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Funds Onboarding Representative
New York Life Insurance
Cleveland, OH, 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.
Position Summary
Working under the direction of the Funds Onboarding Manager, the Funds Onboarding Representative is responsible for updating tracking systems and writing to external companies to secure funds. They will also have to follow up with external companies on the status of funds and provide updates to the field. They will also be responsible for applying funds when they arrive. The position is expected to provide outstanding customer service and support to the Field by addressing Funds Onboarding-related inquiries that are received through our call queue or written request.
Primary Responsibilities
• Execute and process routine administrative transactions – including the transition of faxed and mailed correspondence into the administrative system, processing initial funds requests, and conduct routine follow up calls and emails. This involves checking documents for completeness and accuracy, analyzing and correcting errors and omissions, processing and attaching additional material, assembling and routing material that requires exercising judgment based on thorough knowledge of related procedures and precedents. Request documents from agents or the mailroom when necessary. Communicate with agents and general office staff regarding accepted and rejected submissions
• Process initial premium payments and ensure cases are issued. Process related accounting transactions to clear issues such as overpayments, no good checks, and critical items.
• Establish high quality customer relationships – using informational resources and own technical knowledge to respond to customer inquiries.
• Help orient new team members and play a contributory role in team projects.
• Develop and maintain working knowledge of administrative and mainframe systems needed to process service functions.
• Assist team members on a daily basis to complete unfinished work in order to meet Departmental and regulatory standards.
• Field inquiry calls from agents and respond to any inquiry that requires further research within a timely manner.
• Develop working knowledge of all NYL life and annuity products, in addition to the Funds Onboarding process and procedures.
• Work on special assignments as assigned by the manager
• Cross train on job functions within Onboarding such as application entry, requirement review, and manual issues.
• Provide backup phone support for the Product Onboarding Call Center.
Qualifications
• Bachelor's degree preferred, or equivalent work experience.
• Working knowledge of insurance/investment industry
• Experienced with accomplishing multiple tasks and high volumes of work under strict time deadlines.
• Working knowledge of insurance/annuity products
• Proficient data entry skills.
• Good oral and written communication skills.
• Good customer service and listening skills.
• Detail-oriented, organized.
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.