Schaumburg Business Association

Life Insurance Underwriting Supervisor

Posted: 07/03/2019

JOB DESCRIPTION
Job Title:         Life Insurance Underwriting Supervisor
Department:    Underwriting
Reports To:     Chief Executive Officer
FLSA Status:  Exempt
Date:               June 2019
 
SUMMARY
Holds responsibility for underwriting individual life insurance and annuity  applications. In the underwriting capacity has the responsibility to evaluate risk to determine an individual’s insurability adhering to our medical and financial underwriting guidelines. 
 
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following:
(Other duties may be assigned.) 
  • Determines whether to accept, modify or decline a risk through evaluation of individual’s medical history and/or physical condition, occupational hazard and financial background
  • Evaluates and handles all underwriting aspects of individual life insurance and annuity applications.
  • Communicates effectively with agents and internal sales team to facilitate placement of business.
  • Holds underwriting authority for life insurance cases up to $100,000 to age 85 years.
  • Coordinates with Outside Underwriter for all life insurance cases between $100,000 and $250,000.
  • Coordinates with Reinsurance carrier for all life insurance cases over $250,000.
  • Manages relationships with Reinsurers and other outsider partnerships
  • Runs illustrations that validate the premiums from applications & contracts to be reviewed.
  • Performs an annual review of underwriting guidelines with the Compliance Department.
  • Performs an annual review of contract and service levels with the outside underwriter and reinsurance carrier.
  • Identifies trends, issues and best practice underwriting solutions.
  • Works on assigned projects pertaining to underwriting and enterprise initiatives.
  • Work with the Sales team to close business
  • Provides expert knowledge of underwriting policies, guidelines, practices and procedures, has the ability to influence and champion changes to improve processes while maintaining mortality expectations.
  • Demonstrates the ability to adapt and customize content and communication style to fit a variety of specific external and internal target audiences such as: agents, brokers, distribution partners, and all levels of employees.
  • Demonstrates dependability, flexibility and sound judgment by adhering to schedules,  meeting all productivity, quality and performance standards as well as taking ownership for decisions
  • Collaborates effectively with all stakeholders to gather information necessary for underwriting decision making and to select profitable risks.
  • Represents the Society by responding to questions and developing relationships with agents and partners.
  • Provides training to less experienced team members on underwriting procedures and guidelines.
  • Enhances departmental outcomes by sharing knowledge with team members and providing advice on more complex underwriting determinations.
 
QUALIFICATIONS
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
 
Supervisory Responsibilities:
One New Business Employee
 
Education and/or Experience:
  • Undergraduate degree or comparable work experience
  • Industry Exams – ALU 101, 201, 202, & LOMA encouraged
  • 5+ years of experience in Underwriting of Individual Life Insurance products
  • Demonstrated Excellence in: Problem Solving & Analysis; Comprehension of Complex Information; Influencing Others; Risk Assessment; Demonstrated decision making using sound judgment; Negotiation Skills; Managing Conflict
  • Strong Written and Verbal Communication skills
  • Microsoft Office (Outlook, Word, PowerPoint, Excel)
 
A demonstrated track record of working with minimal supervision, being a self-starter and working with others in a team environment
 
Communication Skills:
Ability to read, analyze and sales reports, contracts, certificates and legal documents. Ability to respond to common inquiries or complaints from agents or members. Ability to communicate and articulate clearly at events or in a public forum.
 
Mathematical Skills:
Ability to calculate simple math figures and amounts such as discounts, interest, and percentages.
 
Reasoning Ability:
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
 
Computer Skills:
To perform this job successfully, an individual should have knowledge of Word Processing software and Spreadsheet software. Knowledge of SalesForce is a plus.
 
PHYSICAL DEMANDS
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
  • While performing the duties of this Job, the employee is regularly required to sit; use hands to finger, handle, or feel; reach with hands and arms and talk or hear.
  • Employee may occasionally be required to lift and/or move up to 15 lbs.
  • Specific vision abilities required by this job include close vision and distance vision.
 
WORK ENVIRONMENT
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
  • While performing the duties of this job, the employee is in a typical office environment.
  • The noise level in the work environment is usually moderate.