Life Insurance Product Manager
- New York, NY, USA New York NY US
- Permanent, Full time
- New York Life Insurance Company
- 17 Jul 18 2018-07-17
Life Insurance Product Manager
New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
In this newly created role, the Life Product Manager, will join a cross functional team dedicated to investigating and providing resolutions on a range of diverse product administrative issues. The successful incumbent will leverage their knowledge of life products, ability to multi-task and collaborate, and strong attention to detail to investigate issues and recommend solutions in an Agile framework (formal Agile training not required). This role requires a general understanding of our Life Product and requires collaboration with others across the organization to solve problems.
- Develop deep understanding of our offerings, regulatory landscape, strengths, weaknesses, customer targets & needs, distributors, market trends through various tools (e.g. surveys, research, interviews etc.) and connect the dots to see how they impact our business
- Provide life product expertise, guidance, and product-related decisions to business partners
- Investigate issues as they arise and identify a course of action and socialize recommendations with stakeholders
- Collaborate with Product Manager, Technology, Legal and Actuarial teams to implement proposed resolutions and approaches
- Inform Service, Agency and Marketing teams on impacts to policyholder and agent communications
- Document root causes and specifications and work with Technology to set controls to prevent further issues
- In partnership with leadership, prepare materials for Steering Committee
- Bachelor Degree preferred
- 3+ years of relevant experience with focus on Product Management/Development/Service or equivalent experience within life insurance industry.
- Life Insurance taxation knowledge helpful
- Positive, energetic and love tackling problems
- Intellectually curious and like to experiment
- Team player and have the ability to build strong working relationships with your business partners
- Self-starter who can independently seek information, corral resources and deliver results without waiting for direction
- Detailed, data-driven and good at writing business proposals in meaningful way
- Expert communicator (explaining complex requirements in laymen terms when needed)
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* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.