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 Life’s 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; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
The Recurring Payments Manager is responsible for overseeing day to day processing of transactions such as adding, changing or deleting bank account information used for electronic transfer to pay policy premiums, make loan repayments or purchase paid-up additional insurance; processing requests for bank fee refunds and Modified Endowment reversals.
The Manager is expected to oversee the performance of Service Representatives and is responsible for staffing and work schedules to ensure that department standards and company guidelines are met. Also, responsible for providing feedback to employees regarding their individual performance and development needs.
The Manager is expected to review procedures and implement changes when required. They will assist in drafting updates to procedures when new products are introduced or system changes are required.
The Manager must resolve issues, such as complaints from policyholders and agents related to all service requests. They use their knowledge of how related service areas work together to positively impact the achievement of department and company objectives. They handle high-profile requests and lead project teams associated with the work functions of the team (for example recovery efforts to update company records or to develop new procedures applicable to the work functions that they oversee.)
Desired Skills & Experience
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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 http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s 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 Company’s 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.