VP Group Underwriting - Employee Benefits at Voya Financial

Minneapolis, Minnesota, United States

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Not SpecifiedCompensation

Expert & Leadership (9+ years)Experience Level

Full TimeJob Type

UnknownVisa

Insurance, Financial Services, Employee BenefitsIndustries

Requirements

Advanced degree or equivalent experience in business, finance, actuarial science, or a related field
10+ years of progressive experience in group underwriting, with leadership responsibilities
Deep understanding of underwriting practices across Group Life, Group Long and Short Term Disability, and Supplemental Health
Strong negotiation, analytical, and decision-making skills
Excellent oral and written communication abilities
Proven experience in developing and executing underwriting strategies, policies, and training programs
Expertise in metrics development, reporting practices, and quality oversight
Ability to lead cross-functional teams and influence at all levels of the organization

Responsibilities

Execute the underwriting vision and policies and practice framework for the group underwriting function
Participate in the design and implementation of underwriting guidelines, authority models, and documentation standards
Oversee the evaluation of risk for group insurance products including Group Life, Group Long and Short Term Disability, and Supplemental Health
Ensure pricing accuracy and appropriate application of underwriting methodology across all underwriting activities
Serve as a key liaison with field personnel and clients, ensuring underwriting decisions are well-communicated and aligned with client needs
Represent underwriting internally and externally, and in product development, marketing rollouts, and cross-functional initiatives
Hire, train, and develop a high-performing underwriting team; provide coaching, mentoring, and performance feedback
Ensure underwriting operations are compliant with regulatory requirements and support state exams and security awareness initiatives
Ensure that all underwriting practices comply with regulatory requirements and industry standards

Skills

Key technologies and capabilities for this role

Group UnderwritingUnderwriting PoliciesRisk EvaluationPricing StrategyInsurance ProductsTalent DevelopmentComplianceUnderwriting Guidelines

Questions & Answers

Common questions about this position

What is the employment type for this VP Group Underwriting role?

The position is full-time.

What specific group insurance products will the role oversee?

The role oversees risk evaluation for Group Life, Group Long and Short Term Disability, and Supplemental Health products.

What is the company culture like at Voya Financial?

Voya Financial emphasizes a purpose-driven culture focused on fighting for financial opportunities, valuing differences, and fostering an inclusive environment where employees bring their whole selves to work.

What leadership responsibilities does the role include?

The VP leads the development and execution of the group underwriting function, hires and develops a high-performing underwriting team, provides coaching and mentoring, and ensures compliance with regulatory requirements.

What qualifications are mentioned for the role?

An advanced degree or equivalent is required.

Voya Financial

Provides financial services and retirement solutions

About Voya Financial

Voya Financial offers a range of financial services, including retirement plans, investment management, and insurance products, to help individuals and businesses achieve financial wellness. Their services cater to individuals seeking retirement planning, employers looking to enhance employee benefits, and institutions needing tailored investment management. Voya stands out from competitors through its commitment to inclusiveness and corporate responsibility, which helps attract clients and talent. The company's goal is to build long-term relationships with clients, ensuring they achieve financial confidence and a fulfilling life.

New York City, New YorkHeadquarters

2014Year Founded

IPOCompany Stage

Fintech, Financial ServicesIndustries

5,001-10,000Employees

Benefits

Health Savings Account (HSA)

Flexible Spending Accounts (FSA)

Rally wellness program

Employee Assistance Program (EAP) and Work Life Services

Behavioral Health Family Support Program

Livongo support for diabetes, hypertension, and weight management

AccessHope cancer support

Wellthy caregiving assistance

Back-up child care and elder care

Health Advocate

ABLE accounts

Legal insurance

Identity theft protection

Voya Foundation Matching Gift Program

Risks

Increased competition from fintech companies may erode Voya's market share.

Operational challenges in integrating OneAmerica's business could affect service quality.

Regulatory scrutiny on fees may impact Voya's pricing strategies and profitability.

Differentiation

Voya's commitment to inclusiveness and corporate responsibility sets it apart in the market.

The acquisition of OneAmerica's retirement plan business expands Voya's client base significantly.

Voya's focus on digital financial planning tools enhances client engagement and satisfaction.

Upsides

Voya's ESG commitment aligns with the growing investor focus on sustainable investing.

The financial wellness market's growth offers significant opportunities for Voya's programs.

AI integration in investment management can enhance Voya's strategies and client outcomes.

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