Life Care Associate

Raymond James Financial, Inc.; Saint Petersburg (FL); On-site; USD 52,000 - 75,000; Full time

Job summary

Raymond James Financial, Inc. in Saint Petersburg, FL seeks a Life Insurance Underwriting Support Specialist to assist advisors with applications and coordinate the underwriting process.

You will gather requirements, review medical information, and maintain contact with carriers to ensure timely and accurate risk classification. Familiarity with life insurance products and regulatory guidelines is important.

Qualifications

• High school diploma and at least five years of experience in annuities, life insurance, long-term care, disability income products, or related financial services/customer service.

Responsibilities

• Provide assistance to financial advisors/agents in completing life insurance applications.
• Develop and maintain contacts at insurance carriers.
• Keep abreast of product updates and underwriting guidelines.
• Update life team on underwriting issues.
• Work with licensing team on submitted business issues.
• Determine risk class and review medical information to ensure qualification.
• Communicate with insurance company regarding submitted applications.
• Update agency management system as cases move through underwriting.
• Provide status updates to financial advisors/agents via email or phone.
• Review medical records to ensure all items are received and applicable risk class remains.
• Forward medical records to carrier and have them reviewed by underwriter.
• Assist underwriter in assessing risk class for approved cases.
• Assist advisors in managing offers for cases.
• Submit informal applications for preliminary underwriting decision.
• Review underwriting decisions and update internal records.
• Back-up assistance for illustrations and second-level review of applications.
• Request updated illustrations for cases issued for different risk.
• Perform other duties as assigned.

Education

High School Diploma or equivalent

Bachelor's degree preferred

Job description

Under general supervision, facilitates underwriting process for life insurance applications submitted by financial advisors/agents. Specialist is responsible for coordinating requirements gathering on behalf of the insurance company, communicating with underwriter and financial advisor/agent as necessary throughout the process. Identifying issues and working to resolve favorably. Specialist works closely with Life Care Associate and other team members to ensure client satisfaction. All assigned job responsibilities and projects will be consistent with department policy guidelines and procedures.

Essential Duties and Responsibilities:

• Provide assistance to financial advisors/agents in completing life insurance applications

• Develop and maintain contacts at insurance carriers

• Keep abreast of product updates and underwriting guidelines

• Update life team on various issues related to underwriting

• Work with licensing team on issues related to submitted business

• Determine risk class quoted and review any medical information submitted with the application to ensure the PI currently qualifies for the quoted risk class

• Communicate with insurance company regarding submitted applications

• Update agency management system as case moves through underwriting process

• Provide status updates via email or phone to financial advisors/agents

• Review medical records to ensure all necessary items are received to avoid delay and to determine if quoted risk class will still apply based on information obtained in medical records

• Forward medical records to the carrier to match to client file and reviewed by the underwriter.

• Work with in-house underwriter to assess whether the risk class is appropriate based on information obtained and when cases are approved “other than as applied for”

• Assist financial advisor/agent in managing offers “other than applied for”

• Submission of informal applications for preliminary underwriting decision

• Review of underwriting decision updating internal record to reflect final benefit and premium amounts

• Back-up assistance for illustrations Second level review of submitted applications

• Request updated illustrations for cases issued “other than applied for”

• Performs other duties and responsibilities as assigned

Knowledge of:

• Principles, practices, and procedures of general office concepts

• Policies that govern personal life insurance operations.

• Process flows within specific assigned functional area.

• Regulations for specific assigned functional area.

Skill in:

• Communicating detailed information provided by insurance company to clearly provide financial advisors/agents with status and course of action

• Relaying information to insurance carriers to help ensure best offers are received for clients

• Identifying potential issues related to life insurance underwriting

• Operating standard office equipment and using required software applications to produce correspondence, reports, electronic communication, spreadsheets, and databases.

Ability to:

• Organize, manage, and track multiple detailed tasks and assignments with frequently changing priorities and deadlines in a fast-paced work environment.

• Use appropriate interpersonal styles and communicate effectively, both orally and writing, with internal associates and external contacts at all levels.

• Effectively gather all relevant information in order to analyze, research, and resolve business issues in order to make decisions.

• Analyzing data to identify discrepancies.

• Problem solving.

Educational requirements:

• High School Diploma and a minimum of five (5) years experience in the areas of annuities, life insurance, long-term care, and/or disability income products or financial services industry or customer service.

• Bachelors Degree Preferred.

~or~

• Any equivalent combination of experience, education, and/or training approved by Human Resources.

Licenses/Certifications:

• Life, Health and Variable Annuities License is helpful but not required.