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Financial Underwriter Senior Associate
NYLIFE Securities, Inc.
White Plains, 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.
New York Life's Group Membership Department seeks a qualified individual to join the Financial Underwriting Team (FUW) in the White Plains Office. This position will be primarily accountable for underwriting inforce client policies insuring Association members for a product portfolio that includes Annual Renewable Term Life, 10/20 Year Level Term Life, Accidental Death & Disability, Long & Short Term Disability, and other ancillary lines. The position requires the ability to utilize a variety of internal & external reports to analyze claims data, mortality & morbidity trends, demographics and tabular rating, all to make sound recommendations that contribute to GMAD profit goals. This individual will debrief their manager and GMAD senior management regarding findings & analysis to gain consensus on recommended actions. This position will also be charged with reaching out to other areas to research and hopefully improve FUW reporting & data analytic capabilities.
Primary Job Responsibilities:
• Independently gather, analyze and illustrate financial experience, census demographics and policy provisions to formulate recommended renewal actions when appropriate.
• Partner with FUW Manager, GMAD Account Managers, TPAs, Brokers and Policyholders to negotiate & ultimately rollout agreed upon renewal actions.
• Working with Account Management, assess & respond to various marketing requests initiated by TPA’s & Brokers, to spark product sales.
• Utilize policy year retention exhibits and related funding arrangements to assess risk and make well informed financial decisions.
• Attend and assist in quarterly meetings to debrief GMAD Senior Management relating to ongoing case specific action plans to meet & maintain profitability & growth.
• Research ways to improve FUW efficiency related to gathering, illustrating and dissecting financial data on a case level and macro basis.
• Statistical analysis of both internal & external population data to price products and proposed benefit revisions.
• Ad hoc project support as needed.
Role Qualifications:
• At least 7 years Group Insurance experience in 1 or more of the following disciplines: Financial Underwriting, Dividend Formula, Financial Case Accounting, Product Pricing.
• Proven ability to work independently.
• Strong analytical & mathematical skills
• Excellent verbal & written communication skills
• Past experience with various funding, pooling and reinsurance arrangements.
• Strong knowledge of GMAD product portfolio.
• 4-year degree from accredited college or university (preferably business or math related)
• Strong mastery of Excel including the use of data analysis tools such as Pivot Tables & Charting
EOE M/F/D/V
*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.