Group Life and Disability Underwriter

Underwrites risk, develops plan designs and financial alternatives for assigned groups. Prevents adverse selection by individuals and groups through sound underwriting. Develops sound rates that are adequate to cover claims costs, expenses and provide a profit for the company while at the same time maintaining a competitive position in the marketplace.

Minimum Job Qualifications and Technical Competencies

- Bachelor's degree in business, mathematics, statistics or related discipline and 5 years' experience in group underwriting or equivalent combination so education and related job experience

Thorough knowledge of:

- Advanced underwriting concepts, including experience rating analysis
- Insurance code in all of the states in which the client is licensed to do business plus the states with extraterritorial insurance laws.
- State disability plan designs and the states that they are offered
- Supplemental life issues such as guarantee issue and analysis of potential adverse selection
- Taxability of disability and life benefits
- Maternity and selection issues for short term disability
- Alternative waiver funding issues such as the determination of the impact on rates when assuming disabled lives
- Financial underwriting concepts
- Contract and billing issues

Proven ability to:

- Make decisions beyond formula applications
- Generate creative solutions to employer problems outside the bounds of the bid specifications
- Organize, plan, prioritize and complete complex assignments
- Think analytically, apply analytical techniques and to provide in-depth analysis and recommendations using critical thinking and sound judgment
- Comfortably work with complex computer software systems
- Communicate effectively "selling" underwriting decisions
- Create understandable illustrations that accurately explain the funding and support the sales process
- Make decisions consistent with departmental philosophies
- Balance sales and profitability goals
- Negotiate with marketing teams

Essential Functions

- Supports the Underwriter I and the Underwriter II by acting as a technical resource and functioning in a leadership capacity.
- Develops the renewal position for existing group accounts utilizing underwriting policies and formulas, thereby ensuring profitability.
- Prepares the rate quotations and completes bid specifications for prospectively rated groups as requested by the sales department to assure the enrollment of new business at adequate premium rates in relationship to the risk assumed.
- Determines whether special consideration from reinsurers is appropriate for customized benefit designs and negotiates requests for approval under our facultative agreements.
- Investigates and solves problems involving proposal, enrollment, administrative, financial and contractual issues.
- Determines rates for alternative benefit variations and financial options for prospective and existing groups in order to allow flexibility and meet the changing needs of the market.
- Communicates changes in rates, benefits or financial arrangements to internal departments by preparing a written summary of calculations and rates.
- Meets with external customers, brokers or account representatives to review underwriting calculations and provide explanations for rating principles.
- Assists in training staff, brokers, and plan administrators in underwriting principals and the usage of the rating program.
- Ensures that group participation requirements are met.
- Processes the appropriate paperwork associated with renewal rate action and proposal closing.
- Reviews sold case data and amendment requests to determine compliance with underwriting guidelines and to prevent adverse selection.
- Calculates issue rates for sold groups and notifies groups, agents, and representatives of the action taken.
- Coordinates cancellation of groups that no longer meet underwriting requirements with the sales department.
- Supports management reporting efforts and the development of automated rating and analysis tools.
- Assists the Manager in the maintenance of the Underwriting and Rating Manuals.
- Calculates retention for groups rated on a retrospective basis.
- Actively involved with testing new rating, underwriting and Front End systems.
- Determines the correct rating procedures when alternate methods of funding are requested.
- Determines value of a benefit, to be added, deleted or modified, and the adjusted premium cost using experience from that group or other similar groups.
- May prepare trend line data for special groups, research and analyze variables and make recommendations concerning these groups.
- Prepares a written summary of recommendations and/or conditions of coverage for the group after completion of each analysis, to be used by the sales staff to explain the changes and/or conditions to the broker and group.
- Prepares an explanation of the past rating history, documenting benefit and enrollment changes, and providing a recommendation for benefit and financial options.
- Assists the Manager in preparing rate filings.
- Works closely with members of the Sales Department to resolve issues regarding Large Groups.
- Analyzes statistical data and performs the more complex rating analyses, developing rates for existing and prospective contracts.
- Calculates sufficient funds to cover administration costs for additional benefits or services on applicable accounts.
- Assists with the work of coworkers during times of absence within the department or overflow work. This includes, but is not limited to clerical duties, issuing contracts and certificates, enrolling new groups, running weekly and monthly log reports, and sending sold case materials to reinsurers.