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Senior Underwriter

companyOptimyl Benefits
locationMilwaukee, WI, USA
PublishedPublished: 6/14/2022
Full Time

Job Description

Let's change healthcare together!

At Optimyl Benefits, we're revolutionizing the healthcare landscape for small employers by providing accessible, high-quality, and easy-to-use healthcare plans. Drawing from deep experience working with small employers, Optimyl delivers plans crafted specifically for them, finding the "Optimyl" Balance. Our mission is ambitious, and we're already making waves. Through our innovative solutions, we empower businesses to offer competitive benefits packages that improve the lives of their employees and their families. By joining our team, you'll have the opportunity to make a tangible impact while honing your skills alongside a supportive and talented group of professionals.

Job Summary

Optimyl Benefits is seeking a Senior Underwriter to price, quote, and analyze the structure of a contract and policy for a group employer based on group demographics, medical questionnaires, claims experience, and other characteristics of each unique risk. The position:

  • Uses discretion of Underwriting authority within the policies of Optimyl and ensures appropriate levels of profitability and growth over time.
  • Identifies when to decline quotes that do not fit the overall Optimyl strategy and risk structure.
  • Analyzes risk factors for new business enrollment, annual renewals, and amendments in conformance with established underwriting policies, practices, and standards.
  • Analyzes associated policies, guidelines, and market data to improve risk management, gain appropriate enrollment, or manage existing membership.
  • Analyzes data such as financial conditions of the organization, participation percentage, type of industry, characteristics of employee groups, and characteristics of individual participants of the group's past claim experience to determine what benefits can be offered and to set the rates.
  • Prepares a variety of reports and provides rationale and support to other areas within the organization and possibly producers regarding one or more of the following: underwriting results, rate computations, and financial activity.
  • Provides expense estimates and accurate analysis of financial exhibits.
  • The job has knowledge and experience with Optimyl procedures, policies, and protocols.
  • This is a mid-level position, with little oversight by Management when performing the essential responsibilities of the position.

Essential Responsibilities:

  • Responsible for a book of business of renewing accounts and writing new business at profitable levels to help Optimyl achieve overall business targets or assigned volume of new applications or RFPs.
  • Uses various systems, tools, and resources to obtain necessary data and accurately complete and track assigned work.
  • Evaluate eligibility of groups and the participating employees at the time of new business quote; evaluate eligibility of mid-year participating employee additions.
  • Calculate rates, evaluate different financial arrangements (e.g., networks, plan designs, carveouts), interpret pricing policy, and adapt to unusual situations.
  • Identifies questionable claim patterns of renewal clients and evaluates competitor's claims experience for prospective clients and develops recommendations to account for these situations.
  • Applies corporate risk management policies and adjusts for unusual situations that may not have been considered in the standard pricing formula.
  • Identifies when clients do not comply with corporate risk management policies, disclosure rules, or conditions/criteria for enrollment.
  • Enforce Optimyl's business rules (participation, product availability, etc.)
  • Recommends appropriate adaptation of pricing within the appropriate policy or guideline to accommodate each client-specific situation.
  • Analyzes individual member risk and aggregate to the total group.
  • Supports other internal initiatives which may include but is not limited to underwriting policies and procedures, training, fraud detection, corporate compliance, and product development efforts.
  • Completes renewals, prospective quotes, review of lower level analyst (Underwriting Assistant) work in accordance with production and timeliness standards.
  • Adapts to changing priorities as quotes come in from different markets and adapt to new priorities and requirements.
  • Communicates recommendations of policy adaptation to accommodate client-specific situations or changes to overall policy supported by a clear rationale or management principles.
  • Serve as a SME to sales and account management.
  • Influences Sales team and external audiences toward appropriate risk solutions.
  • Influences Sales team toward the appropriate pricing and structure of each quote. When necessary, influences other market partners, e.g. brokers.
  • Guides, assists, and provides technical assistance to lower-level analysts.
  • As assigned, assume primary support for maintenance of departmental tools and processes.
  • As assigned, represent departmental perspectives and needs on system development and process improvement teams.

Required Education:

  • Bachelor's degree in mathematics, Actuarial Science, Finance, Business, Computer Science, or other quantitative analysis discipline.

or

  • 6 years of relevant progressive experience

Required Experience:

· 3 - 5 years in Underwriting self-funded and converting fully insured prospects into self-funded clients

Competencies and Skills:

  • Skilled and knowledgeable interaction with various internal departments and external stakeholders.
  • Ability to use applicable computer systems and applications.
  • Ability to work independently and assume responsibility for projects across a continuum from routine to highly complex.
  • Demonstrate an understanding and support of corporate and departmental goals and initiatives.
  • Demonstrate ethical business practices with adherence to all privacy and confidentiality policies and regulations.
  • Good problem-solving, organizational, and negotiation skills.
  • Excellent math aptitude required to complete analysis.

Base Salary Range$85,000—$90,000 USD

Why Work at Optimyl?

At Optimyl Benefits, we're committed to providing affordable, high-quality, and easy-to-use healthcare plans for small employers. We're passionate about making a difference, and we're looking for talented individuals who share our vision. Here's why you should consider joining our team:

  1. Competitive Pay and Benefits: We offer a competitive salary and an attractive benefits package, including life insurance, vision, dental, and medical coverage, as well as a 401K plan with employer matching.

  2. Opportunities to Grow: We believe in nurturing talent and supporting our team members' professional development. At Optimyl, you'll have the chance to grow with the company and make a lasting impact on our mission.

  3. Collaborative Culture: Our work environment encourages collaboration and open communication. We value every team member's input and strive to create a culture without undue hierarchy, where everyone's voice is heard.

  4. Location Flexibility: We understand the importance of work-life balance and offer location flexibility to accommodate our team members' needs and preferences.

  5. Generous Leave Policies: Our employees enjoy 11 paid holidays per year, 15 days of paid vacation, and 8 days of paid sick leave. We believe that providing ample time off is essential for maintaining productivity and overall well-being.

At Optimyl Benefits, you'll be part of a dedicated team working towards a meaningful mission. We're driven by our passion for providing accessible and top-quality healthcare plans, and we're always on the lookout for talented individuals who share our vision. If you're ready to make a difference and grow with us, we'd love to have you on our team!

Optimyl Benefits is an equal opportunity employer. We are committed to creating a diverse and inclusive work environment, and we welcome and encourage applicants from all backgrounds, regardless of race, color, religion, sex, national origin, age, disability, veteran status, sexual orientation, gender identity, or any other characteristic protected by applicable law.

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