New York Life Insurance Company Corporate Vice President, General Office Chief Operating Officer #56126 in New York, New York
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.
Assist the Managing Partner in the supervision, oversight and management of all office operations and facilities within the General Office and its related Sales and/or Satellite Offices. Act as first point of contact for administrative issues within the office, such as contracting, terminations, office leases, manager and agent disputes and the like. Coordinate with the Managing Partner to handle specified priorities while balancing Home Office and Zone requirements. May also be involved in agent compensation, compliance and budgetary issues.
• Manage the real estate process for the office's locations, including involvement with market survey review, negotiations, construction, occupancy coordination and agent rent reimbursements.
• Oversee financial reports, such as discretionary expenses, expense accounts for management/Agents/Tech, NextSource timesheets, agency-related purchases and equipment .
• Monitor all candidate contracting information to ensure consistency amongst recruiters, best practices to help expedite processing and alignment with GO retention goals.
• Review agent triggering requirements and terminations for consistency.
• Coordinate with GO Management and Home Office to plan for all aspects of meeting management, including scheduling, logistics, audio/visual needs, agendas, marketing materials, etc.
• Assist the Managing Partner in the development of Partners through routine meetings, reviewing compensation and GPA and ways to maximize both.
• Coordinate Agent programs with Service Management, including agent health benefits, expense allowance, persistency bonus, Council and Year End exceptions, Show Me the Money, Agent of the Day, etc.
• Meet with the Managing Partner regularly to identify and address issues and develop necessary strategies to meet Home Office and Zone goals. Assist in the development of established agents (business planning sessions).
• Oversee technology and marketing center. Negotiate and purchase all agency and technology related equipment and supplies as well as reconciling checking and credit card accounts.
• Responsible for the coordination of kickoffs and major planned events for the GO. Research venues, perform site inspections, set budgets and negotiate price and other meeting needs such as catering/menus, AV, music, awards and entertainment.
• Coordinate agent and staff campaigns throughout the year to foster camaraderie, team work and achievement of goals.
• Conduct classes on compensation and other pertinent topics for agents on a ongoing basis.
• Promote and oversee Succession planning program for all agents.
• Bachelor's Degree
• Series 7 and 24
• Minimum 5-10 years of relevant experience
• Budgeting experience
• Experience in operations and in Agency
• Moderate knowledge of the insurance industry as it relates to life office operations
• Operational knowledge of the Company and internal processes, such as compliance, contracting, budgetary
• Good people, communication and supervisory skills
• Ability to work with the different representatives of service (AM), development (SDM), compliance (ASC) and recruiting (all recruiters)
• Aware of the business and regulatory issues affecting the GO via Field News, Company procedures and meetings
• Ability to help educate office and streamline processes for optimal GO performance
Problem Solving: As the point of contact for issues and disputes within the GO, COO will handle a multitude of issues, requiring both education on Company rules as well as thinking outside of the box to diffuse problems before escalation to the Zone or Home Office.
Decision Making/ Nature of Impact : COO will make decisions relevant to his/her areas of control that are in alignment with Company procedures and GO goals (i.e. applying more stringent requirements locally if desired by the Managing Parnter). This includes in the leasing process, administering dispute resolution, determining when to pursue exception requests and the like.
Communication Requirements : The position does not have direct management requirements, but includes displaying leadership without direct authority. COO must be able to communicate with all parties and persuade people into action and to deliver what is needed. COO will interact with Zone and HO to address issues and negotiate outcomes.
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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.
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.
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.