At a Glance
- Tasks: Lead underwriting for loss-sensitive insurance and identify new business opportunities.
- Company: Join NYSIF, the largest workers' compensation insurer in New York, dedicated to affordable coverage.
- Benefits: Enjoy competitive pay, flexible work options, and comprehensive health benefits.
- Why this job: Be part of a mission-driven team focused on improving health outcomes and industry leadership.
- Qualifications: Bachelor's degree and five years of insurance experience required; managerial experience preferred.
- Other info: NYSIF champions diversity and offers equal opportunities for all applicants.
The predicted salary is between 90000 - 110000 £ per year.
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New York State Insurance Fund (NYSIF) provided pay range
This range is provided by New York State Insurance Fund (NYSIF). Your actual pay will be based on your skills and experience — talk with your recruiter to learn more.
Base pay range
$106,898.00/yr – $131,665.00/yr
Responsibilities Include, But Are Not Limited To
NYSIF is the largest workers\’ compensation insurer in New York State and among the ten largest nationwide. NYSIF covers 2 million workers and insures 200,000 employers in New York State. NYSIF\’s mission is to guarantee the availability of workers\’ compensation, disability insurance and paid family leave at the lowest possible cost to New York employers while maintaining a solvent fund. Since its inception 110 years ago, NYSIF has fulfilled this mission by competing with other insurance carriers to ensure a fair marketplace while serving as a guaranteed source of coverage for employers who cannot secure coverage elsewhere. NYSIF strives to achieve the best health outcomes for injured workers and be an industry leader in price, quality, and service for New York employers.
To further advance our mission, NYSIF is seeking a Head of Loss Sensitive Program who will be responsible for overseeing all underwriting activities of loss-sensitive insurance offerings including large deductible and retrospective ratings. The Head of Loss Sensitive Program will assist in finding new business opportunities for NYSIF and manage a loss sensitive renewal of assessing and deciding whether to renew existing insurance policies to ensure profitability and stability.
Duties Description
- Collaborate across NYSIF’s business departments and rigorously analyze underwritten information to assess and price risk and collateral options for each account.
- Identify opportunities to grow large deductible offerings and other loss sensitive plans.
- Identify and analyze information on risks’ operations and key exposures and controls to determine what additional information is necessary to perform a thorough analysis and present an offer.
- Detect and analyze loss trends and loss information to recognize differences in quality and applicability of the sources.
- Determine appropriate pricing decisions and understand the effect that individual account decisions have on overall performance.
- Follow all underwriting and pricing guidelines and obtain management approval for pricing decisions. Understand when guidelines may need adjustment and escalated to management team.
Minimum Qualifications
- Bachelor’s degree in business, marketing, product development, insurance, or related field or appropriate education and/or specialized experience substitute.
- Five years of progressively responsible experience in the insurance industry with at least two years at a managerial level.
- Excellent communication skills with the ability to present to all leadership levels.
Preferred Qualifications
- Five to ten years of underwriting experience in large deductible and retro programs or experience in large deductible or retro programs valued over $25 million dollars.
Please be advised that the New York State Insurance Fund (NYSIF) does not offer sponsorship for employment visas to employees or potential employees. Candidates sponsored for employment by an organization should be aware of their sponsorship status and the relevant expiration date(s) of that sponsorship before applying to this position. NYSIF is not currently enrolled in eVerify, which is a requirement for certain types of employment verifications.
Additional Comments
For new State employees appointed to graded positions, the annual salary is the hiring rate (beginning of the Salary Range) of the position. Promotion salaries are calculated by the NYS Office of the State Comptroller in accordance with NYS Civil Service Law, OSC Payroll rules and regulations and negotiated union contracts.
- Competitive Compensation.
- Open and Supportive Team-Based Environment.
- Plentiful Vacation, Personal, and Sick Leave Accruals.
- Paid State and Federal Holidays.
- Full Medical, Vision, and Dental.
- Retirement Options.
- Public Student Loan Forgiveness (PSLF).
- Possibility of Telecommuting, Flextime, and Alternative Work Schedules.
