What are the responsibilities and job description for the Risk Manager position at Unum?
Unum is a company of people serving people. As one of the world's leading employee benefits providers and a Fortune 500 company, Unum's financial protection benefits help protect more than 36 million working people and their families from the financial impact of illness or injury.
Unum's two distinct, but similarly focused US businesses – Unum US and Colonial Life – are each a market leader in making disability, life, accident, critical illness, dental, and vision insurance accessible in the workplace.
Headquartered in Chattanooga, Tennessee, Unum also has significant US operations in Portland, Maine and Baton Rouge, Louisiana - and over 35 field offices nationwide. Colonial Life is headquartered in Columbia, South Carolina with over 40 field offices nationwide.
General Summary:
The Risk Manager is responsible for managing assigned accounts and product lines in determining appropriate product offerings and underwriting guidelines.The Risk Manager will partner with the Sales Organization, brokers and internal partners in evaluating business opportunities that require risk and underwriting guidelines that fall outside our normal product guidelines. This involves assessing specific account, enrollment methods and/or business segment characteristics when positioning product offerings in new accounts or modifying guidelines for existing accounts.
This role will effectively analyze, manage and implement underwriting guidelines for new product development, broker and alliance blocks of business. Position will be responsible for monitoring and evaluation of product lines, developing and maintain strong sales organization relationships and mentoring of underwriters on risk theories and monitoring techniques.
- Contribute to corporate growth and profitability through timely and accurate evaluation of risk and establishment of sound underwriting practices at the account and segment level.
- Responsible for determining the risk selection at the account level for underwriting concessions of both group and individual product lines. Responsible for implementing and communicating all updated risk selections.
- Responsible for monitoring current underwriting and renewal strategies by business segment that balances top line and bottom line growth consistent with the targeted risk characteristics and long-term strategy of the company.
- Work with Underwriting Management to ensure that appropriate measures are in place to support best risk management practices.
- Partner with Actuarial in evaluating underperforming product experience in determined accounts on an annual (or other determined time frame) basis. Recommend, negotiate, implement and monitor necessary risk changes at the account level as necessary.
- Must understand group and individual product lines on an in-depth nature. Must understand the policy parameters, the enrollment methods available and operational system supports. The system support operational knowledge must be company wide to ensure viability of implementation of underwriting offer.
- Partner with the Sales Organization in understanding marketing opportunities and position product offerings that are deliverable by the Home Office.
- Facilitate with brokers product offerings that are profitable and deliverable.
- Ensure that product offerings positioned outside of normal guidelines are in line with “best” practices pertaining to Account Services/Client Success, Claims and Underwriting guidelines.
- Work with the Sales Organization and Account Management in evaluating business opportunities that may require risk and underwriting guidelines that fall outside our normal product guidelines.
- In communications with the Sales Organization look for opportunities to convey the theories of risk management and sound field underwriting practices.
- Coordinate with the Product Marketing, Actuarial and Underwriting departments developing appropriate underwriting guidelines for assigned products.
- Responsible for documenting underwriting practices on specific products. Ensure that proper documentation is provided to Underwriting training staff and management with respect to underwriting guidelines.
- Responsible for monitoring the competitive environment and communicating trends and potential solutions to remain competitive in underwriting practices.
- Identifies market trends in underwriting guidelines, develops and implements appropriate responses partnering with internal peers.
- Participate in application development and policy form review during product design and filing process on assigned product lines.
- Partner with Compliance and Legal departments in addressing application and legal issues.
- May perform other duties as assigned
Job Specifications
- College degree or significant industry experience.
- Understanding of Unum/Colonial Life’s underwriting, marketing and risk philosophy.
- Extensive knowledge of Unum/Colonial Life’s individual and group product lines.
- In-depth product knowledge and demonstrated ability to apply concepts to make appropriate risk decisions.
- Extensive knowledge of external voluntary market (competitors).
- Strong initiative and ability to execute
- Strong multi-tasking capabilities.
- Works well under pressure and can manage multiple and changing priorities.
- Deadline oriented.
- Excellent negotiation and influencing skills
- Strong decision making abilities.
- Strong interpersonal and communication skills.
- Ability to travel approximately 5% to position underwriting offerings and other risk opportunities with sales organization.
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Our company is built on helping individuals and families, and this starts with our employees. We want employees to maintain a positive balance, which is why we provide access to the benefits and resources they need to invest in themselves. From our onsite fitness facilities and generous paid time off to employee professional development programs, we are committed to helping employees live and work their best – both inside and outside the office.
Unum is an equal opportunity employer, considering all qualified applicants and employees for hiring, placement, and advancement, without regard to a person's race, color, religion, national origin, age, genetic information, military status, gender, sexual orientation, gender identity or expression, disability, or protected veteran status.
Company:
Colonial Life