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Underwriting Quality Control Associate
New York Life Insurance
New York, NY, United States
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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.
Underwriting Quality Control (QC) reviews underwriting decisions for compliance with regulations, adherence to company guidelines, consistency across zones, and positive customer experience. The Associate role will be responsible for supporting QC’s initiatives across various internal processes.
Responsibilities:
• Oversee the daily master queue workflow to ensure cases get routed to the team for review, assign cases as needed, and monitor the queue volume of cases.
• Review control reports and escalate underwriting decisions that need remediation. QC reviews reports that monitor compliance with rules, regulations, and NYL guidelines.
• Collaborate with Service Leaders and Underwriting Managers for corrective actions needed on policies.
• Maintain a repository of Underwriting regulations and remain current on new regulatory developments. This will require periodic coordination with Office of General Counsel (OGC/Legal).
• Assist with monthly reporting efforts by consolidating the team’s findings, proof-reading material, reconciling results with management, and following up on outstanding action items.
• Administer the QC SharePoint site by updating content and access periodically.
• Assume role of point person for Corporate Retention Management, Business Resilience, and Information Security deliverables for Retail Life Underwriting.
• Manage the central repository of spotlight cases from the QC team for monthly reporting.
• Maintain and update the consolidated Underwriter listing of authority limits for all zones and submit changes to Finance periodically.
• Monitor completion of required training courses by generating monthly reports. Follow up with management as needed to ensure training is completed timely.
• Facilitate QC team's administration such as time management, scheduling meetings, meeting minutes, planning events, and assisting with travel arrangements.
Qualifications:
• Bachelor's degree in related field
• Excellent proficiency in Excel and Word
• Strong communication, interpersonal, and business writing skills
• Motivated self-starter
• Effective time management skills
• Ability to work on several deliverables and follow through to completion
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.