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CVP/Director, Underwriting Operations Management at New York Life Insurance Company in New York, NY

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Description

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.

Overview:

The Corporate Vice President (CVP) of Operations Management has the responsibility for managing a portfolio of projects designed to enhance underwriting capabilities, deliver an improved agent and customer experience, while maintaining strong mortality results and driving process improvement.

Initially, the focus will be on strategizing, driving, and executing plans to increase TeleApp adoption while collaborating with various stakeholders.  This position will also include lead responsibility of application filings from an underwriting standpoint.  As various underwriting processes become operational, this CVP will own and manage the process and have full responsibility for training, marketing, communication, etc. for the process moving forward. Collaboration with Senior leaders within Underwriting, Actuarial, Office of General Council, Agency, and other key stakeholders will be required. 

 

Responsibilities:

New Underwriting Processes:

• Develop and monitor metrics for the new underwriting processes, working with Agency to drive adoption, and serve as product owner for all technology enhancements

• Understanding metrics within TeleApp and knowing how KPI’s affect outcomes (e.g. talk time, handle time, juvenile adoption, cultural market adoption, new org vs. established adoption, inventory, etc.)

• Collaborate with Field Advisory Groups (AAC, MPAC, SDMAC, ABD) to advise process status and provide updates

• Partner with vendors to bring new technologies to the process

• Represent the new process and Underwriters’ interest with new product design (e.g. Asset Flex)

• Partner with the Service Organization leadership to establish synergies that benefit the new business process

• Maintain close ties with Service Change management process to understand how change gets implemented that will ultimately benefit new business underwriting

• Prepare for the implementation of New York State on TeleApp

• Represent the new process across the enterprise

 

Application Filing:

• Lead and facilitate cross-departmental meetings for evaluating all application forms and required updates

• Redline required changes, ensure redline and final drafts accurately reflect company-wide requested updates

• Assist in the creation of regulatory filing letters and documentation

• Act as lead coordinator for yearly underwriting/medical review of all application questions, soliciting feedback and creating/editing content as needed

• Consult with key stakeholders (e.g. OGC, Product, Compliance, IT, TeleApp Call Center Management, Underwriting) during the development and implementation of new forms

• Create new application training/communication for Underwriters

• Assist with the development of agent communication regarding new application releases

 

Qualifications:

  • 7+ years of relevant experience
  • Bachelor's degree preferred, MBA or advanced degree a plus
  • Strong communication skills and the ability to effectively interact with all levels of the organization.
  • Excellent problem solving and decision making skills
  • Strong research, analytical and quantitative skills.

 

SF:LI-LB1

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.

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