Senior Specialist, Underwriting

  • Competitive
  • Dallas, TX, USA Dallas TX US
  • Permanent, Full time
  • New York Life Insurance Company
  • 24 Apr 18 2018-04-24

Senior Specialist, Underwriting

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.

Reporting to a Managing Underwriter, the Senior Specialist, Underwriting is responsible for evaluating life insurance applications with a focus on quality, timeliness and productivity in order to determine whether an application should be approved, declined or if additional information is required. As this is an entry level role, Senior Specialist, Underwriting will receive significant training and oversight from management personnel. Upon completion of training, Senior Specialists are granted increasing authority to issue or decline cases with a 2-Year Total Amount at Risk of $1,000,000 or less that do not include an Attending Physician Statement as part of the application.

Senior Specialist, Underwriting predominantly rely on Underwriting Guidelines to evaluate an applicant's risk classification; however, due to the complexity associated with multiple conditions or atypical lab results, Senior Specialist may be required to make assessments of applicant risk absent specific direction from the Underwriting Guidelines. Whether synthesizing the mortality risk of medical labs and family history or discounting the mortality risks of highly correlated factors such as motor vehicle reports and avocations, Senior Specialists are expected to evaluate an applicant's overall risk profile, not simply summing the total from individual risk factors. Medical Directors and Managing Underwriters are available for consult as necessary; but Senior Specialists are expected to make a decision recommendation, not open-ended requests for insight.

Responsibilities:

  • Accurately and efficiently classify the mortality risk for proposed insured's as above average (Preferred/Select Preferred), average(Standard), below average (varying Substandard risks) based on both medical and nonmedical information on cases with 2-Year TAAR (Total Amount At Risk-Dollar amount requiring underwriting) of up to and including $1,000,000 without an Attending Physician Statement
  • Maintain a strong working knowledge of our administrative systems, product rules, and Underwriting Guidelines
  • Participate in on-going medical, financial and softskill training
  • Author messages to Agents and General Office staff regarding application status, additional requirements needed, input errors and required corrections, Reinsurance offer details and requirements, as well as the final underwriting decision and associated reason(s)

Requirement:
  • Bachelor's degree preferred
  • 0-2 years of work experience preferred
  • Strong oral and written communication skills, strong customer service skills required
SF:LI-MC1
SF:EF-MC1

EOE M/F/D/V

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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.