iA Financial Group is the fourth largest life and health insurance company in Canada and offers a wide range of products for all stages of life and to meet the needs of clients across its vast sales network. Founded in 1892, iA Financial Group’s stability and solidity make it an employer of choice that invests in its employees and their development over the long term.
With operations across Canada and in the United States, iA Financial Group and its over 5,000 employees work hard every day to offer the best service to over four million clients.
Reporting to the Manager, Group Underwriting & Contracts Administration, the Group Underwriting & Contract Analyst is responsible for five distinct areas of work for the Special Markets Solutions division:
- Group Underwriting (New Business Quotations & Renewals)
- New Business Implementation
- Ongoing Contract Administration
- Marketing Support
- Special Projects & Miscellaneous Tasks
The Group Underwriting & Contract Analyst will often work with highly-complex Group Insurance plans, typically with non-standard Group benefits, often requiring customization. This is the nature of Special Risk insurance, which is the focus of the Special Markets Solutions division.
Group Underwriting (New Business Quotations & Renewals) (40%)
Routine new business: The Group Underwriting & Contract Analyst will prepare and issue new business proposals, in accordance with the requested external deadline and within the Solutions 3-day turn-around commitment. Proposals are to incorporate applicable product features, premium rates, marketing plans and administration requirements, using applicable proposal templates as a starting point. This involves using applicable pricing models to calculate the appropriate rates or providing details/data to Actuarial staff to prepare unique rates.
Non-routine new business, including takeover cases: The Group Underwriting & Contract Analyst conducts an in-depth analysis of current insurance coverage held by the prospective client and prepares a report comparing competitor insurance benefits and policy terms to those offered by Solutions, and then makes recommendations on take-over conditions for review by the team Manager, Actuarial, and Marketing as required. Proposals are to incorporate applicable product features, premium rates, marketing plans and administration requirements, using applicable proposal templates as a starting point, but customized to suit the specifics of the non-routine request. This involves using applicable pricing models to calculate the appropriate rates, further customized to suit the specificsof the request, or providing details/data to Actuarial staff to prepare unique rates. The Group Underwriting & Contract Analyst also ensures the accurate completion of detailed questionnaires which often accompany such non-routine proposal requests.
Renewals: The Group Underwriting & Contract Analyst is responsible for processing the annual renewal of inforce business, by conducting a renewal analysis which involves recalculating premium rates, gathering premium and claim experience information, providing notice of required system updates, and preparing a formal summary of renewal recommendations and policy statistics to send to the policyholder/broker along with a policy Amendment when necessary. Following a successful renewal, they are responsible for accurately implementing all required changes on the CLASS system.
New Business Implementation (35%)
Non-complex contracts: The Group Underwriting & Contract Analyst will create and issue new group policy contracts for non-complex HQ-administered business, incorporating policy specific variations in product features and administration arrangements, using approved contract templates as a starting point.
Complex contracts: The Group Underwriting & Contract Analyst will assist in the creation and issuance of new group policy contracts for complex HQ-administered business. They will initiate drafts, incorporating policy specific variations in product features and administration arrangements, using approved contract templates as a starting point, for review by a Senior Group Underwriting & Contract Analyst or Group Contract Specialist.
IBS/Booklet wording: The Group Underwriting & Contract Analyst will assist in the creation and maintenance of policy specific Insurance Benefits Summaries (IBS) and Insurance Booklets, as applicable, utilizing templates developed by the Group Contract Specialists, ensuring plain language while accurately reflecting the contract wording and intent.
Marketing pieces: The Group Underwriting & Contract Analyst will collaborate with various parties to ensure all necessary Marketing pieces are available when needed. This may include participation in the creation and/or review of policy specific marketing pieces, especially for Voluntary benefits with enrolment campaigns.
CLASS set-up: The Group Underwriting & Contract Analyst is responsible for the set-up of newly placed business on the CLASS mainframe system. To ensure accurate billings, reinsurance and commission handling, the group must be set-up on the CLASS system with 100% accuracy within specified timelines. They are responsible for analyzing, correcting and modifying any data provided by the client which is to be used during the CLASS set-up.
Implementation meetings: The Group Underwriting & Contract Analyst will attend new business implementation meetings as needed. They are responsible for communicating with various departments and teams to obtain required documents and information. They will identify and communicate any questions or missing information, along with confirmation of timelines set out by the client and the relevant Account Executive. They will annotate appropriate administration processes, through the preparation of policy admin instructions for Solutions Administrative staff, so that formal Administration Guides may also be prepared.
Ongoing Contract Administration (15%)
Amendments: The Group Underwriting & Contract Analyst will assist in the creation and issuance of Amendments to existing group policy contracts, incorporating policy specific or product feature changes, or other changes initiated by iA, the policyholder or industry legislation, using templates created by the Group Contract Specialists where possible. Initial drafts will be reviewed by a Senior Group Underwriting & Contract Analyst or a Group Contract Specialist.
Contract re-writes: The Group Underwriting & Contract Analyst will assist in the periodic re-write of selected group policy contracts to bring the policy wording up-to-date with current wording and/or administrative practices, while ensuring continuity by upholding the intent of the original contract. Initial drafts will be reviewed by a Senior Group Underwriting & Contract Analyst or a Group Contract Specialist.
Other: The Group Underwriting & Contract Analyst will issue and maintain Third Party Administration agreements, utilizing existing templates. The Group Underwriting & Contract Analyst will also arrange French translation of policy specific Contracts, Amendments and IBS/booklet text as necessary.
Accuracy required: The Group Underwriting & Contract Analyst will provide a high level of quality/accuracy when making changes to existing benefits, eligibility, contact information, etc., because poor quality of work will have a direct impact to our clients and claims may be declined or paid incorrectly.
Marketing Support (5%)
The Group Underwriting & Contract Analyst will review and provide technical and practical input to Marketing material such as brochures, applications, rate cards, websites and special Direct-Marketing specific material. They will ensure Marketing material complies with policy-specific contract provisions, administration and underwriting requirements, company guidelines and applicable legislation. They will collaborate on the development of new insurance products, or amendment of existing products.
Special Projects & Miscellaneous Tasks (5%)
The Group Underwriting & Contract Analyst will assist in various special projects as required. They will assist in resolving administration-related and claims-related queries regarding the interpretation of contract terms. They will gather and summarize various premium and insured statistics for specialized Policyholder reporting. They will assist with year-end reporting and quarterly compliance-related auditing of team processes.
- University degree or diploma PLUS two years of Group Insurance work experience
- In the absence of a university degree, four to five years of Group Insurance work experience
- FLMI courses 280 and 290 from LOMA
- Strong knowledge of Group underwriting, benefits, contract terminology and claim processes
- Strong organizational skills
- Proven ability to multi-task and manage a high volume of complex, diverse functions, meet deadlines and work independently with minimal supervision
- Analytical skills and attention to detail and quality
- Strong verbal and written communication skills
- A team player, with ability to work and communicate with various departments
- Responsive to the needs of Solutions staff and clients
- Sound knowledge of MS-Windows based applications, including Word and Excel
- Bilingualism is an asset
Vancouver / 400-988 Broadway West
Posting End Date
iA Financial Group is committed to having an equal access employment program and welcomes applications from women, visible minorities, Aboriginal peoples and disabled persons. Any use of the masculine form is to simplify the text and includes the feminine form.
Also, we are committed to fostering a workplace that promotes diversity and inclusion. We can provide accommodation in our recruitment and selection processes to applicants with disabilities where required. Please contact your Recruiter, or send an email [email protected]