Head of Institutional Insurance, Institutional Solutions
Company: MassMutual
Location: Springfield
Posted on: September 13, 2024
Job Description:
THE OPPORTUNITYFor over 30 years, MassMutual has demonstrated
its commitment to the life insurance needs of institutions and
employer groups with its institutionally priced life insurance
solutions. MassMutual has consistently developed and offered life
insurance solutions designed to assist employers to attract and
retain executive talent, to informally fund benefit plans such as
SERPS and non-Qualified Deferred Compensation plans, and to serve
as balance sheet assets featuring attractive yields over the long
term. We are seeking a leader with demonstrated success growing the
top and bottom lines, to continue developing and managing
market-leading teams of wholesalers, while providing leadership to
all pre-sales, new business and post-issue functions supporting
MassMutual's Corporate and Bank-Owned Life insurance business.The
successful candidate will be responsible for championing and
managing a book of business totaling over $34 billion of assets
under management across over 3,800 client plans and for maintaining
MassMutual's market-leading position in the space.The Head of
Institutional Insurance will set and execute business strategy for
these markets via leadership of sales and distribution, client
services administration, in-force management, and identifying and
promoting market competitive solutions within the company's profit
and risk parameters.Reporting to the Head of Institutional
Solutions, this role is part of MassMutual's Institutional
Solutions leadership team. Institutional Solutions is a highly
visible and valued division within the company, contributing
meaningfully to the company's results.The TeamThe incumbent will
manage a team of professionals across all functions of the business
life cycle, from market development, establishing and maintaining
distribution relationships, sales support of specialized
distributors, new business processing, and post-issue client
services and administration.The Head of Institutional Insurance
will excel at the matrix management and engagement of teams
throughout the enterprise, including actuarial, technology, project
management, digital and data science, law, claims, marketing,
audit, and human resources.The Impact:
- Optimize sales and profitability as the company's market-facing
leader to external stakeholders and business partners, clients, and
distribution relationships. Champion and set priorities for
initiatives and projects within the company designed to deliver new
solutions to the markets, enhance client and producer experiences,
increase efficiency, within profitability and risk management
parameters.
- Lead a management team of experienced individual contributors
and managers responsible for:
- New business and post-issue client services staff,
- Wholesalers focused on the BOLI and/or COLI markets,
- Technical quantitative consulting staff including actuarial
talent, and
- Investment subject matter experts and investment operations
staff.
- Serve as Registered Supervisory Principal of FINRA
licensed/registered representative wholesaler staff responsible for
sales of private placement and registered VUL products
- Work with HR Compensation, develop and manage Variable
Incentive Compensation (VIC) plans designed to effectively reward
and incentivize BOLI/COLI wholesaler staff, compliant with
parameters established by audit and compliance
- Collaborate within Institutional Solutions and across the
enterprise to set and execute upon business strategy, partner with
functions across the business and enterprise to ensure
alignment
- Partner closely with actuarial product and pricing staff for
development of new/updated products solutions meeting needs of the
market and on the management of an in-force book of business
comprised of product chassis including general account UL, Interest
sensitive whole life, book value hybrid separate account,
registered VUL, and private placement VUL with and without Stable
Value features.
- Develop and maintain strong relationships with key brokers,
advisors and corporate and bank clients
- Continuously optimize the company's growth in the COLI and BOLI
markets via a well-managed sales pipeline for identification and
management of the population of new business opportunities, while
staying abreast of market developments, needs, and identification
of potential gaps in our solution set
- Keen focus on the customer, ensuring availability of solutions
that meet a wide variety of client needs within desired target
markets
- Maintain an active and visible presence in the market and BOLI
and COLI industry. Act as a thought leader and partner, manage
annual sponsorship opportunities and related budgets
- Ensure the achievement of profitability and sales targets,
while growing the business in a risk-controlled manner commensurate
to the market and the company's parameters
- Produce results that maximize profitability, risk-return,
quality/accuracy and operating efficiency
- Ensure the effective support and high performance of in-force
and new business management
- Manage operations to ensure service delivery is high quality,
accurate, timely and compliant
- Deliver a customer experience that fully meets expectations and
creates value
- Utilize competitive intelligence to enhance profitability,
packaging and positioning
- Implement tools to communicate key business metrics and
outcomes, and ensure necessary actions
- Lead, motivate and develop a team of diverse professionals to
achieve business objectives, develop succession pipelines and
create a highly effective and inclusive team cultureQualifications
- An accomplished professional with a proven track record of
strategic and tactical leadership in driving superior results
spanning sales and profitability
- 15+ years in institutional financial services, with direct
leadership experience in COLI and BOLI markets
- A minimum of a 4 year degree with a preference for an advanced
business degree and/or professional qualifications
- Must be FINRA licensed including Series 6 or 7 and 24 or 26
- Customer and results-focused, with expertise in relationship
management, distribution, and sales functions
- Demonstrates initiative and sense of urgency; takes ownership
and is results-orientated
- Ability to effectively manage and deliver on multiple
concurrent deliverables
- Comfortable dealing with both complexity and ambiguity, with
ability to explore multiple solutions
- Strong analytical, critical thinking and problem-solving
skills, high degree of financial acumen
- Knowledgeable in relevant products and services, investments,
applicable state and federal laws and regulations, industry
standards and the competitive environment
- Disciplined approach to strategic initiatives, business
projects and day-to-day activities
- Experience leading business and strategic initiatives in a
highly matrixed, collaborative organization
- Proven ability to develop, lead and manage a diverse teams of
professionals, both within own team and across organizational
boundaries
- Ability to analyze and comprehend complex information, as well
as convey complex materials to senior executives
- Excellent interpersonal and communication skills (written,
verbal, presentation)MassMutual is an Equal Employment Opportunity
employer Minority/Female/Sexual Orientation/Gender
Identity/Individual with Disability/Protected Veteran. We welcome
all persons to apply. Note: Veterans are welcome to apply,
regardless of their discharge status.If you need an accommodation
to complete the application process, please contact us and share
the specifics of the assistance you need.
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Keywords: MassMutual, Springfield , Head of Institutional Insurance, Institutional Solutions, Other , Springfield, Massachusetts
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