Corporate Vice President - Underwriting Innovation
- New York, NY, USA
- Permanent, Full time
- New York Life Insurance Company
- 21 Feb 18 2018-02-21
Corporate Vice President - Underwriting Innovation
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.
The Corporate Vice President (CVP) of Underwriting Policy and Research is responsible for designing the ideal underwriting and applications process and developing an improved underwriting rules solution which would enable the ability to give underwriting approval at point of sale. In this role, the successful incumbent will deliver key strategic capabilities and thought leadership to Underwriting innovation, research and development.
This person will have the following responsibilities:
- Effectively influence cross-functional teams across a broad range of functional areas to enable development and execution of a multi-year UW R&D strategy.
- Lead cross-functional team focused on delivering an Underwriting Rules Engine for NYL, including business requirements, technology development, testing and operational deployment
- Work with product to redesign our underwriting and product approach for small face amount applications and drive adoption of new technology
- Analyze and drive implementation of new applications that account for the business implications and the impact to mortality, claims, and stakeholders, such as, Agency, Claims, etc.
- Provide subject matter expertise and direct underwriting R&D team resources to evaluate Digital Health Data (DHD) from various sources for different underwriting and analytics use-cases in addition to executing proof of concept efforts with potential DHD partners.
- Lead collaboration with UW production team to identify opportunities to operationalize DHD, support planning and execution of such operationalization efforts
- Support different team efforts related to development and deployment of New Business and Underwriting Platform
- Undertake and direct research into latest medical and non-medical risk factors and trends and translate findings into underwriting policy implications.
- Participate in discussions with vendors that can provide new data or services to New York Life. Work with approved underwriting vendors to obtain research data for cost/benefit studies and other research initiatives.
- Support underwriting analytics efforts, identify and report on industry and internal trends that impact the business.
Desired Characteristics and Skills:
- 10+ years of deep life insurance underwriting experience and broad life insurance industry knowledge
- Familiarity and understanding of modern new business and underwriting platforms and solutions available in the industry is required, including Underwriting Rules Engines from reinsurers and other vendors
- Demonstrated track record of being able to successfully lead cross-functional teams and collaborate effectively across a broad range of functions and stakeholders
- Experience with development, delivery and operationalization of an Underwriting Rules Engine is highly desirable
- Understanding of predictive analytics is highly desirable
- Experience utilizing rules based, automated underwriting systems including development and enhancement of rules, process, etc.
- Strong reinsurer relationships and familiarity with reinsurance underwriting manuals.
- Strong technical underwriting skills.
- Demonstrated change management skills.
- Proficiency in completing and/or directing cost/benefit analyses.
- Familiarity and understanding of mortality tables and how mortality tables are constructed.
- Excellent communication skills, business writing and presentation skills. SF:EF-KR1
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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.