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New York Life Insurance Company

Senior Associate, Underwriter

New York Life Insurance Company - New York City, NY

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 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 within their authority limit.

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 and morbidity risk.  Interaction with Third Party Administrator personnel is also often needed.  Consequently, Sr. Associate must have strong communication and relationship management skills. Sr. Associates will be required to meet established production standards and time service standards.

 

 

Duties and Responsibilities of Position:

 

·         Able to produce high volumes of work with quality results

·         Ability to train new underwriters

·         Underwrites Life and Disability Income applications

·         Reviews Contestable Claims for misrepresentation

·         Data Entry into Underwriting tracking system

·         Reviews and evaluates non-standard applications and supporting documents

·         Ability to differentiate multiple different requirements for numerous associations

·         Determines if additional documentation is required and requests additional information as needed

·         Decides if applicant is eligible for the plan

·         Communicates with company employees and Third Party Administrators regarding underwriting procedures an insurance policies

·         Performs Quality Reviews at Third Party Administrators

·         Potentially acts as back-up when Underwriting Manager out of the office

Authority Limits:

·         Life:  Up to $3 million

*Disability Income:  Up to $20,000

Requirements For Position:

·         3-5 years Medical underwriting experience

·         Extensive knowledge of Medical Underwriting for Life and preferably Disability Insurance as well

·         Understanding of financial documents, e.g. tax returns

·         Excellent verbal and written communication skills

·         Data entry skills

·         Ability to work in a paperless workflow environment

·         Ability to prioritize and multitask

·         Attention to detail and organizational skills

·         Good interpersonal skills

·         Capable of working independently

·         Some travel required

 

Location: White Plains, NY

 

 

 

 

 

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.

8 days 17 hours ago

New York Life Insurance Company

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Senior Associate, Underwriter New York Life Insurance Company - New York City, NY, United States

   

Location: New York City, NY

Company Profile:
New York Life Insurance has been providing life insurance policies in the Big Apple since it was a tiny seed. While the top mutual life insurer in the US has branched out a bit, it retains its core business: life insurance and annuities. Its products include long-term care insurance and special group policies sold through AARP and other affinity groups and professional associations. New York Life Investments' offerings include mutual funds for individuals and investment management services for institutional investors. Through New York Life International, the firm provides life policies in overseas markets. Founded in 1841, New York Life is owned by its policyholders.