What are the responsibilities and job description for the SVP, Underwriting position at Voya Financial?
Together we fight for everyone’s opportunity for a better financial future.
We will do this together — with customers, partners and colleagues. We will fight for others, not against: We will stand up for and champion everyone’s access to opportunities. The status quo is not good enough … we believe every individual and every community deserves access to financial opportunities. We are determined to support both individuals and communities in reaching a better financial future. We know that reaching this future depends on our actions today.
Like our Purpose Statement, Voya believes in being bold and committed to action. We are committed to a work environment where the differences that we are born with — and those we acquire throughout our lives — are understood, valued and intentionally pursued. We believe that our employees own our culture and have a responsibility to foster an environment where we all feel comfortable bringing our whole selves to work. Purposefully bringing our differences together to positively influence our culture, serve our clients and enrich our communities is essential to our vision.
Are you ready to join a company with a strong purpose and a winning culture? Start your Voyage – Apply Now
We are seeking an experienced and dynamic SVP, Underwriting for our Health Solutions division, specializing in voluntary, supplemental, and stop loss insurance. The ideal candidate will have a robust background in underwriting practices and risk assessment, with expertise specific to stop loss products. This role will be pivotal in shaping our underwriting strategy, ensuring competitive offerings, and driving profitability while managing risk.
Key Responsibilities
Leadership & Strategy:
The successful candidate will be purpose-driven and possess exceptional judgment and decision-making skills, as these contribute to effective problem-solving, strategic planning, and overall leadership success. To effectively perform this role, the a candidate should possess the following personal qualities:
Analytical Skills: A strong head of underwriting must possess excellent analytical skills to assess risk and make informed decisions based on data. This includes the ability to interpret complex financial information, market trends, and underwriting guidelines effectively.
Leadership and Management Ability: This role requires strong leadership skills to guide and motivate the underwriting team. The ability to manage and develop talent, foster collaboration, and create a positive work environment is crucial for driving performance and achieving organizational goals.
Strategic Thinking: A successful head of underwriting should have a strategic mindset, enabling them to align underwriting practices with the overall business objectives. This includes the ability to foresee market changes, adapt strategies accordingly, and innovate underwriting processes to enhance efficiency and competitiveness.
Attention to Detail: Precision is vital in underwriting, where small errors can lead to significant financial consequences. A head of underwriting must demonstrate a high level of attention to detail to ensure that all underwriting decisions are thorough, accurate, and compliant with regulations.
Communication Skills: Effective communication is essential for collaborating with various stakeholders, including other departments, clients, and regulatory bodies. The ability to clearly convey complex information, negotiate terms, and influence decision-making will greatly enhance the effectiveness of the head of underwriting.
Compensation Pay Disclosure
Voya is committed to pay that’s fair and equitable, which means comparable pay for comparable roles and responsibilities.
The below annual base salary range reflects the expected hiring range(s) for this position in the location(s) listed. In addition to base salary, Voya offers incentive opportunities (i.e., annual cash incentives, sales incentives, and/or long-term incentives) based on the role to reward the achievement of annual performance objectives. Please note that this salary information is solely for candidates hired to perform work within one of these locations, and refers to the amount Voya Financial is willing to pay at the time of this posting.
Actual compensation offered may vary from the posted salary range based upon the candidate’s geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer. Salaries for part-time roles will be prorated based upon the agreed upon number of hours to be regularly worked.
$244,940 - $306,170 USD
Be Well. Stay Well.
Voya provides the resources that can make a difference in your lives. To us, this means thriving physically, financially, socially and emotionally. Voya benefits are designed to help you do just that. That’s why we offer an array of plans, programs, tools and resources with one goal in mind: To help you and your family be well and stay well.
What We Offer
Critical Skills
At Voya, we have identified the following critical skills which are key to success in our culture:
Equal Employment Opportunity
Voya Financial is an equal-opportunity employer. Voya Financial provides equal opportunity to qualified individuals regardless of race, color, sex, national origin, citizenship status, religion, age, disability, veteran status, creed, marital status, sexual orientation, gender identity, genetic information, or any other status protected by state or local law.
Reasonable Accommodations
Voya is committed to the inclusion of all qualified individuals. As part of this commitment, Voya will ensure that persons with disabilities are provided reasonable accommodations. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please reference resources for applicants with disabilities.
Misuse of Voya's name in fraud schemes
We will do this together — with customers, partners and colleagues. We will fight for others, not against: We will stand up for and champion everyone’s access to opportunities. The status quo is not good enough … we believe every individual and every community deserves access to financial opportunities. We are determined to support both individuals and communities in reaching a better financial future. We know that reaching this future depends on our actions today.
Like our Purpose Statement, Voya believes in being bold and committed to action. We are committed to a work environment where the differences that we are born with — and those we acquire throughout our lives — are understood, valued and intentionally pursued. We believe that our employees own our culture and have a responsibility to foster an environment where we all feel comfortable bringing our whole selves to work. Purposefully bringing our differences together to positively influence our culture, serve our clients and enrich our communities is essential to our vision.
Are you ready to join a company with a strong purpose and a winning culture? Start your Voyage – Apply Now
We are seeking an experienced and dynamic SVP, Underwriting for our Health Solutions division, specializing in voluntary, supplemental, and stop loss insurance. The ideal candidate will have a robust background in underwriting practices and risk assessment, with expertise specific to stop loss products. This role will be pivotal in shaping our underwriting strategy, ensuring competitive offerings, and driving profitability while managing risk.
Key Responsibilities
Leadership & Strategy:
- Lead and manage the underwriting team, providing guidance, mentorship, and support to ensure high performance and professional development.
