Unclassified - Chicago, IL

posted 4 months ago

Full-time - Mid Level
Chicago, IL

About the position

Optimyl Benefits is seeking a Senior Underwriter to play a crucial role in pricing, quoting, and analyzing the structure of contracts and policies for group employers. This position requires a deep understanding of group demographics, medical questionnaires, claims experience, and other unique risk characteristics. The Senior Underwriter will utilize their discretion within the underwriting authority to ensure that all actions align with Optimyl's policies while maintaining appropriate levels of profitability and growth over time. In this role, the Senior Underwriter will be responsible for identifying when to decline quotes that do not fit the overall strategy and risk structure of Optimyl. They will analyze risk factors for new business enrollments, annual renewals, and amendments, ensuring compliance with established underwriting policies, practices, and standards. The position also involves analyzing associated policies, guidelines, and market data to enhance risk management, secure appropriate enrollment, and manage existing memberships effectively. The Senior Underwriter will evaluate various data points, including the financial conditions of organizations, participation percentages, industry types, and individual participant characteristics based on past claims experience. This analysis will inform the benefits that can be offered and the rates that will be set. Additionally, the role includes preparing a variety of reports and providing rationale and support to other areas within the organization, including producers, regarding underwriting results, rate computations, and financial activity. This is a mid-level position that operates with minimal oversight from management, allowing the Senior Underwriter to take ownership of their responsibilities and contribute significantly to the company's objectives. The role requires a proactive approach to managing a book of business, ensuring profitable levels of new business writing, and achieving overall business targets.

Responsibilities

  • Price, quote, and analyze contracts and policies for group employers based on demographics and claims experience.
  • Use discretion within underwriting authority to ensure profitability and growth.
  • Identify and decline quotes that do not fit Optimyl's strategy and risk structure.
  • Analyze risk factors for new business enrollment, annual renewals, and amendments.
  • Evaluate financial conditions, participation percentages, and industry types to determine benefits and rates.
  • Prepare reports and provide rationale regarding underwriting results and financial activity.
  • Manage a book of business for renewing accounts and writing new business.
  • Evaluate eligibility of groups and participating employees for new business quotes.
  • Calculate rates and evaluate financial arrangements and pricing policies.
  • Identify questionable claim patterns and evaluate competitor claims experience.
  • Apply corporate risk management policies and adjust for unusual situations.
  • Enforce Optimyl's business rules regarding participation and product availability.
  • Recommend adaptations of pricing to accommodate client-specific situations.
  • Analyze individual member risk and aggregate it to the total group.
  • Support internal initiatives related to underwriting policies, training, and compliance.
  • Complete renewals and prospective quotes, reviewing lower-level analyst work.
  • Adapt to changing priorities and communicate recommendations effectively.
  • Serve as a subject matter expert to sales and account management teams.
  • Influence sales teams toward appropriate risk solutions and pricing structures.
  • Guide and assist lower-level analysts in their work.
  • Represent departmental needs on system development and process improvement teams.

Requirements

  • Bachelor's degree in mathematics, Actuarial Science, Finance, Business, Computer Science, or other quantitative analysis discipline, or 6 years of relevant progressive experience.
  • 3 - 5 years of experience in underwriting self-funded and converting fully insured prospects into self-funded clients.
  • Skilled interaction with various internal departments and external stakeholders.
  • Ability to use applicable computer systems and applications effectively.
  • Ability to work independently and manage projects from routine to highly complex.
  • Demonstrate understanding and support of corporate and departmental goals.
  • Adhere to ethical business practices and privacy regulations.
  • Strong problem-solving, organizational, and negotiation skills.
  • Excellent math aptitude for analysis.
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