Senior Associate, Underwriter (44234)
Location:
New York , New York
Posted:
November 20, 2017
Reference:
44234-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.

This position can work in an office (Dallas or Atlanta) or work from home. Reporting to a Team Manager, the Sr. Associate is responsible for evaluating life insurance applications and determining whether applications should be approved, declined or if additional information is required. Sr. Associates are authorized to issue or decline all cases with 2-Year Total Amount at Risk of $2,499,999 or less. For cases $500,000 or less they are primarily responsible for reviewing cases with an Attending Physician Statement and a Tax Return validation (TRV). Above $500,000 they are responsible for the entire case. Sr. Associates are also responsible for managing relationships with Agents and service personnel at their designated General Office(s).

Senior Associate 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, Sr. Associates are expected to evaluate an applicant's overall risk profile, not simply summing the total from individual risk factors. Technical Leads, Medical Directors and Team Underwriters are available for consult as necessary; but Sr. Associates are expected to make a decision recommendation, not open-ended requests for insight.

As the majority of applications reviewed by this role include Attending Physician Statements, a Sr. Associate must have a working knowledge of medical terminology and awareness of how various medical impairments interact and effect individual mortality risk. They also work closely with General Office personnel and may, at times, speak directly with agents. Consequently, Sr. Associate must have strong communication and relationship management skills. Sr. Associates will be required to meet established production standards, time service standards, and will have daily phone interaction with Agents and General Offices.

 

Qualifications

 

  • Bachelor Degree preferred.
  • Minimum of 5+ years Life Underwriting experience.
  • Strong oral and written communication skills, strong customer service skills.
  • Strong interpersonal skills, excellent teamwork.

 

EOE M/F/D/V

 

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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