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Senior Associate, Underwriting Rules Engine
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.
Responsibilities:
The role of the Senior Associate will be to assist with developing and refining underwriting/applications processes. This role will include:
• Assist with the development of an Underwriting Rules Engine for NYL, including business requirements and operational deployment
• Support underwriting analytics efforts by liaising with NYL’s Center for Data Science and Analytics Department
• Provide underwriting subject matter expertise for consumer experience related projects
• Contribute to Business Rules Development (BRD) meetings for new and ongoing underwriting projects
• Aid in the development and operationalization of a customer self-completed Part 2
• Assist with general project management and tracking for the Strategic Capabilities team
Desired Characteristics and Skills:
• 4+ years of life insurance underwriting experience and general life insurance industry knowledge
• Strong technical underwriting skills
• Familiarity with reinsurance underwriting manuals
• Strong analytic skills, data science familiarity preferred
• Demonstrated track record of being able to collaborate effectively across a broad range of functions and stakeholders
• Proficiency in Excel, Word and PowerPoint with effective written and oral communication skills
• Ability to work on and complete multiple projects simultaneously
• Experience with change management
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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.