Underwriting Analyst - New York Life Group Benefit Solutions
New York Life Insurance
Location Designation: Hybrid
When you join New York Life, you’re joining a company that values career development, collaboration, innovation, and inclusiveness. We want employees to feel proud about being part of a company that is committed to doing the right thing. You’ll have the opportunity to grow your career while developing personally and professionally through various resources and programs. New York Life is a relationship-based company and appreciates how both virtual and in-person interactions support our culture.
LAUNCH your career with New York Life Group Benefit Solutions as a Full-Time Underwriting Analyst!
LAUNCH, which stands for Leadership and Underwriting for New Career Hires, is designed to help you accelerate your underwriting career and establish early professional success. LAUNCH focuses on comprehensive technical training, hands-on learning, mentor support, and professional development opportunities. There are opportunities to start the LAUNCH Program in [January 2024] and [June 2024].
As part of our Group Benefit Solutions Underwriting team, you will have a direct impact on the financial results of our business while helping us deliver on a longstanding commitment of providing financial protection and peace of mind to the millions we serve. As an Underwriting Analyst, you will develop skills across several business competencies including:
Risk Management & Assessment
Assess the risk and underwrite prospective and inforce clients within Group Benefit Solutions product portfolio: Life, Accident, Disability, and Absence Administration
Communicate pricing, profitability, and risk profile of clients with internal matrix partners
Contribute directly to company financial goals through risk decisions while balancing and maintaining favorable financial outcomes at a broader book of business level
Collaboration & Consultation
Partner with other underwriting team members to effectively solve problems both internal and external to Group Benefit Solutions Underwriting
Negotiate with matrix partners to find creative and collaborative solutions that create long-term value for both our clients and our organization
Professional Development & Leadership
Active engagement and involvement in the LAUNCH Program over the course of your first year
Continuous learning and development through both structured and non-structured training opportunities beyond your first year
Develop a growth mindset that embraces challenges, quickly learns from, and applies feedback, and finds inspiration from the success of team members
Time & Priority Management
Act with a sense of urgency to meet assigned deadlines for specified tasks
Ability to use sound judgement when prioritizing several tasks at once
What You’ll Do
As a Full-Time Underwriting Analyst in the LAUNCH Program, you can expect a structured start to your career that includes foundational training consisting of multiple training sessions during your first year. Below is a sample timeline of what you can expect in year one and beyond:
Your First Year
Participate in structured training sessions in the LAUNCH Program focusing on technical training and professional development opportunities. These sessions will consist of both classroom and hands-on learning opportunities that establish a solid foundational knowledge of underwriting concepts and principles.
Following each session, you will apply the concepts and principles learned in the program by working on active business opportunities that will eventually become larger and more complex. You will work alongside your mentor as you gain independence in your daily work and decision-making skills.
After Your First Year
You will have completed the LAUNCH Program and will continue directly contributing to our business goals and results as an underwriter.
You will be assigned to support a sales region, manage an inforce book of business, and own more of the daily decision-making process.
You will continue to participate in training opportunities to enhance your underwriting knowledge through organizational Group Benefit Solution training sessions and manager and mentor coaching and feedback.
In addition to your core Underwriting responsibilities, there also exist many project opportunities that will allow you to engage with and build a network of peers both within Underwriting and across other New York Life departments.
Where You’ll Work
The Underwriting Analyst position is in the Philadelphia Underwriting hub. The Philadelphia hub is in the heart of the city at Two Liberty Place surrounded by all the wonderful things Philly has to see and do. The Philadelphia hub is the largest Group Benefit Solutions Underwriting hub with a diverse group of talented individuals with a variety of backgrounds and experience levels. Over the years, we have continually grown our Philadelphia team through on campus recruiting efforts at several local universities.
To join our dynamic team as a Full-Time Underwriting Analyst, you should have:
Bachelor’s degree in the following majors and/or minors are preferred: Risk Management, Economics, Finance, Accounting, Mathematics, Data Analytics, Business Management, or a related field
Strong analytical and problem-solving skills
Preferred 3.0 GPA or higher
High comfort level with math/numbers
Excellent verbal and written communication skills
A passion and dedication to becoming a leader within the financial services industry
Strong business acumen along with leadership and innovative thinking skills with a focus on customer-centricity
Some travel may be required (<10%)
About New York Life Insurance Company
Hiring and Developing Entrepreneurial People Who Are Interested in a Career in Financial Services.
As a mutual company, with no investors or outside owners, New York Life is uniquely aligned with our clients’ interests and priorities. We deeply appreciate the difference we can make in the lives of individuals and families, both in the work we do every day and our commitment to the communities where we work and live. We pride ourselves on our inclusive culture, training, and career opportunities. It should not be surprising that when you work at New York Life—whether as an agent or as one of our valued corporate employees—you are backed by unyielding support, development, and resources.
Here at New York Life, we offer employee resource groups. Employees representing unique cultures, experiences, and backgrounds, these groups do much more than raise awareness of diversity & inclusion. Throughout the year, these groups coordinate professional and personal development seminars and workshops, conduct networking events, host special guest speakers, raise funds for worthy causes, and mentor colleagues.
When individuals succeed, we succeed as a team. And from there we keep building a workplace of leaders. That is why it has always been important to us to invest in a wide variety of development tools and benefits that protect and motivate our workforce. We are here to support you in realizing your highest potential. If your career is important to you, and you thrive on personal growth and professional challenges, we invite you to explore professional career opportunities at New York Life.
Salary range: $57,000-$60,000
Overtime eligible: Nonexempt
Discretionary bonus eligible: Yes
Sales bonus eligible: No
This position is eligible for health and wellness benefits including but not limited to paid vacation, health care insurance and flexible spending accounts, 401K match, and tuition assistance/student loan repayment program.
Please note: At this time, employees of Group Benefit Solutions can be considered for open positions within Group Benefit Solutions only. Applications from Group Benefit Solutions employees for open positions within other New York Life businesses are unable to be considered.