Health Insurance Underwriter Job at Fountain Life
About Fountain Health
For years, we have trusted health insurance to cover us in cases of illness or accidental injury. When it comes to traditional care . . . FOUNTAIN HEALTH HAS YOU COVERED. Where we differ from traditional insurance is that Fountain Health’s primary focus is on proactive care and keeping our members healthy.
Preventative healthcare saves lives by catching illness early, while it is still highly treatable, or by eliminating it entirely. Preventative healthcare also saves money. Early detection costs a fraction of finding illnesses like cancer, heart disease and diabetes in their more advanced stages. The convergence of sensors, networks, and AI is upending medical diagnostics and providing doctors with tools that were previously unavailable, allowing us to provide coverage for ground-breaking, preventative medical technology faster than anyone else.
At Fountain Health, we are committed to helping employers take care of their staff. Together, we are transforming lives by transforming insurance.
We are healthcare, reimagined.
What Does a Health Insurance Underwriter Do?
A health insurance underwriter reviews, renews, and analyzes applications for insurance coverage. Assisted by underwriting software and related computer programs, they assess the risk involved in insuring an individual or company, as well as determine the premiums for the expected coverage requested. A health insurance underwriter’s responsibilities include:
Reviewing all new applications and inserting specific information (e.g., income, expenses, and health details) from those applications into underwriting software
Assessing each applicant’s medical history and establishing if they have any preexisting conditions
Analyzing the recommendations provided by the software for each application
Deciding whether to approve applications
If an application is approved, determining the extent of the coverage and calculating the premium based on the applicant’s risk assessment
Consulting with the agents or insurance processors about the final decision
Ultimately, the underwriter decides whether to offer an applicant the requested insurance based on the available information, aided by recommendations provided by underwriting software. If the risk seems too great, they can deny the application. However, underwriters also need to maintain balance in their assessments, as their ability to make accurate and firm assessments is important to the consistency of the insurer’s bottom line. If they allow too much risk, the insurance company may pay out more claims than necessary, but if too many applications are denied, the company won’t make enough money off premiums.
What Skills Does a Health Insurance Underwriter Need?
Generally, health insurance underwriters succeed through a combination of strong attention to detail, an understanding of company policy and industry standards, a tactful sense of organization, and a vested sense of why legal adherence is important for all involved parties, not just the company. Working on computers and using risk assessment software is also an integral part of the job, so insurance underwriters need a good command of technology.
Underwriters are liaisons between company agents, supervisors, and representatives. They outline why an application might not meet the recommended criteria for qualification, as well as how to potentially optimize applications for approval. This means they need strong written and verbal communication skills.
Responsibilities for insurance underwriter
Validate requests for proposals and renewals for accuracy including group level information, utilization, large claims, & experience reporting
Utilize financial pricing models to develop claims projections and needed revenue levels for new business prospects and renewal customers
Evaluate and recommend alternative pricing options, programs, and plan design changes based on financial analysis and trends
Negotiate pricing with internal sales partners and brokers as needed
Provide direction to other functional areas in resolving service, claim, or other issues that have financial implications
Evaluate and develop a loss triangle
Evaluate the profitability of an individual captive for a fronting carrier/reinsurer – overall and by line
Ability to research endorsements and perform coverage comparisons
Ability to aggregate information and analyze endorsements
Evaluation the profitability of a portfolio of captives for a carrier that has multiple captives placed with us
Perform analyses that would support change of funding limits and or total retention for a captive
Conduct insurance risk assessments
Monitor market for current prices and prepare competitive analysis
Oversee work across captives and update past loss studies, i.e. workshop and RCA correlation to losses, reduction in fatalities, etc.
Prepare reports and present results to clients and management
Liaison with actuarial firm
Miscellaneous tasks as requested
Qualifications for insurance underwriter
Bachelor’s Degree in Statistics, Math, or in a related discipline required
At least two (2) years of experience in insurance consulting with a variety of industries
Understand casualty coverages and endorsements, complex concepts, methods and applications
Ability to manipulate, dissect and interpret large amounts of data
Works well independently and in a team environment
Interpersonal skills
Excellent written and verbal communication skills
Advanced in Excel and other statistical programs, proficiency in PowerPoint, Word, and other on-line computer systems
Strong analytical and critical thinking
Strong customer service orientation
Intellectually curious
Commitment to company values
Inclusion and Equal Opportunity Employment
Fountain Health provides equal employment opportunities to all employees and applicants in all company facilities without regard to race (including hair texture and hairstyles), color, religious creed, sex, national origin, ancestry, citizenship status, pregnancy, childbirth, (or related medical conditions, including, but not limited to lactation), physical disability, mental and/or intellectual disability, age, military status or status as a Vietnam-era or special disabled veteran, marital status, registered domestic partner or civil union status, gender (including sex stereotyping and gender identity or expression), medical condition (including, but not limited to, cancer related or HIV/AIDS related), genetic information, or sexual orientation in accordance with applicable federal, state and local laws.
We look forward to receiving your application!
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