Senior Associate - Data Analysis
- Jersey City, NJ, USA Jersey City NJ US
- Permanent, Full time
- New York Life Insurance Company
- 23 May 18 2018-05-23
Senior Associate - Data Analysis
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.
The Institutional Annuities Department's Client Service and Operations Team is seeking a motivated and team oriented individual to join our group. The Installation and Special Projects Senior Associate will partner with our relationship management team to onboard new pension risk transfer (PRT) sales, calculate nonstandard items, and work on special projects across the department.
- Supporting the installation, set up and maintenance of databases containing information for participants purchased under single premium group annuity contracts
- Calculate nonstandard items, which include lump sum illustrations, benefit split calculations for Qualified Domestic Relations Orders, and premium due or refund for participant census changes
- Convert participant-level census data into a consistent format for use in pricing models
- Act as a resource for the interpretation of group annuity contract provisions and related benefit quotations
- Key partner in providing technical, analytical, and testing support for area projects to improve processing efficiency
- Provide support and assistance to area personnel responding to inquiries from participants, financial institutions, and clients to ensure a high level of service excellence
- Provide responses to technical questions related to the claims and death processing and other functions for the PRT block of business
- Understand and stay current with operational procedures
- Bachelor's Degree required; math aptitude
- 4+ years of related exp.
- Strong oral and written communication skills. Must be able to effectively communicate with various internal/external clients and teams at different levels
- A positive attitude and a willingness to work as a member of a close-knit team
- Knowledge of, or a desire to learn, the provisions of group annuity contracts and ability to interpret them and perform related mathematical calculations
- Accountable, ethical, good decision-making ability
- Advanced Excel skills
- Experience with defined benefit pension plans a plus
- Ability to take the lead on specific projects
- Ability to work independently while remaining flexible to meet team goals
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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.