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Level 2 Underwriter

2 weeks ago

Burnaby, British Columbia, Canada Pacific Blue Cross Full time

Level 2 Underwriter

Requisition #2418378 Job LocationCanada-British Columbia-Burnaby Job StreamHealth Insurance Job TypePermanent, Full-Time Number of Positions1 Start Date of Employment ASAP Posting Date03-Jun-2024 Travel RequiredNot Required Educational RequirementsBachelors Degree Languages RequiredEnglish Job Description

About Pacific Blue Cross

Pacific Blue Cross (PBC) has been British Columbia's leading benefits provider for over 80 years. We are an independent, not-for-profit society with strong roots in BC's health care system. We provide health, dental, life, disability, and travel coverage to 1 in 3 British Columbians through employee group plans and individual plans.

We are fueled by a commitment to keep health care sustainable for all British Columbians. Through our PBC Health Foundation, we fund projects that improve health outcomes directly related to mental health and wellbeing as well as the prevention and/or management of chronic disease. We are interested in finding people who want to make a difference and who are looking to grow their career with us.

Perks

Work-life balance with flexible working hours of 7 hours per day, Monday to Friday (i.e., 35 hours per week). Paid vacation starts at 3 weeks per year, and increases with years of service. Hybrid work environment (i.e., a combination of work from office and work from home days). Generous benefits, including extended health, dental, and life insurance; these benefit premiums are 100% paid by PBC. Company pension contributions after 1 year of service. Education allowance up to $1,000 per calendar year. Onsite gym, cafeteria, and access to virtual doctors/counsellors 24/7 via our Employee Family Assistance Program

About the Position  

We are searching for one permanent Level 2 Underwriter to join our Underwriting team. This position is unionized and part of the CUPE 1816 Bargaining Unit. This position is paid at hourly rates and receives wage increases in accordance with the Collective Agreement. The starting wage for this position is: $36.64 per hour.

Job Summary

Under the broad managerial direction of the Assistant Manager, Underwriting reviews new business opportunities, renewal requests and contract amendments for potential and existing brokerage and major clients who fit within established Level 2 parameters for group, premium size and underwriting method such as fully insured, Administrative Services Only and refund accounting; assesses eligibility and risk based on multiple underwriting considerations, identifies declines, calculates rates and prepares proposal and renewal package documentation; participates in inter-departmental quote rate review processes; reviews New Group Set Up packages; prepares customized reports for brokerage and major clients and identifies underwriting options for containing client costs; pursues creative solutions that balance client needs against PBC's ability to deliver on commitments; as a member of the Underwriting Team, identifies opportunities to improve underwriting processes and tools, and provides input and recommendations to enhance efficiency, effectiveness, and customer service.

Job Duties

Customer, Client, and Member Service: Prospective New Clients

1. As a member of the Underwriting team, reviews new business opportunities, potential brokerage, and major account clients who fit within established Level 2 parameters for group, premium size, and underwriting method such as fully insured, Administrative Services Only in arrear and budgeted and refund accounting by:

-analyzing Requests to Quote to assess eligibility and degree of risk including reviewing the industry type, years in business, existing benefits, family content, occupations to be covered, dates of hire, location, salary levels, participation, age distribution, benefit levels, classing criteria, non-standard ownership, collective agreement impacts if in a unionized environment, and other risk factors.

-identifying factors which result in decline of opportunities to quote.

-assessing incumbent carrier experience and adjusting premiums and claims when necessary.

-calculating rates for benefits based on results of analysis using department tools and determining applicable charges.

-conducting peer reviews for quotes within established authority limits.

-submitting quotes for review, advising, and approval to Blue Cross Life in accordance with established parameters.

-consulting with Group Business to explore alterations in plan design to accommodate group situations while still remaining competitive.

-participating in inter-departmental quote rate review process for new business opportunities involving large complex groups and high-risk impacts.

-responding to general inquiries related to PBC guidelines, questionnaires, benefits inquiries, etc.

-generating and distributing of the final proposal document to Group Business, according to established service level objectives or deadline requested by Client, Broker, or Group Business.

-attending case related internal meetings as needed to support Group Business.

2. Reviews new group set up packages by:

-assessing impact of any changes occurring in group risk assessment factors since the original quote was made.