- Develop and implement underwriting policies and procedures specific to stop loss insurance, aligning with overall business objectives.
- Collaborate with senior leadership to define and execute the underwriting strategy for health solutions, focusing on market trends and competitive positioning.
- Utilize advanced analytical techniques to assess risk profiles and partner to determine appropriate pricing models for stop loss insurance products.
- Oversee the evaluation of underwriting submissions, ensuring thorough analysis of medical and financial data to make informed decisions.
- Consult with finance leadership to monitor and adjust pricing strategies based on market dynamics, claims experience, and emerging trends in the healthcare sector.
- Work closely with product development teams to design and refine stop loss insurance products that meet the needs of clients while managing risk effectively.
- Conduct market research and competitive analysis to identify opportunities for product enhancements and new offerings.
- Foster strong relationships with internal teams, including sales, marketing, and claims, to ensure alignment of underwriting practices with business goals.
- Serve as the primary point of contact for client inquiries related to underwriting and risk management for stop loss products.
- Present underwriting strategies and performance metrics to senior management and stakeholders.
- Ensure all underwriting practices comply with regulatory requirements and industry standards.
- Conduct regular audits and reviews of underwriting processes to maintain quality and consistency.
- Bachelor’s degree in Finance, Business Administration, Actuarial Science, or a related field; advanced degree or professional designation (e.g., CPCU, AU) preferred.
- Minimum of 10 years of experience in underwriting, with at least 5 years specifically focused on stop loss insurance.
- Proven track record of leading underwriting teams and driving profitability through effective risk management and pricing strategies.
- Strong analytical skills, with proficiency in data analysis and risk assessment methodologies.
- Excellent communication and interpersonal skills, with the ability to collaborate effectively with cross-functional teams and external stakeholders.
- In-depth knowledge of healthcare trends, regulations, and the stop loss market.
The successful candidate will be purpose-driven and possess exceptional judgment and decision-making skills, as these contribute to effective problem-solving, strategic planning, and overall leadership success. To effectively perform this role, the a candidate should possess the following personal qualities:
Analytical Skills: A strong head of underwriting must possess excellent analytical skills to assess risk and make informed decisions based on data. This includes the ability to interpret complex financial information, market trends, and underwriting guidelines effectively.
Leadership and Management Ability: This role requires strong leadership skills to guide and motivate the underwriting team. The ability to manage and develop talent, foster collaboration, and create a positive work environment is crucial for driving performance and achieving organizational goals.
Strategic Thinking: A successful head of underwriting should have a strategic mindset, enabling them to align underwriting practices with the overall business objectives. This includes the ability to foresee market changes, adapt strategies accordingly, and innovate underwriting processes to enhance efficiency and competitiveness.
Attention to Detail: Precision is vital in underwriting, where small errors can lead to significant financial consequences. A head of underwriting must demonstrate a high level of attention to detail to ensure that all underwriting decisions are thorough, accurate, and compliant with regulations.
Communication Skills: Effective communication is essential for collaborating with various stakeholders, including other departments, clients, and regulatory bodies. The ability to clearly convey complex information, negotiate terms, and influence decision-making will greatly enhance the effectiveness of the head of underwriting.
Compensation Pay Disclosure
Voya is committed to pay that’s fair and equitable, which means comparable pay for comparable roles and responsibilities.
The below annual base salary range reflects the expected hiring range(s) for this position in the location(s) listed. In addition to base salary, Voya offers incentive opportunities (i.e., annual cash incentives, sales incentives, and/or long-term incentives) based on the role to reward the achievement of annual performance objectives. Please note that this salary information is solely for candidates hired to perform work within one of these locations, and refers to the amount Voya Financial is willing to pay at the time of this posting.
Actual compensation offered may vary from the posted salary range based upon the candidate’s geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer. Salaries for part-time roles will be prorated based upon the agreed upon number of hours to be regularly worked.
$244,940 - $306,170 USD
Be Well. Stay Well.
Voya provides the resources that can make a difference in your lives. To us, this means thriving physically, financially, socially and emotionally. Voya benefits are designed to help you do just that. That’s why we offer an array of plans, programs, tools and resources with one goal in mind: To help you and your family be well and stay well.
What We Offer
- Health, dental, vision and life insurance plans
- 401(k) Savings plan – with generous company matching contributions (up to 6%)
- Voya Retirement Plan – employer paid cash balance retirement plan (4%)
- Tuition reimbursement up to $5,250/year
- Paid time off – including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day.
- Paid volunteer time — 40 hours per calendar year
Critical Skills
At Voya, we have identified the following critical skills which are key to success in our culture:
- Customer Focused: Passionate drive to delight our customers and offer unique solutions that deliver on their expectations.
- Critical Thinking: Thoughtful process of analyzing data and problem solving data to reach a well-reasoned solution.
- Team Mentality: Partnering effectively to drive our culture and execute on our common goals.
- Business Acumen: Appreciation and understanding of the financial services industry in order to make sound business decisions.
- Learning Agility: Openness to new ways of thinking and acquiring new skills to retain a competitive advantage.
Equal Employment Opportunity
Voya Financial is an equal-opportunity employer. Voya Financial provides equal opportunity to qualified individuals regardless of race, color, sex, national origin, citizenship status, religion, age, disability, veteran status, creed, marital status, sexual orientation, gender identity, genetic information, or any other status protected by state or local law.
Reasonable Accommodations
Voya is committed to the inclusion of all qualified individuals. As part of this commitment, Voya will ensure that persons with disabilities are provided reasonable accommodations. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please reference resources for applicants with disabilities.
Misuse of Voya's name in fraud schemes
Salary : $5,250
