Penn Mutual · 1 day ago
Director, Underwriting (Life Insurance/Multilife)
United States
Full-time
Remote
Lead/Staff, Director/Executive
$130K/yr - $190K/yr
10+ years exp
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Responsibilities
Adhere to current Penn Mutual underwriting risk management practices and established guidelines, internally and as established through reinsurance partners.
As required, develop and document Standard Operating Procedures (SOPs), underwriting overviews and training on Multilife underwriting for SI and GI.
Serve as Subject Matter Expert (SME) in Multilife underwriting, financial underwriting, understanding regulations, rules and nuances related to: Corporate Owned Life Insurance (COLI), Bank Owned Life Insurance (BOLI), Credit Union Owned Life Insurance (CUOLI), Corporate Sponsored Individually Owned Life Insurance (CSIO, includes Split Dollar, 162 Bonus).
Understand Penn Mutual products and appropriate use in sales and plan designs.
Serve as a collaborative partner within Operations and Distribution in support and review of Multilife opportunities.
In partnership with Product Management and risk, establish and manage case premium guidelines
Director Approval Authority: approved up to $10 million in annual premium/$5 million Face Amount per plan participant
Establish approval authority plan for underwriting staff
Determines whether to accept, modify, or decline a case (risk)
Evaluation and recommendation on exception requests when outside of established parameters
Create Underwriting Offers (also known as Concession letters), memorializing Penn Mutual’s review of case design, census and other parameters for all parties
Coach and mentor other Multilife underwriter to develop knowledge in advanced financial concepts.
May represent the company at industry and customer meetings.
Manages retention.
Helps to maintain profitable mortality experience.
Analyzes and interprets medical, non-medical and financial information.
Communicates and collaborates with the field and home office to provide the highest quality service levels to customers.
Maintains positive and effective relationships with internal and external partners.
Complies with all company and site policies and procedures.
Remains current in profession and industry trends.
Successfully completes regulatory and job training requirements.
Performs other duties as assigned.
Qualification
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Required
Minimum 10 years underwriting experience in Executive Benefits or Group Insurance
Highly developed knowledge of Multilife (Executive Benefits), specifically SI and GI
Deep experience with variety of sales concepts and designs
Excellent collaboration skills and the ability to build relationships within Operations, Advanced Marketing and Distribution
Ability to coach and mentor
General awareness of current affairs, industry issues and trends, both corporate and external
Solid knowledge of insurance contract law and state legislative requirements
Strong knowledge of insurance products (plans, riders, benefits) and illustrations and how they are marketed
Strong knowledge of reinsurance marketplace to work proactively with the field where reinsurance is an opportunity
Thorough understanding of automatic reinsurance agreements
Highly developed knowledge of medical science, technology and terminology and their impact on mortality in the Multilife space
Highly developed knowledge of financial and other non-medical underwriting factors
Thorough knowledge of financial and non-financial underwriting factors
Thorough knowledge of product pricing
Strong organizational, communication and interpersonal skills
Strong analytical skills, ability to define, research and resolve problems
Excellent knowledge of mainframe and PC environment
Ability to create and maintain customer relationships
Ability to prioritize and work effectively under deadlines balancing published service times with an appropriate customer focus
Ability to comprehend, retain and apply current technical information to daily work issues
Ability to make a positive contribution as demonstrated by learning new skills and making suggestions for process/procedure improvement
Ability to work with others in a collaborative team environment
College degree required, equivalent work experience in life Underwriting may be considered
Preferred
Supervisory and training experience
Regulatory: Understanding of OCC, NCUA, Pension Protection Act (PPA), 101(j)
Financial Underwriting (10K, OPEB, etc.)
FLMI, ALU, FALU and ACS designations or current coursework towards earning certificates
Company
Penn Mutual
Penn Mutual helps individuals and families do more in life by creating solutions that deliver the complete value of life insurance.
1,001-5,000 employees
Funding
Current Stage
Late StageLeadership Team
Eileen McDonnell
Chairman & Chief Executive Officer
David O'Malley
President and Chief Operating Officer
Recent News
2024-05-08
MarketWatch
2024-04-07
Company data provided by crunchbase
