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Group Insurance is an operating unit within the U.S. Businesses Division that primarily focuses on creating, distributing, and administering a complex range of life, disability and volantary insurance products for many top Fortune 500 companies. Prudential has been underwriting group insurance plans since 1916. Today, our Group Insurance business unit is a top 10 market leader in group life and disability, proudly servicing nearly 20,000 clients—and insuring more than 20 million employees and their families. Group Insurance has operation centers across the United States.
Primary Responsibilities:
The successful candidate’s major responsibilities will include:
- Leading Group Insurance’s Underwriting Department with a focus on profitable growth of a $5B portfolio
- Driving underwriting excellence across the business by establishing and ensuring adherence to risk appetite, strategic priorities, risk rules, guidelines, protocols, and ensure rating and pricing adequacy
- Owning the integration of new data sources that are used in underwriting and driving innovation through research and due diligence of new technology, processes, and data sources
- Establishing a model governance program for underwriting policies & procedures, providing transparency into model and performance to senior leaders and stakeholders
- Ensuring necessary quality controls are in place to continuously evaluate underwriting performance and identify opportunities for improvement
- Creating an appropriate control environment for underwriting including reviewing and maintaining risk rules, protocols, and authority limits in partnership with P&L, Pricing and Finance leadership
- Engaging key stakeholders to review model performance, program performance and to facilitate risk, prioritization, and optimization decisions
- Partnering closely with Pricing, Product P&L, Distribution and other business areas as needed to review and establish new business acquisition & case renewal strategies
- Implementing approved new business acquisition & case renewal strategies and delivering expected results
- Partnering with Pricing, Finance and Product P&L to establish cost estimates and expense assumptions used in underwriting and pricing
- Communicating with internal and external stakeholders regarding underwriting methodology, assumptions, and results.
- Serving as a liaison with external agencies and industry groups to obtain required approvals and solidify the company’s reputation as a leading player in the global reinsurance market and as a thought leader in the industry.
- Engaging with external asset management teams to model portfolios and hedging strategies they recommend for transactions.
- Accountable for all management, stakeholder, and regulator reporting on underwriting transactions as required
- Lead a significant multi-year underwriting transformational initiative to modernize the tools, structure, and technology to drive profitable growth, create efficiencies and alignment with Group Insurance business strategy
This is a highly visible and influential position. The successful candidate must possess superior business and leadership skills to include the following:
Pivotal Experience & Expertise
Group Insurance Experience: Experience leading in the Group Insurance industry is required. Essential for this position is deep knowledge of and direct experience with:
- Group Insurance Products including Life, Disability and Supplemental Health
- Reinsurance arrangements
- Employer-paid & Voluntary products
- Alternative Funding and Captive Insurers
- Various risk underwriting methods – inclusive of predictive analytics
Business Controls Experience: Experience in the establishment and oversight of an underwriting function with appropriate risk oversight and control in the insurance industry, inclusive of outsourced services
Stakeholder Management – Has strong relationship development and influencing skills having managed successfully across multiple senior stakeholders including regulators, partners, customers, internal/external stakeholders, and investors.
Strategic Mindset – Brings an innovative approach to building and maintaining an operational financial services organization leveraging new technologies and external service providers as needed, while navigating complex regulatory environments.
Talent/Culture Creator – Demonstrated ability in creating and instilling a culture that can attract, grow, and retain highly talented individuals committed to the vision of an organization.
Leadership Capabilities-
- Superior analytical and actuarial skills, with a track record of building a high-performing and risk smart controls function within a profitable financial services business
- An outstanding leader with very strong people management skills who is a talent magnet and inspires and creates followership.
- A disciplined problem-solver who exhibits sound business judgement and innovative applications of risk adherence who can adapt as necessary and appropriate to the situation.
- Adept at navigating ambiguous situations, demonstrating resilience, and operating in the “grey”.
- A sound grasp of financial, marketing, administrative and risk matters
- A thoughtful, yet decisive and action-oriented executive who exhibits expert-level negotiation and influencing skills.
- The ability to think strategically and plan for the long-term outcomes yet balance short-term complex needs of the business.
- Strongly results-oriented, with the desire and drive required to accomplish stated objectives through both internal and outsourced relationships.
- Strong external focus with the ability to navigate and command a global array of regulatory bodies and influence future business partnerships.
- Agile and adaptable, prepared to use their experience in leading and building in an entrepreneurial environment.
- Strong interpersonal skills, clear communication skills, team orientation, and the desire and ability to work with business partners of different national, cultural, and language backgrounds.
- Excellent verbal and written communication skills
Source: PGIM Real Estate Career Page
