New York Life Insurance Company (New York Life or the company) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Lifes surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moodys Aaa; Standard & Poors AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanitythe values upon which New York Life was foundedhave guided the companys decisions and actions for over 170 years.
Provides balanced, thorough, timely and accurate claim reviews of contestable life claims using independent analysis and judgment to make decisions in a time sensitive manner while ensuring our claimants and their representatives receive superior customer service and professionalism.
Manages assigned contestable death claims. Compiles file documentation and correspondence requiring extensive policy and factual detail while demonstrating the ability to communicate details to claimants in verbal and written form. Identifies information and resources needed to adjudicate life claims. Takes a proactive approach to managing tasks and the gathering of information. Conducts detailed information-gathering phone calls that obtain medical condition details and other information pertinent to the claim evaluation. Refers to external and internal resources, such as legal department, medical providers, SIU to gather data in order to ensure well-reasoned decisions. Clarifies and reconciles inconsistencies. Proficiently calculates benefits due after thorough evaluation of the claim. Identifies and refers appropriate matters to legal counsel. Consistently follows New York Life's Enterprise-wide Compliance, Operational, Regulatory and Ethics training and completion standards. Proactively makes follow up inquiries to all interested parties, internal/external, regarding additional requirements needed through phone calls and by sending letters. Partner with vendor to secure in a timely manner medical records from physicians or medical facilities to ensure well-reasoned decisions. Have the ability to adapt to change in a fast-paced environment and think outside the box.
- Bachelor Degree or 2+ years Business-related experience
- Contract knowledge
- Proficiently maneuvering through a claims system Accurint, SharePoint, Windows and conduct various internet searches
- Strong analytical and problem-solving skills
- Attention to detail
- Written and verbal skills
- Must be able to make decisions
- Strong organizational skills
- Must understand Contract language and the transactions that take place over the life of a Contract
- Ability to review and analyze medical records, state guidelines and regulations
- Ability to provide side by side training for new associates
- Ability to review and verify accuracy of information that was collected and verify accuracy based on file documentation and claims systems
- The capability to determine how to resolve a claim when we are unable to secure the necessary informationUpon review of the medical records, ability to determine if the claim can be paid, additional information is necessary or if the claim requires referral to Underwriting
- Once the contestability review is complete ability (in a timely manner) to make the appropriate decision on the outcome of the claim
- Ability to compose professional status and decision letters and proactively make phone calls to obtain necessary information and provide ongoing status information
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*Based on revenue as reported by Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual), Fortune Magazine, June 17, 2016. See (link removed) for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the companys long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Companys profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.
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