Director of Multilife Underwriting

Job Description:

This role will influence and implement a disciplined underwriting framework for Penn Mutual’s newly formed Multilife (also known as Executive Benefits) Division, serving the Employer Owned and Employer sponsored marketplace.  This role will require expert level experience with Simplified Issue (SI) and Guaranteed Issue (GI) underwriting. This role requires ongoing thought leadership and engagement with the Multilife industry, including the monitoring of underwriting trends and competitive intelligence.  It will be critical to uphold product utilization guidelines with respect to amounts of purchase, funding sources and overall appropriateness of design.  Further, there will be extensive engagement within the Multilife Operations, product management and distribution teams as we work towards Multilife rollout in September 2025.

Position Expectations

Responsibilities

• Adhere to current Penn Mutual underwriting risk management practices and established guidelines, internally and as established through reinsurance partners.
• As required, develop and document Standard Operating Procedures (SOPs), underwriting overviews and training on Multilife underwriting for SI and GI.
• Serve as Subject Matter Expert (SME) in Multilife underwriting, financial underwriting, understanding regulations, rules and nuances related to:
  • Corporate Owned Life Insurance (COLI)
  • Bank Owned Life Insurance (BOLI)
  • Credit Union Owned Life Insurance (CUOLI)
  • Corporate Sponsored Individually Owned Life Insurance (CSIO, includes Split Dollar, 162 Bonus).
• Understand Penn Mutual products and appropriate use in sales and plan designs.
• Serve as a collaborative partner within Operations and Distribution in support and review of Multilife opportunities.
• In partnership with Product Management and risk, establish and manage case premium guidelines
• Director Approval Authority: approved up to $10 million in annual premium/$5 million Face Amount per plan participant
  • Establish approval authority plan for underwriting staff
• Determines whether to accept, modify, or decline a case (risk)
• Evaluation and recommendation on exception requests when outside of established parameters
• Create Underwriting Offers (also known as Concession letters), memorializing Penn Mutual’s review of case design, census and other parameters for all parties
• Coach and mentor other Multilife underwriter to develop knowledge in advanced financial concepts.
• May represent the company at industry and customer meetings.
• Manages retention.
• Helps to maintain profitable mortality experience.
• Analyzes and interprets medical, non-medical and financial information.
• Communicates and collaborates with the field and home office to provide the highest quality service levels to customers.
• Maintains positive and effective relationships with internal and external partners.
• Complies with all company and site policies and procedures.
• Remains current in profession and industry trends.
• Successfully completes regulatory and job training requirements.
• Performs other duties as assigned.

Experience

• Minimum 10 years underwriting experience in Executive Benefits (preferred), or Group Insurance
• Supervisory and training experience preferred
• Regulatory:  Understanding of OCC, NCUA, Pension Protection Act (PPA), 101(j)
• Financial Underwriting (10K, OPEB, etc.)

Skills & Abilities

• Highly developed knowledge of Multilife (Executive Benefits), specifically SI and GI
• Deep experience with variety of sales concepts and designs
• Excellent collaboration skills and the ability to build relationships within Operations, Advanced Marketing and Distribution
• Ability to coach and mentor
• General awareness of current affairs, industry issues and trends, both corporate and external.
• Solid knowledge of insurance contract law and state legislative requirements.
• Strong knowledge of insurance products (plans, riders, benefits) and illustrations and how they are marketed.
• Strong knowledge of reinsurance marketplace to work proactively with the field where reinsurance is an opportunity.
• Thorough understanding of automatic reinsurance agreements.
• Highly developed knowledge of medical science, technology and terminology and their impact on mortality in the Multilife space
• Highly developed knowledge of financial and other non-medical underwriting factors.
• Thorough knowledge of financial and non-financial underwriting factors.
• Thorough knowledge of product pricing.
• Strong organizational, communication and interpersonal skills.
• Strong analytical kills, ability to define, research and resolve problems.
• Excellent knowledge of mainframe and PC environment.
• Ability to create and maintain customer relationships.
• Ability to prioritize and work effectively under deadlines balancing published service times with an appropriate customer focus.
• Ability to comprehend, retain and apply current technical information to daily work issues.

• Ability to make a positive contribution as demonstrated by learning new skills and making suggestions for process/procedure improvement.
• Ability to work with others in a collaborative team environment.

Education/Licenses/Professional Designations

• College degree required, equivalent work experience in life Underwriting may be considered.
• FLMI, ALU, FALU and ACS designations or current coursework towards earning certificates.

Base Salary Range - $130,000 - $190,000

For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help instill the confidence and reliability that comes from a stronger financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit www.pennmutual.com.

Penn Mutual is committed to Equal Employment Opportunity (EEO). We provide employment and advancement opportunities to all qualified applicants and associates, according to applicable laws. This is reflected in our practices for hiring, placement, promotion, transfer, demotion, layoff, termination, recruitment, compensation, selection or training, and all other terms and conditions of employment. All employment-related decisions and practices are free from unlawful discrimination. This includes: race, creed, color, national origin, ancestry, citizenship age, gender (including pregnancy), sexual orientation, gender identity or expression, domestic partnership or civil union status, marital status, genetic information, disability, religious observance or practice, liability, veteran status or any other classification protected under applicable law.