-re-calculating pricing if required and consulting with Group Business to determine appropriate action in the event of rate changes.

-preparing group history summaries, volume reports, rate breakdowns for benefit type, and other documentation associated with new group set up.

-keying rate and charge inputs for approved new groups in systems.

-calculating reinsurance percentage in accordance with established parameters.

-conducting quality assurance reviews on new group set ups.

Customer, Client, and Member Service: Group Renewal and Retention of Existing Clients

3. Reviews renewals and requests for benefit changes in group contracts for existing brokerage and major clients who fit within established Level 2 parameters, assesses risk, and determines renewal rates or rate changes by:

-analyzing claims experience, credibility, group size, industry and economic influences, rating method and other factors which could potentially influence pricing or ability to renew including broker pools and associations with more complexity and mixed funding types and attend related internal and external client meetings.

-assessing requested basic amendments to plan design to determine impact and make adjustments on premium and claims when necessary.

-identifying and pursuing upselling opportunities.

-following underwriting authority guidelines, contract authority limits and company standards.

-calculating rates for benefits based on results of analysis using department tools; conducting peer reviews for renewals within established limits.

-submitting renewals for review, advising, and approval to Blue Cross Life in accordance with established parameters.

-consulting with Group Business and other stakeholders to determine degree of leeway present for negotiating alternate pricing or plan alterations to preserve existing relationships while managing costs, or to mitigate the impact of extreme rate changes.

-generating renewal packages including all required documentation and forwarding for processing and distribution.

-editing rate and charge inputs for amended or renewal rates.

-conducting quality assurance reviews on amendments.

-preparing and reconciling financial statements for Refund accounting and Budgeted ASO clients to determine balance remaining in client account, implementing strategies to recover deficits or declining to renew.

-reconciling accounts for final financial position (e.g., final contract/policy amount, issuing invoices or refunds, etc.).

4. In partnership with Group Business and other team members, prepares customized reports for brokerage and major clients on claims, premiums paid, transfers, disability and other financial or client experience data; compiles, balances and reconciles client expenses and other financial statements; on an ongoing basis, identifies underwriting options for containing client costs, particularly in the areas of plan design, and pursues creative solutions that balance client needs against PBC's ability to deliver on commitments.

5. Keying rate and charge inputs for approved quotes/proposals in system; and edits amended or renewal rates. Updating rate and charge structures in the system and/or creating document(s) for automatic entry into the system in time to meet billing requirements.

6. Respond to inquiries from other departments and provides approvals if required and within scope of authority. Considers impacts and consults with management for complex inquires prior to approval.

General Team and Department Support

7. Advises Level 1 Underwriters on underwriting decisions falling within Level 2 limits and approves new business quotations, renewals, and amendments.

8. As a member of the Underwriting team, identifies opportunities to improve underwriting processes and tools, and provides input and recommendations to enhance efficiency, effectiveness, and customer service.

9. Participates in department training sessions and presents case studies to the team when requested

10. Using the intermediate features of spreadsheet software, creates, edits, and formats worksheets including entering and editing data, and creating formulas to automate multiple manual calculations relating to underwriting rates or the creation of customized client reports.

11. On a one-to-one and team basis, supports new employees by demonstrating the execution of specific tasks and duties, and sharing knowledge and experience on request.

12. Maintains up to date knowledge of underwriting practices, policies and procedures, system requirements and other information related to the provision of underwriting through continuous learning initiatives; in consultation with more senior underwriters, may participate in learning enrichment activities associated with underwriting for larger and/or more complex groups as opportunities arise.

13. On a relief basis, performs all duties of the Level 1 Underwriter and/or Underwriting Assistant, as assigned.

14.Performs other assigned duties related to the provision of underwriting and administrative support which do not affect the rating of the job.

Qualifications

Bachelor's degree (or equivalent) in business, economics, finance, mathematics, or related field. 4 years of previous related experience including:

o 2 years in a Level 1 Underwriter position, Junior Underwriter position, Group Underwriter position, or equivalent.

Completion of 4 courses in the FLMI or CEBS programs (144 hours), or equivalent Demonstrated proficiency with advanced Excel and intermediate Word. Completion of an Advanced Excel course (36 hours), or equivalent. Completion of an Intermediate Word course (18 hours), or equivalent.