NYSIF Commitment To Diversity, Equity, And Inclusion
The New York State Insurance Fund (NYSIF) prioritizes and champions diversity, equity, and inclusion (DEI) throughout our agency. NYSIF provides equal opportunities to all employees and applicants for employment without regard to race, religion, color, age, sex, national origin, sexual orientation, gender identity, disability, veteran status, or any other protected category under federal, state, and local law. We believe that embracing our differences brings richness, new ideas and experiences to NYSIF, which energizes a creative and innovative work environment. We strive to foster a workplace where diverse individuals are able to participate fully in the decision-making process and have ample opportunity for advancement. We are committed to investing the necessary resources and attention to improving the engagement, retention, and promotion of the extraordinary talent we have.
Executive Order 31 commits New York State government to becoming a model employer for people with disabilities, increasing the participation of people with disabilities in state service and ensuring equal access to opportunities. NYSIF is proud to utilize best practices to recruit, hire, retain, and promote career advancement of individuals with disabilities. This includes special focus on current and prospective employees with the most significant disabilities, such as the use of supported employment, individual placement with support services, customized employment, the civil service sections 55/b and 55/c programs, internships, and job shadowing. If you are a person with a disability and wish to request that a reasonable accommodation be provided for you to participate in a job interview, please send an email to NYSIF’s Reasonable Accommodations mailbox at
Seniority level
-
Seniority level
Director
Employment type
-
Employment type
Full-time
Job function
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Job function
General Business
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Industries
Insurance
Referrals increase your chances of interviewing at New York State Insurance Fund (NYSIF) by 2x
Inferred from the description for this job
Medical insurance
Vision insurance
Pension plan
Paid maternity leave
Paid paternity leave
Student loan assistance
Disability insurance
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Head of Loss Sensitive Program employer: New York State Insurance Fund
Contact Detail:
New York State Insurance Fund Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Head of Loss Sensitive Program
✨Tip Number 1
Network with professionals in the insurance industry, especially those who have experience in loss-sensitive programs. Attend industry events or join relevant online forums to connect with potential colleagues and mentors who can provide insights and possibly refer you to opportunities at NYSIF.
✨Tip Number 2
Familiarise yourself with the latest trends and regulations in workers' compensation and loss-sensitive insurance. This knowledge will not only help you during interviews but also demonstrate your commitment to staying updated in a rapidly evolving field.
✨Tip Number 3
Prepare to discuss specific examples from your past experience that showcase your ability to analyse risk and make pricing decisions. Highlight any successful projects where you identified growth opportunities or improved profitability in previous roles.
✨Tip Number 4
Research NYSIF's mission and values thoroughly. Be ready to articulate how your personal values align with theirs, particularly regarding diversity, equity, and inclusion, as this will show that you are a good cultural fit for the organisation.
We think you need these skills to ace Head of Loss Sensitive Program
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in the insurance industry, particularly in underwriting and loss-sensitive programs. Use specific examples that demonstrate your managerial skills and ability to analyse risk.
Craft a Compelling Cover Letter: In your cover letter, express your passion for the role and the mission of NYSIF. Mention how your background aligns with their goals, especially in terms of improving health outcomes for injured workers and ensuring profitability.
Highlight Communication Skills: Since excellent communication is crucial for this role, provide examples in your application that showcase your ability to present complex information clearly to various leadership levels.
Showcase Analytical Abilities: Demonstrate your analytical skills by discussing specific instances where you successfully assessed risks or identified growth opportunities in previous roles. This will show your capability to contribute to NYSIF's objectives.
How to prepare for a job interview at New York State Insurance Fund
✨Understand the Role Thoroughly
Before your interview, make sure you have a solid grasp of what the Head of Loss Sensitive Program entails. Familiarise yourself with loss-sensitive insurance offerings, large deductible programmes, and retrospective ratings. This knowledge will help you answer questions confidently and demonstrate your expertise.
✨Prepare for Scenario-Based Questions
Expect to face scenario-based questions that assess your problem-solving skills and decision-making abilities. Think about past experiences where you've successfully managed underwriting activities or identified growth opportunities. Be ready to discuss specific examples that highlight your analytical skills and leadership.
✨Showcase Your Communication Skills
As this role requires excellent communication skills, practice articulating your thoughts clearly and concisely. Be prepared to present complex information in an understandable way, as you may need to explain underwriting decisions to various stakeholders within NYSIF.
✨Demonstrate Your Commitment to Diversity and Inclusion
NYSIF values diversity, equity, and inclusion. Be prepared to discuss how you can contribute to these values within the organisation. Share any relevant experiences or initiatives you've been involved in that promote a diverse and inclusive workplace.