What are the responsibilities and job description for the Senior Life Underwriting Consultant position at Munich Re?
Position Overview
Evaluate medical, non medical, and financial risk for High Net Worth (HNW) facultative reinsurance applications involving individual life and multi life cases (COLI/BOLI/iCOLI).
Serve as the primary backup to the AVP for multi life underwriting and deliver competitive, high quality risk assessments.
Your Role:
Together, we engage with everything we have and are, to help humankind act braver and better.
As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into manageable risk, we enable fundamental change. We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions. We dare to think big and are continuously innovating on behalf of our clients.
Our data, our technology, and our teams place us in a unique position to drive transformative change in the life insurance industry. We invest strategically in our world class talent, offering our employees a work experience that promotes professional development, innovation, and rewards high performance.
What Can We Offer You?
We are pleased to offer our employees great benefits and resources to support their mental, physical and financial wellbeing. These include:
At Munich Re US, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services. We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Evaluate medical, non medical, and financial risk for High Net Worth (HNW) facultative reinsurance applications involving individual life and multi life cases (COLI/BOLI/iCOLI).
Serve as the primary backup to the AVP for multi life underwriting and deliver competitive, high quality risk assessments.
Your Role:
- Evaluate traditional facultative life reinsurance applications using independent judgment and Munich Re US Life underwriting guidelines
- Evaluate COLI/BOLI/iCOLI facultative submissions and provide assessment meeting acceptable limits
- Monitor mortality trends and evolving underwriting practices across the industry
- Maintain strong knowledge of client organizations, personnel, and business practices
- Provide timely, valued support to clients via phone and email
- Handle new business and additional requirements efficiently
- Clearly explain underwriting decisions to client underwriters
- Explain mortality drivers and underwriting philosophy in individual and group settings
- Assist in reviewing and monitoring of COLI/BOLI/iCOLI industry guidelines
- Represent Munich Re through client interactions, industry meetings, travel, and external audits
- Assist in departmental projects and participate on client focused service teams
- Mentor and train new employees
- Co sign cases for team members as required
- Support complex life insurance cases as needed
- Assess and price multi million dollar, multi impaired individual life risks and COLI/BOLI/iCOLI risks
- Make independent underwriting decisions impacting profitability and client relationships
- Recommend changes to COLI/BOLI/iCOLI guidelines, as appropriate
- Bachelor’s degree (or equivalent experience)
- Industry designations preferred (FALU, CLU, FLMI)
- 10 years of experience in individual life underwriting
- Strong background in COLI/BOLI/iCOLI
- Reinsurance underwriting experience preferred
- Strong medical knowledge, including anatomy and physiology
- Advanced medical, non medical, and financial risk assessment skills
- Experience with high net worth and large case underwriting
- Substandard and impaired risk expertise
- Comfort approving higher mortality assumptions and co signing others’ work
- Experience underwriting mature age and joint life risks
- Understanding of U.S. life insurance products, contracts, and legal processes
- Strong client facing and presentation skills
- Excellent written and verbal communication
- Demonstrated initiative to improve processes and client experience
- Proven project management capability
Together, we engage with everything we have and are, to help humankind act braver and better.
As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into manageable risk, we enable fundamental change. We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions. We dare to think big and are continuously innovating on behalf of our clients.
Our data, our technology, and our teams place us in a unique position to drive transformative change in the life insurance industry. We invest strategically in our world class talent, offering our employees a work experience that promotes professional development, innovation, and rewards high performance.
What Can We Offer You?
We are pleased to offer our employees great benefits and resources to support their mental, physical and financial wellbeing. These include:
- Comprehensive Medical Plans
- PTO and Family Leave
- Retirement Savings Plans
- Dental and Vision Plans
- Life and Disability insurance
- Employee Assistance Program
- Adoption Assistance
- Wellness Programs - Calm, WW, SoFI, Virgin Pulse
- Commuter Benefits
- FSA and HSA Plans
- Hospital Indemnity, Critical Illness and Accident Plans
At Munich Re US, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services. We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.