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BMO
BMO

Vice-President Strategic Field Underwriting, BMO Private Wealth

Posted 2 days ago

Job Description

Application Deadline:

06/06/2024

Address:
1501 McGill College Avenue

Job Family Group:

Customer Solutions

Assesses the underwriting risk associated with new and existing in-force applications for BMO Life Assurance insurance policies, including financial risk, medical risk, target market risk and other identified risks, in relation to the company's underwriting principles, directives & guidelines. Decides whether to issue the policy as requested, to modify, or to reject the policy. Outlines the terms of an acceptable policy and determines the rates or premiums.
  • Provides strategic input into business decisions as a trusted advisor.
  • Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.
  • Acts as a subject matter expert on relevant regulations and policies.
  • Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.
  • Helps determine business priorities and best sequence for execution of business/group strategy.
  • Conducts independent analysis and assessment to resolve strategic issues.
  • Acts as the prime subject matter expert for internal/external stakeholders.
  • Defines business requirements for analytics & reporting to ensure data insights inform business decision making.
  • Designs and produces regular and ad-hoc reports, and dashboards.
  • Breaks down strategic problems, and analyses data and information to provide insights and recommendations.
  • Monitors and tracks performance, and addresses any issues.
  • Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
  • Leads the development of the communication strategy focusing on positively influencing or changing behaviour.
  • Resolves escalated complaint and reconsideration requests.
  • Implements approved continuous improvement for content and underwriting rules.
  • Coordinates internal medical information bureau audits
  • Acts as a subject matter expert for insurance underwriting.
  • Provides expert opinion regarding application contents (including all Underwriting risk selection forms).
  • Reviews non contestable claims and liaises with claims to see trends and determines if changes need to be made.
  • Reviews possible rescind investigations.
  • Oversees the design, development, and implementation of tools and training required to deliver business results.
  • Provides underwriting expertise and support on complex cases - and working towards expertise on underwriting of all products/ distribution channels.
  • Leads/participates in the design, implementation and management of core business/group processes.
  • Follows the underwriting principles, directives, guidelines & manuals to assess the underwriting risk for New Business applications, Policy Changes for various product lines and distribution channels (Agency, Direct, and Group) including gathering information and reports, identifying and requesting missing information, studying various insurance proposals to determine purpose and insurability, liaising with specialists to understand risk factors, applying financial assessment for each policy.
  • Identifies, submits and accepts (if applicable) facultative reinsurance.
  • Calculates appropriate rating and decides whether the risk should be shared with a re-insurer and negotiates reinsurance agreements on individual cases as required.
  • Decisions the insurance policy and specifies any additional conditions to be imposed based on the overall underwriting risk assessment.
  • Prepares documentation and ensures that all systems are updated according to established policies and procedures.
  • Maintains excellent reinsurance relationships in the discussion of individual case management and requirements.
  • Reviews special underwriting requests or rating reconsiderations for MGAs and brokers and negotiates terms as required for specific business (within authority limits).
  • Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders.
  • Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.
  • Implements changes in response to shifting trends.
  • Broader work or accountabilities may be assigned as needed.

    Qualifications:
  • Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
  • Expert knowledge of insurance products, contracts and benefit plans (all individual, disability and group products).
  • ALU II - working towards F.A.L.U.
  • Seasoned professional with a combination of education, experience and industry knowledge.
  • Must be able to speak/write in English, however biligualism (French/English) is strongly preferred.
  • Verbal & written communication skills - In-depth / Expert.
  • Analytical and problem solving skills - In-depth / Expert.
  • Influence skills - In-depth / Expert.
  • Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert.
  • Able to manage ambiguity.
  • Data driven decision making - In-depth / Expert.
This position requires proficiency in English to interact, support and/or provide services to non-French speaking customers, employees and/or partners inside and/or outside the province of Quebec.

Compensation and Benefits:

$78,400.00 - $145,600.00

Pay Type:

Salaried

The above represents BMO Financial Group's pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group's expected target for the first year in this position.

BMO Financial Group's total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

We're here to help

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://jobs.bmo.com/ca/en .

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other's differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.

About BMO

THERE’S NEVER BEEN A BETTER TIME TO BE PART OF BMO. We’ve set our sights on being the bank that defines great customer experience. Our customers’ needs are changing and so are we. Everyone who works here has a role to play in making a difference for our customers. Every day. It’s an amazing feeling when you know you’re making a customer’s life better, and you can do it at BMO – whether you’re imagining a new product, designing a customer experience, streamlining an application, launching a marketing campaign or just being there in a very human way with the right answer.

Industry

Banking & Finance

Company Size

10,000+ employees

Application closing date is 2024-07-13

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