Senior Underwriting Consultant, Insurance

Overview

The Underwriter is accountable for assessing the early death and early incidence of a critical illness for the purpose of determining accurate underwriting mortality and morbidity. This role assesses complex medical and avocational histories including current financial concepts in the Individual Life insurance space. It evaluates individual risk in accordance with established underwriting principles within their signing authority. Strong critical thinking, communication, negotiation, and interpersonal skills are required, along with advanced knowledge of current industry trends and data & analytics skills.

Medical/Non-Medical/Financial Underwriting

• Follow the underwriting principles, directives, guidelines & manuals to assess the underwriting risk for New Business applications, Policy Changes for various product lines and distribution channels (Advisor, Direct, Creditor).
• Calculate appropriate age/amount requirements, auto/jumbo limits and initial and ultimate face amounts of coverage in accordance with external reinsurance treaties.
• Review and assess AML and governance risk in advance of placing the contract inforce.
• Adjudicate client risk factors in the application and corresponding data elements in order to decide on the right mortality or morbidity risk.
• Review and assess information from Attending Physician Statements and other medical specialists to assess life expectancy.
• Review and determine Fair Market Value of Corporately owned policies to ensure amounts of coverage are justified.
• Work with client advisory partners (Tax planners, Accountants, Lawyers) to ensure that data is accurately reflected in the risk assessment that is made, insurable interest and review of sales concept involved.
• Liaise with specialists, such as actuaries, medical providers or doctors, to understand the medical risk and other non-medical risk factors for the identified case.
• Calculate underwriting decision and corresponding mortality rating based on medical experience and training, discussions with internal Medical Doctors, Reinsurance and Actuarial.
• Decide whether the risk should be shared with a re-insurer and negotiate reinsurance agreements on all individual cases.
• Decision the insurance policy and specify any additional conditions to be imposed based on the overall underwriting risk assessment.
• Update system and document notes and prepare for audit review.
• Check in force policies to ensure appropriate initial and ultimate amounts calculated.
• Ensure that the treaty terms for each Reinsurer on each product line is well understood and followed. Treaties are available to Underwriters and are housed in the Actuarial Department.
• Ensure MIB properly reviewed and coded on each case.
• Ensure communication is free of any personal comments. Documentation must be clear and concise and outlines methodology of risk assessment for auditing purposes.
• Perform presentations and onsite visits with Nesbitt EIA’s, Advisory brokers and Managing General Agencies (MGAs) as required to educate on underwriting matters.
• Review special underwriting requests or rating reconsiderations for MGAs and brokers and negotiate terms as required for specific business (within authority limits).
• Keep up to date with medical knowledge, developments and trends. Keep abreast of changes in the financial market, economy, geo-political and travel concerns as they relate to Underwriting.
• Maintain excellent reinsurance relationships in the discussion of individual case management and requirements.

AML (Anti-Money Laundering) Risk Framework

• Risk score all Universal Life clients and review case parameters according to internal AML guidelines.
• Work with Corporate AML office on any findings required to change internal policy and procedures for underwriting.
• Perform review of client applications and disclosures.
• Assess corporate entities based on shareholder ownership and company financials.
• Support internal Business Unit Governance team on investigations and suspicious underwriting files.

Reinsurance Negotiations

• Review and assess reinsurance decisions for market competitiveness.
• Negotiate complex medical/non-medical/financial cases with reinsurer to obtain best offer.
• Reserve and manage appropriate capacity for large cases.
• Calculate and reserve appropriate initial and ultimate amounts through reinsurance treaty parameters to anticipate future growth liabilities.
• Provide insight and feedback to Director Underwriting on trending reinsurance decisions and emerging trends for future RFP treaty negotiations.

Risk Management

• Follow appropriate underwriting principles, directives & guidelines to assess the underwriting risk associated with new applications/business to BMO Life Assurance.
• Assess medical and non-medical risk factors consistent with internal and reinsurance guidelines.
• Obtain appropriate approvals based on judgment and signing limits, recommending for approval for policies that are above personal underwriting limits.
• Maintain current knowledge of promoted insurance sales…