Senior Associate, Income Annuities Product Management
Location:
New York , New York
Posted:
November 24, 2017
Reference:
59931-en_US

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.

 

New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion.  As of year-end 2016, New York Life’s surplus was $23.336 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 Third Party Ratings Report as of 8/17/16).

 

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.

 

Today, it is rare to find a company that has demonstrated financial strength, integrity and humanity through the most challenging economic times that our country has faced. For 165 years, New York Life and its employees have been there for policyholders through good times and bad. When others compromised long-term security for short-term gains, New York Life held firm to its values, and not only survived, but experienced double digit growth in sales and market share. Come and grow with us!

 

Role:

 

The Retail Annuities Business is seeking to hire a Senior Associate for the Guaranteed Income Annuity Product Management team who will support product development and management efforts.  The Senior Associate  will also conduct research on income generating products and the distribution landscape of income solutions. This position will report to the Guaranteed Income Annuity Product Manager.

 

 Primary Responsibilities:    

                                                                                                                                                                       

  • Lead analytical product initiatives and projects.
  • Contribute to the team that brings products through the product development process, from ideation & focus group research, to business specification, platform specifications, business planning, development and roll out.
  • Support in steering cross-functional resources in a collaborative way to meet business objectives.
  • Support in educating and training our sales specialists about new product ideas and sales concepts.
  • Support in driving product approval/on-boarding and business development opportunities with strategic third-party firms.
  • Prepare written summaries for senior management covering new product ideas, project status updates and developments within the income annuity marketplace.
  • Research competitor’s income generating products issued in the insurance and asset management industries.
  • Complete competition research projects as warranted by developments/conditions. Track competitor events, including monitoring new product and feature launches, as well as corporate level news – alerting appropriate stakeholders as needed.
  • Develop periodic competitive packages and train (as needed) key stakeholders on trends in the industry.

 

Qualifications:

 

  • 2+ years of professional work experience in financial services; consulting experience a plus
  • Is an excellent communicator who is able to express ideas in writing and orally in an eloquent and engaging manner.
  • Strong research, analytical and quantitative skills.
  • Progress towards CFA designation a plus
  • Understanding of annuity product design, product positioning and distribution markets a plus.
  • Knowledge of SPIA/DIA and deferred annuities with living benefits and drivers of industry trends/innovations a plus.
  • Demonstrates high energy and a passion for work.
  • Has a flexible and creative approach; enjoys working across the organization in a team oriented environment.
  • Proficiency with MS Office.
  • Bachelor’s Degree is required.

 

 

 

EOE M/F/D/V

 

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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016.  See http://fortune.com/fortune500/  for methodology.

**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.

 

1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.

 

2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.


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