Location Designation: Hybrid
When you join New York Life, you’re joining a company that values career development, collaboration, innovation, and inclusiveness. We want employees to feel proud about being part of a company that is committed to doing the right thing. You’ll have the opportunity to grow your career while developing personally and professionally through various resources and programs. New York Life is a relationship-based company and appreciates how both virtual and in-person interactions support our culture.
This position primarily involves a hybrid work schedule – working remotely: Monday & Friday / on site: Tuesday, Wednesday, and Thursday.
Responsible for leadership and development of underwriting strategy for New York Life Direct to Consumer business. Coordination and collaboration with actuarial, product development, IT, and a variety of departments to provide expertise, rules, guidelines, and ideas around underwriting standard related functions. Bring together a variety of disciplines to solve complex business challenges that lead to alternative underwriting policy outcomes. Coordinate with a variety of NYL Underwriting functions (LTC, IDI, GMAD, GBS, Retail Life) to build relationships, create awareness and support the One New York Life directive. Accountable for third-party underwriting evidence updates and on-going relationship requirements to ensure on-going value from the relationship. Provide underwriting expertise – guiding underwriting decisions where required on a case-by-case basis. Partner with new business and underwriting technology teams to write business requirements, support underwriting automation and process enhancements, and test/verify technology changes to ensure that the underwriting outcomes and decisions are as expected. Accountable for determination and successful implementation of any underwriting policy changes – in addition to guiding those changes through approval committees and socialization.
Responsibilities:
• Accountable for maintaining product mortality aligned to pricing assumptions through modifications to the underwriting policy and verification of existing processes and automation, which leverage analytics, medical advancements, and 3rd party findings
• Bring cross-organizational teams together to address underwriting topics of interest, coordinating and prioritizing research of underwriting topics across the organization – ensuring appropriate scope, timelines and budges are maintained
• Oversight for the underwriting training and development function as it relates to technical underwriting skills, development of underwriting guidelines and manuals(documentation) and automated rules engine functionality.
• Provide expert advice and insight to settle discrepancies, disputes, complaints, and occasionally new guidelines to satisfy regulations
• Develop team members to assist them in reaching their full potential through coaching and challenging assignments
• Accountable for 3rd party underwriting vendor policy updates and changes to the data being leveraged at NYL Direct while validating monthly the accuracy of the billing statements
• Responsible for identification of 3rd party vendors, retro study analysis, contract negotiations and representation in the procurement and third-party risk management processes.
• Deep understanding of data products offered in the marketplace and internal expertise regarding the use of Milliman Risk Score with both prescription and medical claims data.
• Responsible for MRS 3.0 updates and release cadence, documentation of updates and results experienced in the business because of utilization of the MRS 3.0. Performing review and analysis of actual to expected experience to make changes to automation, underwriting rules / guidelines and enrollment form questions to maximize the data use appropriately.
• Responsible for providing relevant industry intelligence across Direct in partnership with Retail Life partners while curating materials for cross Direct educational opportunities on a regular basis
• Provide underwriting expertise to a variety of needs around the organization, from application health questions to competitive assessments
• Represent NYL Direct at a variety of NYL internal underwriting coordination meetings: Vendor Management, Data and Underwriting Evidence and Joint Business Unit Coordination.
• Develop a variety of presentations and recommendations around business acceptance and rejection rates the ensure appropriate risk selection and targeted acceptance rates are achieved.
• Coordination with claims for analysis and detailed reviews of contestable claims and recission rates for trends and results to expected targets.
Requirements:
• Bachelor’s degree preferred
• FALU certification required
• FLMI and other industry designations preferred
• 10+ years related experience required
• Experience in the direct-to-consumer market
• Knowledge around underwriting desk top technologies and building of automated rules engines
• Excellent communication and influencing skills
• Strong underwriting background with deep understanding of the relationship between mortality and underwriting decisions
• Ability to see a problem from multiple perspectives
• Strong talent development techniques
• Collaborative and timely in communications
This position primarily involves a hybrid work schedule – working remotely: Monday & Friday / on site: Tuesday, Wednesday, and Thursday.
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Salary range: $115,000-$195,000
Overtime eligible: Exempt
Discretionary bonus eligible: Yes
Sales bonus eligible: No
Click here to learn more about our benefits. Starting salary is dependent upon several factors including previous work experience, specific industry experience, and/or skills required.
Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by the Foundation. We’re proud that due to our mutuality, we operate in the best interests of our policy owners. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.
Job Requisition ID: 89103