Senior Underwriting Consultant, BMO Insurance

VIRTUAL(R)61 - REMOTE/TELETRAVAIL - QC - BMO
Customer Solutions
This role is accountable to assess complex medical and avocational histories including current financial concepts in the Individual Life insurance space. This role is accountable to assess individual risk in accordance to established underwriting principles within their signing authority. This role is also required to have advanced knowledge of current industry trends and a strong command of data and analytics skills.
Medical/Non-Medical/Financial Underwriting
Follow the underwriting principles, directives, guidelines & manuals to assess the underwriting risk for New Business applications, Policy Changes for various product lines and distribution channels (Advisor, Direct, Creditor), including but not limited to the following key activities:
Calculate appropriate age/amount requirements, auto/jumbo limits and initial and ultimate face amounts of coverage in accordance with external reinsurance treaties
Review and assess AML and governance risk in advance of placing the contract inforce
Adjudicate client risk factors in the application and corresponding data elements in order to decide on the right mortality or morbidity risk
Review and assess information from Attending Physician Statements and other medical specialists in order to assess life expectancy
Review and determine Fair Market Value of Corporately owned policies to ensure amounts of coverage are justified
Work with client advisory partners (Tax planners, Accountants, Lawyers) to ensure that data is accurately reflected in the risk assessment that is made, insurable interest and review of sales concept involved
Liaise with specialists, such as actuaries, medical providers or doctors, to understand the medical risk and other non-medical risk factors for the identified case
Calculate underwriting decision and corresponding mortality rating based on medical experience and training, discussions with internal Medical Doctors, Reinsurance and Actuarial
Decide whether the risk should be shared with a re-insurer and negotiate reinsurance agreements on all individual cases
Decision the insurance policy and specify any additional conditions to be imposed based on the overall underwriting risk assessment
Check in force policies to ensure appropriate initial and ultimate amounts calculated
Treaties are available to Underwriters and are housed in the Actuarial Department
Ensure communication is free of any personal comments. Documentation must be clear and concise and outlines methodology of risk assessment for auditing purposes
Keep up to date with medical knowledge, developments and trends. Keep abreast of changes in the financial market, economy, geo-political and travel concerns as they relate to Underwriting
AML (Anti-Money Laundering) Risk Framework
Risk score all Universal Life clients and reviewing case parameters according to internal AML guidelines
Work with Corporate AML office on any findings required to change internal policy and procedures for underwriting
Assess corporate entities based on shareholder ownership and company financials
Support internal Business Unit Governance team on investigations and suspicious underwriting files
Negotiate complex medical/non-medical/financial cases with reinsurer to obtain best offer
Risk Management
Follow appropriate underwriting principles, directives & guidelines and manuals to do (remove) assess the underwriting risk associated with new applications/business to BMO Life Assurance
Assess medical and non-medical risk factors consistent with internal and reinsurance guidelines
Obtain appropriate approvals based on judgment and signing limits, recommending for approval for policies that are above personal underwriting limits
Maintain current knowledge of promoted insurance sales concepts and understand the implications to underwriting and the business overall
Adhere to all aspects of First Principles our code of Business Conduct and Ethics including individual accountability as it relates to potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities
Must be clear and concise and outlines methodology of risk assessment for auditing purposes
Keep up to date with medical knowledge, developments and trends. Keep abreast of changes in the financial market, economy, geo-political and travel concerns as they relate to Underwriting
Follow appropriate underwriting principles, directives & guidelines and manuals to do (remove) assess the underwriting risk associated with new applications/business to BMO Life Assurance
Assess medical and non-medical risk factors consistent with internal and reinsurance guidelines
Obtain appropriate approvals based on judgment and signing limits, recommending for approval for policies that are above personal underwriting limits
Maintain current knowledge of promoted insurance sales concepts and understand the implications to underwriting and the business overall
Adhere to all aspects of First Principles our code of Business Conduct and Ethics including individual accountability as it relates to potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities
To deliver on these accountabilities, these roles must have the following authorities:
Information Access - Authority to use and access confidential information related to customer information, product and financial information. Authority includes accessing the internet for the purpose of gathering relevant data and current updates.
Perform analysis and provide feedback on quality of business to Director or Underwriting and VP Business Development
Provide detail outcome of underwriting decision taken based on sound medical and financial underwriting analysis
Perform presentations to MGA's and independent advisors on industry trends and complex medical underwriting files
Medical Doctors
Identify any blood/urine specimen trends and abnormalities based on parameters set by VP and Chief Corporate Underwriter
Decision complex medical situations to obtain complete picture for an accurate assessment of underwriting risk
Negotiate the most competitive decisions based on qualitative material information gathered and sound judgment
Liaise on illustrations as required
Liaise on Policy Changes as required and any special requests from Sales/Marketing
Undergraduate degree
Bilingualism French and English is an asset
You're fluent in French and English to support business operations outside the province of Quebec .
Salaries for part-time roles will be pro-rated based on number of hours regularly worked. 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. It calls on us to create lasting, positive change for our customers, our communities and our people. 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.
Accommodations are available on request for candidates taking part in all aspects of the selection process. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.