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 2015 operating earnings of $1.875 billion. Total assets under management at year end 2015, with affiliates, totaled $528 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 8/11/15).
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 Senior Associate is responsible for supporting the Underwriting R&D team by outlining detailed business requirements, developing reports, documenting current and proposed workflows, and resolving any systems issues and requests for enhancements. Senior Associates are expected to identify trends and make recommendations for further research, new reports or ways to improve reporting capabilities, or workflow.
Primary responsibilities for the Senior Associate, Underwriting R&D will include:
* Documents current and future workflows and propose enhancements designed to improve the effectiveness and efficiency of all application and underwriting processes. Much of this work will be to support NYL’s Fast Track Underwriting program, a series of initiatives designed to streamline the underwriting process and improve the agent/customer experience
* Leverage extensive life underwriting knowledge to develop workflows that are comprehensive, concise, and accurate for new and complex processes that meet regulatory requirements and reflect any technology enhancements
* Assist with the iterative development of business requirements by collaborating with business analysts throughout a project's lifecycle
* Perform user acceptance testing on new technology to ensure it meets business customer's expectation
* Facilitate the development and distribution of workflow process changes to all stakeholders and business groups
* Participate on work teams assigned to assess and improve workflow processes
* Evaluate business workflows to determine sustainability and identify enhancements that align with technology enhancements, best practices, and with department/business strategy
* Develop metrics to assist management with assessment of performance for individuals, systems. processes, and other initiatives that support the business' strategic initiatives
* Analyze data and develop recommendations that enable the division to underwrite cases more efficiently and improve other new business processes
* Provide operational support to all New Business teams
* Assist underwriting teams with systems issues and requested enhancements
The Senior Associate role provides exposure to all business units within New Business and demands flexible thinking as tasks are highly variable, changing often based on emerging business needs and industry trends.
We are looking for outstanding individuals with excellent analytical and communication capabilities, creative problem solving skills, project management discipline, and a passion for process improvement. A strong understanding of technology and distribution needs/practices is a plus.
Bachelor’s degree required; Master’s is a plus
2-4 years of relevant work experience
Proficiency in MS Office Suite
Minimum of 1-2 life underwriting experience preferred
If you have difficulty using or interacting with any portions of this Web site due to incompatibility with an Assistive Technology, if you need the information in an alternative format, or if you have suggestions on how we can make this site more accessible, please contact us at: (212) 576-5811.
*Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 15, 2015. See http://fortune.com/fortune500/2015/ for methodology.
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.