Manager of Underwriting
Job Description
The Manager of Underwriting is a critical leadership role responsible for overseeing the underwriting process for group insurance products within the organization. This position involves managing a team of underwriters and collaborating with various stakeholders to ensure efficient and accurate underwriting practices while maintaining compliance with BBD’s underwriting guidelines and regulations for group insurance plans.
The Manager of Underwriting delivers results through continuous improvement, customer focus, and consistent culture.
The Manager of Underwriting will:
Oversee the underwriting process for group benefits products, such as group health, life, disability, and other related coverages.
Ensure that all applications are evaluated and analyzed using underwriting guidelines, policies, and principles to ensure profitability and competitiveness of the block as a whole.
Work with team to evaluate the risk associated with group insurance applications.
Review and analyze group data, claims history, medical information, and other relevant factors to determine appropriate coverage levels and premium rates.
Collaborate with carriers to set competitive and sustainable premium rates for group benefit plans based on the underwriting assessments and risk analysis.
Drive continuous process improvement initiatives within the underwriting group to enhance operational efficiency, accuracy, and customer experience.
Develop and refine underwriting guidelines and policies for group benefits based on industry trends, competitive analysis, and company objectives.
Develop, maintain and improve relationships with key clients, brokers, and partners, to ensure a high level of service and client loyalty.
Identify new business opportunities through networking and referrals.
Manage and train sales staff; implement sales incentive programs and goals to increase employee performance; give direction towards possible resources and sales strategies.
Lead the proactive education of BBD and Partner Solutions about Underwriting processes, as well as abilities and limitations as a Third-Party Administrator.
Generate new and innovative solutions to complex problems.
Liaise with the Marketing department to create thorough and effective sales campaigns and strategy.
Collaborate with BBD and Partner Solutions departments to develop strong relationships, share information, and instill confidence with Supplier Partners.
Represent the client’s needs internally to ensure customer-focused sales mindset.
Business Results
Work with the VP, Distribution TPA+ to set team goals and objectives to align with the Underwriting department.
Collaborate with sales and account management teams to provide underwriting support during client presentations and meetings; address inquiries from clients, brokers, and other stakeholders regarding underwriting decisions and processes.
Utilize data analytics and reporting tools to monitor underwriting performance, trends, and key metrics. Generate reports for senior management and other stakeholders to inform strategic decision-making.
Hold team accountable to deliver on objectives by meeting or exceeding individual goals .
Coach team to take proactive approach to anticipating and understanding customer needs and provide advice and appropriate products and services.
Report on successes and areas needing improvements.
Stay updated on industry trends, regulatory changes, and emerging risks in the group insurance space.
Complete a small number of quotes; join in the negotiation and resolution when necessary
Leadership
Guide the day-to-day activities of the Underwriting team.
Conduct regular training sessions for the Underwriting team on product knowledge and industry expertise to support their development, performance, and career progression.
Encourage each employee to take responsibility for their own performance, development, and career progression, while contributing to BBD’s success.
Foster a relationship between manager and employee; encourage regular, ongoing dialog between employee and manager about expectations, progress, accomplishments, performance, compensation and development needs.
Create and foster a climate that encourages high performance and team cohesion, promoting a positive work environment.
Follow and ensure staff are knowledgeable of and comply with industry codes of conduct and with securities laws and regulations.
Follow and ensure staff understand and apply BBD operating policies and HR/BBD policies (e.g., Respect in the Workplace policy, Alcohol and Drug, etc.)
To be successful as a Manager of Underwriting with Benefits by Design, you will need:
5+ years relevant experience or similar role
Post-secondary education an asset; Industry certifications are advantageous.
Proven understanding group benefits underwriting, with a track record of progressively increasing responsibilities.
Strong leadership and team management skills, with the ability to motivate and develop a team of underwriters.
In-depth knowledge of group insurance products, underwriting principles, and risk assessment.
Familiarity with insurance regulations and compliance requirements specific to group benefits.
Analytical and problem-solving skills; ability to make sound underwriting decisions.
Excellent communication and interpersonal skills to collaborate with cross-functional teams, clients, and brokers.
Strong conflict resolution ability; experience dealing with escalation processes & procedures.
Proficiency with underwriting software, data analysis tools, and Microsoft Office suite.
What's in it for you:
Learn by working alongside our experts
Extended health care and dental benefits
A retirement savings plan with company contributions
A suite of Health & Wellness offerings
Mental Health programs and support for you and your family
Competitive compensation
At People Corporation we are committed to helping businesses succeed. We are a national provider of benefits, retirement, wealth, wellness, and human resource solutions. Our experts and solutions serve over 20,000 clients representing nearly 3 million Canadians. We offer customized solutions designed to fit the unique needs of businesses and their employees, members and stakeholders.
Providing an inclusive, accessible environment, where all employees and clients feel valued, respected and supported is something we're committed to. We are dedicated to building a workforce that reflects the diversity of the communities in which we live, and to creating an environment where every employee has the opportunity to reach their potential. If you require an accommodation or an alternative format of any posting please reach out to [email protected]
The base salary range for this position is $95,000 - $115,000 per annum.
This represents base salary only and does not represent other variable compensation components of our total compensation ( i.e. annual bonus, commission etc.). The actual base salary will vary depending on local market conditions, geography and relevant job-related factors such as knowledge, skills, qualifications, experience, and education/training. If you are selected to move forward in our recruitment process, the Talent Acquisition Specialist will be able to provide additional details of the total compensation for this role.