Bank of Montreal (BMO Financial Group) seeks a Senior Underwriting Consultant for BMO Insurance. You will be accountable for assessing early death and critical illness risk to determine accurate mortality and morbidity for Individual Life insurance. This role demands advanced critical thinking and industry knowledge to evaluate complex medical, avocational, and financial histories.
What You'll Do
- Follow underwriting principles, directives, and guidelines to assess risk for New Business applications and Policy Changes across various product lines and distribution channels.
- Calculate appropriate age/amount requirements, auto/jumbo limits, and initial/ultimate face amounts in accordance with external reinsurance treaties.
- Adjudicate client risk factors to decide on correct mortality or morbidity risk, reviewing information from Attending Physician Statements and other medical specialists.
- Determine Fair Market Value of Corporately owned policies to ensure coverage amounts are justified.
- Work with client advisory partners (tax planners, accountants, lawyers) to ensure data accuracy, insurable interest, and review sales concepts.
- Liaise with specialists (actuaries, medical providers) to understand medical and non-medical risk factors.
- Calculate underwriting decisions and corresponding mortality ratings based on medical experience, training, and discussions with internal Medical Doctors, Reinsurance, and Actuarial teams.
- Decide if risk should be shared with a re-insurer and negotiate reinsurance agreements on individual cases.
- Decision the insurance policy and specify any additional conditions based on the overall underwriting risk assessment.
- Update systems, document notes, and prepare for audit review.
- Ensure reinsurance treaty terms are understood and followed.
- Perform presentations and onsite visits with Nesbitt EIAs, Advisory brokers, and MGAs to educate on underwriting matters.
- Review special underwriting requests or rating reconsiderations and negotiate terms.
- Keep up to date with medical knowledge, developments, trends, and changes in financial markets, economy, and geo-political concerns.
- Maintain excellent reinsurance relationships for individual case management.
- Risk score all Universal Life clients and review case parameters according to internal AML guidelines.
- Work with Corporate AML office on findings required to change internal policy and procedures.
- Negotiate complex medical/non-medical/financial cases with reinsurers to obtain best offer.
- Reserve and manage appropriate capacity for large cases.
- Provide insight and feedback to Director Underwriting on trending reinsurance decisions and emerging trends.
- Assess medical and non-medical risk factors consistent with internal and reinsurance guidelines.
- Obtain appropriate approvals based on judgment and signing limits, recommending approval for policies above personal limits.
- Maintain current knowledge of promoted insurance sales concepts and their implications.
- Perform analysis and provide feedback on quality of business to Director of Underwriting and VP Business Development.
- Perform presentations to MGAs and independent advisors on industry trends and complex medical underwriting files.
- Identify blood/urine specimen trends and abnormalities based on parameters set by VP and Chief Corporate Underwriter.
- Decision complex medical situations for an accurate assessment of underwriting risk.
- Negotiate the most competitive decisions based on qualitative material information and sound judgment.
- Liaise with Actuarial on reinsurance treaty terms, special quote requests, illustrations, and Policy Changes.
What We're Looking For
- Undergraduate degree.
- 5-10 years experience in an underwriting environment.
- ALU II – working towards F.A.L.U.
- In-depth Business Numeracy.
- In-depth Analytical skills.
- In-depth Negotiation skills.
- Strong Communication skills.
Nice to Have
- Bilingualism French and English.
Benefits & Compensation
- Health insurance.
- Tuition reimbursement.
- Accident and life insurance.
- Retirement savings plans.
- Compensation: $75,900.00 - $141,900.00.
Work Mode
This role operates on a hybrid work model, located in VIRTUAL(R)59 - REMOTE/TELETRAVAIL - ON - BMO.
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process.
