affect individual mortality and morbidity risk.  They must be a sought-out resource on the team, and in the department and company.  They also work closely with approximately 40 administrators and will encounter a higher degree of interaction with our most prominent and largest cases.  They are expected to have excellent communication and relationship management skills.  

 

The Manager is responsible for ensuring appropriate handling of underwriting applications, contestable claim reviews, and TPA referrals to the Medical Underwriting team and are authorized to issue or decline cases with a Life aggregate amount of up to $5 million, and Disability up to $30k.  They work closely with our administrators and several other areas to lend their expertise and input, and are involved in the reviews of forms, projects, testing of new technologies and the onboarding of new clients.  They review and discuss workflows, age and amount requirements and ensure the correct set up in our underwriting system.

 

Underwriting Team Managers will be required to establish and monitor production standards, time service, and quality standards, and will have extensive interactions with clients and coworkers at various levels and executive management.  They are recognized as an expert in the field of underwriting and are expected to have a breadth of knowledge of company operations, maintaining relationships with home office management and Medical Directors.

 

Responsibilities:

  • Ensure Underwriting team accurately and efficiently classifies the mortality and morbidity risk for proposed insureds as above average (Preferred/Select Preferred), average (Standard), or below average (Substandard risks, Riders and Declines) based on both medical and nonmedical information on cases
  • Monitor workloads and assign daily work and case assignments fairly across the team, ensuring account specific requirements and expertise is considered, to maximize efficiency
  • Measure, and provide feedback to team members on, quality, quantity and customer service to ensure that appropriate underwriting decisions are reached in a timely manner and to aid in the professional development of underwriting personnel
  • Conduct hiring, performance management and personnel evaluations
  • Ability to effectively manage and integrate remote Underwriters into the daily workflow and discussions
  • Hold 1x1 meetings and team meetings regularly to share information and develop teamwork and consistency
  • Provide review and second signatures in situations where authority amount of an Underwriter is exceeded
  • Maintain a strong working knowledge of our administrative systems, product rules, underwriting guidelines and medical factors impacting mortality and morbidity
  • Ability to influence age and amount requirements and risk classes, working with department resources, to ensure best outcomes and timely case management
  • Ensure accurate guidelines and group specific requirements are in ARES, and that information outside of those sources that are specific to our groups (emails with history, process changes, etc.) is held in a central, shared team location
  • Represent the underwriting division and lead projects and conduct research to evaluate new ideas and impact of changes
  • Act as expert resource for our Quick Decision product, being proactive to identify trends and changes needed in the workflow and product to yield better outcomes (internally and partnering with Swiss Re)
  • Ability to oversee and/or provide thorough training for new and existing team members
  • Complete Underwriting team and TPA Quality Reviews, and act as a primary resource to ensure consistency and best practices with team and external underwriting partners
  • Maintain relationships with home office key contacts and share learnings and expert advice with the Underwriting and Service teams, and TPAs
  • Support the development of new products and workflow, and be involved in discussion meetings and testing of new innovations and technologies.
  • Pursue efficiencies in Underwriting, working to improve current workflows and procedures
  • Participate heavily in the development and strategy execution to expedite and enhance the underwriting experience, while ensuring quality decisions
  • Anticipate internal and external business challenges and/or regulatory issues and recommend process, product or service improvements
  • Play a key role in projects, processes and vendor management
  • Communicate complex ideas in detail to influence and persuade colleagues and management to consider a different point of view
  • Uphold the level of work ethic and standards expected of a Corporate Vice President in the department.
  • Participate in on-going medical, financial, and soft-skill training
  • Meets annual continuing education requirements
  • Attend select company and industry meetings as needed

 

Qualifications:

  • Bachelor’s degree
  • Minimum 10+ years Underwriting experience
  • Prior Management experience preferred
  • Knowledge of Life and Disability underwriting preferred
  • Superior oral and written communication (phone, e-mail, mail, memo), customer service, and interpersonal skills, excellent teamwork and work ethic
  • Proficiency in Excel
  • Familiarity with reporting tools – a plus
  • FALU (Fellow Academy of Life Underwriting) - a plus
  • FLMI (Fellow Life Management Institute) - a plus
  • CLU - Chartered Life Underwriting - a plus

 

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EOE M/F/D/V

 

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Nearest Major Market: White Plains
Nearest Secondary Market: New York City

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