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.
Reporting to a Underwriting Corporate Vice President, the Underwriter II is responsible for evaluating life and disability insurance applications with a focus on quality, timeliness and productivity in order to determine whether an application should be approved, declined or if additional information is required. This is viewed as a developing role, as such Underwriter IIs will receive training and oversight from Senior Underwriters or Management. Underwriter IIs review cases with Total Amount at Risk of $750,000 or less that include an Attending Physician Statement and lab results as part of the application.
Underwriter IIs predominantly rely on medical and non-medical Underwriting Guidelines to evaluate an applicants risk classification; however, due to the complexity associated with multiple conditions or atypical lab results, they may be required to make assessments of applicant risk absent specific direction from the Underwriting Guidelines. Whether synthesizing the mortality and morbidity risk of medical labs and family history or discounting the mortality and morbidity 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. Senior Underwriters, Medical Directors and Team Managers are available for consult as necessary; but Underwriter IIs are expected to make a decision recommendation, not open-ended requests for insight. Underwriter IIs will be required to meet established production standards, time service standards, and maintaining an acceptable level of customer service.
• Accurately and efficiently classify the mortality and morbidity risk for proposed insureds for approval or decline based on both medical and nonmedical information on cases with amounts of up to and including $1,000,000 and DI cases up to $5000 (Disability Income experience preferred, but not necessary).
• Maintain a strong working knowledge of our administrative systems (ARES), product rules, and Underwriting Guidelines
• Participate in on-going medical, financial and softskill training
• Communicate verbally with Third Party Administrators' (TPA) staff regarding decisions, appeals, and prospective cases
• Identify and refer appropriate cases to the Medical Director and process in a timely manner
• Meets annual continuing education requirements
Bachelor's degree preferred
2+ years experience
Strong oral and written communication skills, strong customer service skills required
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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.