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Senior Associate, Advanced Markets
NYLIFE Securities, Inc.
Leawood, KS, 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.
This role is a key position in the Advanced Markets Network Sales Support unit which serves the corporate and bank owned, executive benefit markets, and high net worth retail markets at New York Life. The applicant will spend the majority of their time partnering with and supporting the External Wholesalers (AKA Field Directors) whose principal goals are to drive sales and develop new distribution for the AMN markets.
The primary responsibility of the Internal Wholesaler is to provide pre-sale case design, illustration and case management support to AMN Field Directors, NYL Agents and Brokers to ensure that business in this competitive space is placed with New York Life.
Case management support is required for new business submissions to ensure streamlined service is provided for these complex cases. Case management includes providing application kits, overseeing the processing of a submission, providing licensing and contracting information, interfacing with New Business, Underwriting, and Policy Issue along with the broker and/or third party distributor to follow up on requirements (medical, financial, licensing, commission, etc.) to ensure appropriate solutions are identified so that the case is placed with New York Life. Case management also includes inforce support post-issue when needed on complex cases.
The successful Internal Wholesaler will be the key contact and internal relationship manager for the account. This will involve proactive sales and marketing with the account to support the Field Director in nurturing the relationship and growing the broker’s block of business with New York Life. For instance, assistance with meeting preparations and fulfillment of sales and marketing material will be ongoing. This person will be responsible for assisting with training and on boarding new firms by introducing them to NYL’s processes and requirements.
The successful candidate will become thoroughly familiar with product and case design, illustration support and the ability to do WebEx training on sales ideas and illustrations.
As needed:
Reporting on pending and inforce business as well as other reports that are required by management
The Internal Wholesaler may be consulted by the Illustration Team on development, testing, enhancements, and the recording of illustration software issues such as system usability, solve-capabilities, tutorials, and other functionality that will be used in the field and by home office experts.
A highly successfully and well qualified Internal Wholesaler could develop a career path to a role with increased responsibility, management or field director role.
Key Skills:
Strong written, oral and presentation skills
Solid attention to detail
Excellent collaboration, problem solving and information seeking skills are essential
Effectively works with a sense of organized urgency
Ability to multi task and prioritize work without supervision
Demonstrated self-starter
Job Requirements:
Bachelor's degree or equivalent work and at least 3 years related experience
Professional designation such as CLU and/or ChFC preferred
Must have or be willing to acquire Series 6 within 6 months of hire
Minimal travel required
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.