Sr Associate - Structured Settlements, Insurance Underwriting (7897BR) New York, New York
Reporting to the Structured Settlements (SS) CVP/Managing Underwriter, the SS Senior Associate is responsible for reviewing and evaluating non-standard medical records (“medicals”) and supporting documents from our brokers in order to determine an appropriate rated age for each proposed annuitant. With an initial underwriting approval authority of -10% mortality (which is increased over time to a maximum underwriting approval authority of -30% mortality), SS Senior Associate is expected to underwrite cases from a lay and medical standpoint, including the underwriting of complex cases, and promptly communicate rated ages to our brokers. In depth knowledge of anatomy and physiology, trauma and disease, and medical terminology is required. Medical Directors and the SS CVP/Managing Underwriter are available for consultation as necessary. The position requires the SS Senior Associate to perform his or her duties with utmost urgency and accuracy in order to provide our brokers with high quality underwriting and meet our 24-48 hour turnaround time. The SS Senior Associate is also expected to deliver service excellence to our brokers and internal customers (e.g., Annuity Department).
This role is located in the corporate headquarters of New York City.
Primary Essential Accountabilities:
- Underwrite cases via review and evaluation of medical records (“medicals”) and supporting documents from our brokers.
- Perform work with a high level of urgency and accuracy.
- Promptly communicate rated ages to our brokers via Fax and/or Email within 24-48 hour turnaround time.
- Answer inquiries from brokers and internal customers (e.g., Annuity department) regarding underwriting evaluations and rated age determinations.
- Refer cases to Medical Directors when necessary (mortality exceeds underwriting approval authority or case is very complex (e.g., multiple diagnoses, serious diseases).
- Attend continuing education underwriting seminars and/or participate in online or instructor-led courses to broaden personal and professional knowledge.
Level of Experience:
- Minimum 5-7 years experience required.
- Bachelor degree or any amount of previous Structured Settlements underwriting experience; or at least 5 years related experience; in depth knowledge of anatomy & physiology, trauma and disease, medical terminology.
- Preferred: Nursing background or related field.
- Technical Expertise: Requires content and practical expertise in own discipline and may have basic knowledge of related disciplines.
- Business Knowledge: Understands key business drivers; uses knowledge of best practices and the competition to improve processes and procedures.
- Leadership: Acts as a resource for colleagues with less experience; may lead small projects with manageable resource requirements.
- Problem Solving: Solves a broad range of problems; takes a new perspective on existing solutions; exercises judgment based on the analysis of multiple sources of information and education and/or equivalent experience.
- Decision Making/Nature of Impact: Makes decisions within broad guidelines and policies that impact own team and other related teams.
- Communication Requirements: Explains difficult or sensitive information; collaborates with others to bild consensus.
Founded in 1845 and headquartered in New York City, New York Life Insurance Company is a Fortune 100 Company and the oldest and one of the largest mutual life insurance companies in America. New York Life maintains operations in all 50 states, as well as Mexico and Taiwan, through a network of more than 17,000 agents and more than 10,000 employees. The Company holds the highest financial strength ratings currently awarded to any life insurer from the four principal rating agencies A.M. Best, Fitch, Moody’s and Standard & Poor’s. In 2011, New York Insurance Company led the industry in new individual life insurance sales for the third year in a row, with a market share of 10.7%. The company serves its customers through its two major business units: the Insurance Group and the Investments Group. On consolidated basis, total insurance sales reached $1.3 billion in 2011, a company record. Investment sales, also on a consolidated basis, totaled more than $51 billion. Total assets under management at year end rose to a record $338 billion. The company paid out more than $7.6 billion in benefits and dividends to policyholders in 2011. Surplus and asset valuation reserve increased by $1 billion, or 6.4%, to a record $17.9 billion.