Underwriting Consultant, BMOLA

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

AML (Anti-Money Laundering) Risk Framework

• Risk score all Universal Life clients and reviewing case parameters according to internal AML guidelines
• Work with Corporate AML office on any findings required to change internal policy and procedures for underwriting
• Perform review of client applications and disclosures
• Assess corporate entities based on shareholder ownership and company financials
• Support internal Business Unit Governance team on investigations and suspicious underwriting files

Reinsurance Negotiations

• Review and assess reinsurance decisions for market competitiveness
• Negotiate complex medical/non-medical/financial cases with reinsurer to obtain best offer
• Reserve and manage appropriate capacity for large cases
• Calculate and reserve appropriate initial and ultimate amounts through reinsurance treaty parameters to anticipate future growth liabilities
• Provide insight and feedback to Director Underwriting on trending reinsurance decision and emerging trends for future RFP treaty negotiations

Risk Management

• Follow appropriate underwriting principles, directives & guidelines and manuals to do (remove) assess the underwriting risk associated with new applications/business to BMO Life Assurance
• Assess medical and non-medical risk factors consistent with internal and reinsurance guidelines
• Obtain appropriate approvals based on judgment and signing limits, recommending for approval for policies that are above personal underwriting limits
• Maintain current knowledge of promoted insurance sales concepts and understand the implications to underwriting and the business overall
• Adhere to all aspects of First Principles our code of Business Conduct and Ethics including individual accountability as it relates to potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities
• Must be clear and concise and outlines methodology of risk assessment for auditing purposes
• Visit 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
• Follow appropriate underwriting principles, directives & guidelines and manuals to do (remove) assess the underwriting risk associated with new applications/business to BMO Life Assurance
• Assess medical and non-medical risk factors consistent with internal and reinsurance guidelines
• Obtain appropriate approvals based on judgment and signing limits, recommending for approval for policies that are above personal underwriting limits
• Maintain current knowledge of promoted insurance sales concepts and understand the implications to underwriting and the business overall
• Adhere to all aspects of First Principles our code of Business Conduct and Ethics including individual accountability as it relates to potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities

Authorities 

To deliver on these accountabilities, these roles must have the following authorities:

Information Access – Authority to use and access confidential information related to customer information, product and financial information. Authority includes accessing the internet for the purpose of gathering relevant data and current updates.

Cross Functional Relationships 

To MGAs and brokers

• Perform analysis and provide feedback on quality of business to Director or Underwriting and VP Business Development
• Provide detail outcome of underwriting decision taken based on sound medical and financial underwriting analysis
• Perform presentations to MGA’s and independent advisors on industry trends and complex medical underwriting files

Medical Doctors

• Review and analyze reinsurance manuals to ensure accurate decision and adherence to reinsurance guidelines based on current reinsurance treaties in effect
• Identify any blood/urine specimen trends and abnormalities based on parameters set by VP and Chief Corporate Underwriter
• Decision complex medical situations to obtain complete picture for an accurate assessment of underwriting risk

To New Business

• Identify missing information or additional information required to underwrite applications and advise New Business to gather the required information
• Action application as per standards when New Business has updated the system with new information
• Ensure system is clearly updated with decision including reinsurance and any applicable amendments, endorsements and/or special instructions

To Reinsurers

• Submit accurate information based on in force, initial and ultimate amounts on all facultative cases
• Ensure that treaty terms all well understood
• Ensure that all accepted offers are communicated in timely manner and files updated
• Negotiate the most competitive decisions based on qualitative material information gathered and sound judgment

To Actuarial

• Liaise on reinsurance treaty terms
• Liaise on all special quote requests
• Liaise on illustrations as required
• Liaise on Policy Changes as required and any special requests from Sales/Marketing

QUALIFICATIONS:

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