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Corporate Vice President and Actuary, Agency Compensation
NYLIFE Securities, Inc.
New York, NY, United States
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New York Life Insurance Company is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life reported 2017 operating earnings of $2.06 billion. Total assets under management at year end 2017, with affiliates, totaled $586 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 independent rating agency commentary as of 8/1/17).
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.
Role Overview:
• Manage the Agent Compensation team (9 total, 4 directs) which is responsible for the design, administration and management of Agent compensation beyond commissions. The compensation team is responsible for:
◦ Ensuring the accuracy and timeliness of amounts,
◦ Communicating with the Field and responding to inquiries,
◦ Budgeting and forecasting,
◦ Modeling and analysis of modifications to compensation plans, and
◦ Serving as company subject matter experts on agent compensation and contracts
• Explore opportunities to enhance current compensation plans to service policy holders, support agents, and achieve business objectives
• Lead modeling for plan modifications and new compensation designs
• Partner with OGC to ensure our compensation policies and procedures comply with state & local laws
• Ensure New York Life’s compliance with NYS Insurance Law Section 4228, the extra-territorial law governing maximums on agent compensation
• Assist with NYLARC, an Agent Reinsurance Company started in 1994 that allows NYL agents who are shareholders in the company to financially participate in the mortality and persistency of their book of business
• Deliver presentations and webinars on compensation and the Agent’s contract to audiences at Company conferences, General Offices, and to smaller agent study groups
Qualifications:
• FSA, MAAA preferred, with at least 5 years of experience
• Strong financial management experience, including extensive modelling, forecasting and budgeting
• Familiarity with career agency distribution and the career contracts is helpful
• Superb communication skills, both written and verbal
• Ability to present to senior leaders, as well as peers, in a clear, concise manner; ability to communicate technical, financial concepts in an easy to understand way
• Ability to build relationships, foster dialogue across the organization, and balance the needs of various stakeholders
• Clearly demonstrate ownership and accountability with the ability to perform assignments with minimal supervision
• Previous management experience with proven ability to develop and run a high-functioning team
• Previous experience in major initiative roll-out or project delivery
EOE M/F/D/V