Underwriting Associate
7 days ago
Entry level Underwriter with less than one year of related experience; underwrites group insurance applications, within strict guidelines set for the issuance of policies on a standard or substandard basis. Exercises judgment based on the evaluation of collected case data for the acceptance, modification, or rejection of group underwriting requests and reviews decision and rationale with supervisor or higher-level underwriter. Develops a positive relationship with sales partners in the field. Actively strives to acquire group insurance knowledge and develop those analytical skills necessary to foster sound underwriting decisions.
Risk Assessment
- Analyze information in request for proposal (RFP) to establish a clear understanding of the plan design.
- Extrapolate differences from average norms in actuarial manual to specific factors in the RFP (e.g. demographics, industry, occupations) to identify the degree of risk.
- Contact internal partners (sales, actuaries, claims) to obtain further information as required.
- Address "concerns" raised by underwriting software to facilitate an online quote (accept, decline, modify quote).
- Gain a solid understanding of common risk factors and options for mitigating those factors.
- May assist in gathering and evaluating data on more complex cases or block of business.
- Following acceptance of a quote, compare metrics of case in question to plan metrics (Build to Manual or Build to Formula for STD).
- Gain solid understanding of profitability trends for certain products.
- Determine appropriate balance between sales and profitability and create a proposal for sales partners to present.
- Become a competent user of the claims system; navigate life cycles, research, manage queues and document decisions and rationale.
- Become familiar with resources available to research policy holder, plan information, actuarial manual, etc.
- Maintain accurate and adequate file documentation of all underwriting decisions, forms, or correspondence as determined by Company policy or supervisory discretion.
- Update renewal inventory database.
- Become familiar with Premium Billing System, DataMart, FileNet(Imaging), Varicent and other data processing systems as required.
- Less than 300 lives
- Routine manual rated quotes; STD experience rated quotes
- Discounting Authority limit: 20% manual; 0% experience
- Premium Authority limits: $75,000 single line; $150,000 multi-line
- Plan design limit: smaller, simplistic designs
- Level of supervision: Closely supervised, receives instruction & direction
- Bachelors degree in a related field.
- Working knowledge of group insurance products preferred.
- State insurance license preferred.
- Effective verbal and written communication skills.
- Strong mathematical skills and analytical skills.
- Excellent organizational skills with the ability to perform detailed and diversified duties including prioritization of high volume/deadline workload.
- High level of customer service orientation.
- Ability to research and solve problems with supervision.
- Proficient computer skills required, including, Word, Excel, Windows, and e-mail.
The expected hiring range for this position is $23.43 - $29.29 hourly for work performed in the primary location (Philadelphia, PA). This expected hiring range covers only base pay and excludes any other compensation components such as commissions or incentive awards. The successful candidate's starting base pay will be based on several factors including work location, job-related skills, experience, qualifications, and market conditions. These ranges may be modified in the future.
Work location may be flexible if approved by the Company.
What We Offer
At Reliance Matrix, we believe that creating a more diverse, equitable and inclusive culture allows us to realize more of our potential. And we can't do this without our most important asset-you.
That is why we offer a competitive pay package and a range of benefits to help team members thrive in their financial, physical, and mental wellbeing.
Our Benefits:
- An annual performance bonus for all team members
- Generous 401(k) company match that is immediately vested
- A choice of three medical plans (that include prescription drug coverage) to suit your unique needs. For High Deductible Health Plan enrollees, a company contribution to your Health Savings Account
- Multiple options for dental and vision coverage
- Company provided Life & Disability Insurance to ensure financial protection when you need it most
- Family friendly benefits including Paid Parental Leave & Adoption Assistance
- Hybrid work arrangements for eligible roles
- Tuition Reimbursement and Continuing Professional Education
- Paid Time Off, volunteer days, community partnerships, and Employee Assistance Program
- Ability to connect with colleagues around the country through our Employee Resource Group program and our Diversity Equity & Inclusion Council
- Integrity
- Empowerment
- Compassion
- Collaboration
- Fun
EEO Statement
Reliance Matrix is an equal opportunity employer. We adhere to a policy of making employment decisions without regard to race, color, religion, sex, national origin, citizenship, age or disability, or any other classification or characteristic protected by federal or state law or regulation. We assure you that your opportunity for employment depends solely on your qualifications.
#LI-Hybrid #LI-LN1
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