Underwriting Consultant, BMOLA

at  BMO Financial Group

250 Yonge Street Toronto Ontario,M5B 2L7
The Underwriter is accountable for assessing the early death and early incidence of a critical illness for the purpose of determining accurate underwriting mortality and morbidity. This role is accountable to assess complex medical and avocational histories including current financial concepts in the Individual Life insurance space. This role is accountable to assess individual risk in accordance to established underwriting principles within their signing authority. This role is required to have advanced critical thinking, communication, negotiation and interpersonal skills. This role is also required to have advanced knowledge of current industry trends and a strong command of data and analytics skills.

ACCOUNTABILITIES

Medical/Non-Medical/Financial Underwriting

Follow the underwriting principles, directives, guidelines & manuals to assess the underwriting risk for New Business applications, Policy Changes for various product lines and distribution channels (Advisor, Direct, Creditor), including but not limited to the following key activities:

• Calculate appropriate age/amount requirements, auto/jumbo limits and initial and ultimate face amounts of coverage in accordance with external reinsurance treaties
• Review and assess AML and governance risk in advance of placing the contract inforce
• Adjudicate client risk factors in the application and corresponding data elements in order to decide on the right mortality or morbidity risk
• Review and assess information from Attending Physician Statements and other medical specialists in order to assess life expectancy
• Review and determine Fair Market Value of Corporately owned policies to ensure amounts of coverage are justified
• Work with client advisory partners (Tax planners, Accountants, Lawyers) to ensure that data is accurately reflected in the risk assessment that is made, insurable interest and review of sales concept involved
• Liaise with specialists, such as actuaries, medical providers or doctors, to understand the medical risk and other non-medical risk factors for the identified case
• Calculate underwriting decision and corresponding mortality rating based on medical experience and training, discussions with internal Medical Doctors, Reinsurance and Actuarial
• Decide whether the risk should be shared with a re-insurer and negotiate reinsurance agreements on all individual cases
• Decision the insurance policy and specify any additional conditions to be imposed based on the overall underwriting risk assessment
• Update system and document notes and prepare for audit review
• Check in force policies to ensure appropriate initial and ultimate amounts calculated
• Ensure that the treaty terms for each Reinsurer on each product line is well understood and followed. Treaties are available to Underwriters and are housed in the Actuarial Department
• Ensure MIB properly reviewed and coded on each case
• Ensure communication is free of any personal comments. Documentation must be clear and concise and outlines methodology of risk assessment for auditing purposes
• Perform presentations and onsite visits with Nesbitt EIA’s, Advisory brokers and Managing General Agencies (MGAs) as required to educate on underwriting matters
• Review special underwriting requests or rating reconsiderations for MGAs and brokers and negotiate terms as required for specific business (within authority limits)
• Keep up to date with medical knowledge, developments and trends. Keep abreast of changes in the financial market, economy, geo-political and travel concerns as they relate to Underwriting
• Maintain excellent reinsurance relationships in the discussion of individual case management and requirements

KNOWLEDGE

• Undergraduate degree
• 5-10 years experience in an underwriting environment
• ALU II – working towards FALU
• Knowledge of Underwriting Rules Engine and ability to analyze outputs
• Ability to understand and interpret Data & Analytics
• Bilingual French would be an asset
• Knowledge of Individual Life Insurance

SKILLS

• Business Numeracy (In-depth)
• Analytical skills (In-depth)
• Negotiation skills (In-depth)
• Bilingualism French and English is an asset
• Communication

Please refer the Job description for details