Senior Underwriter (Remote US)
Purpose of role
Using sound and cost effective principles within established authority limits, the Senior Underwriter will facilitate the sale of life insurance while ensuring the long-term profitability of the business sold. The Senior Underwriter will establish the appropriate premium class for each applicant based on risk profile by evaluating the health, finances, occupation, foreign residence, travel, and lifestyle.
- Review insurance application files for new business, reinstatements and coverage change requests.
- Establish and maintain effective relationships with producers, including communicating the underwriting decision.
- Balance investigative costs for tests/assessments versus risk management requirements to make informed underwriting decisions and determine steps to be taken to fully evaluate the application, including identifying additional required information and/or professional resource assessment reports.
- Order required medical tests/assessments, as required. Arrange for any additional required assessments from professional resource contacts and contact the producer to obtain missing application information.
- Research, interpret and analyze information relevant to the application, including product details, legislation, rate manuals, medical/drug reference books, applicant insurance history, motor vehicle reports and other relevant sources. Access (decode) confidential medical information related to the applicant through the Medical Information Bureau (MIB).
- Efficiently document the applicant file on the Underwriting systems as additional information is received. Code and enter data from received medical reports to the information system.
- Complete a full underwriting assessment of the application following the receipt and review of all required information, considering potentially competing factors such as new/increased business income to Foresters versus risk of significant financial loss. Consult with Chief Underwriter as required on complex underwriting issues.
- Finalize the underwriting decision within approval limits as assigned by the Chief Underwriter, carefully distinguishing standard from preferred and preferred plus risks, and authorize issues of the new or revised insurance certificate for approval applications.
- Initiate processes to refer application files for reinsurance as required.
- Compose related correspondence to members/producers related to the information required to assess the application; advisory letters to the member and producer regarding the approval/decline of the application, letters containing confidential medical information to the applicant’s physician related to a decline decision.
- Participate in the research, review and analysis of underwriting related legislation and regulations, and current underwriting issues and trends, and participate in the review and development of new/revised underwriting policies, procedures, systems and standards as assigned by the Chief Underwriter.
- Work with the Medical Director on cases as required.
- Travel to Toronto, Ontario, Canada will be required
- 5 plus years of underwriting experience.
- Strong medical and financial underwriting knowledge
- Experience with simplified issue and final expense type products
- Knowledge of underwriting theory, principles, methods, systems, processes and standards attained from Part One of the Academy of Life Underwriting program and underwriting experience.
- Demonstrated risk assessment skills
- Demonstrated leadership skills
- Consultation and communication skills to make consistent and appropriate underwriting decisions within Foresters policies and standards.
- Consultation and communication skills to request information from a broad range of resources/professionals as required; providing detailed information related to the application decision to the producer.
- Knowledge of the interpretation and application of underwriting legislation and regulations across the US
- Knowledge of the Foresters purpose, goals and objectives to ensure compliance of decisions with Foresters policies and standards.
- Ability to learn and understand in detail, Foresters insurance products and contact provisions to review and assess applications in order to make effective underwriting decisions.
- Completed LOMA/ALU courses.
Foresters Financial is committed to supporting diversity and accessibility. If you require an accommodation throughout the recruitment process, we will work with you to meet your needs.