Head of Underwriting

Job Classification:

Operations - Insurance Operations

Business Overview:

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

Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.

Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.

We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit www.prudential.com to learn more about our values, our history and our brand.

Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status , medical condition or any other characteristic protected by law. 

The Prudential Insurance Company of America, Newark, NJ and its affiliates.

Note that this posting is intended for individual applicants. Search firms or agencies should email Staffing at [email protected] for more information about doing business with Prudential.

PEOPLE WITH DISABILITIES:
If you need an accommodation to complete the application process, which may include an assessment, please email [email protected].

Please note that the above email is solely for individuals with disabilities requesting an accommodation.  If you are experiencing a technical issue with your application or an assessment, please email [email protected] to request assistance.