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.
Job Function and Key Duties & Responsibilities:
The Finance Operations team within the Corporate Finance group is looking for a Business Analyst with a minimum of 8 - 10 years experience. The Financial Systems team provides project management, business analysis, and testing services in support of New York Life's Finance Transformation. The Business Analyst position is responsible for coordinating business requirements for changes to business processes, policies and information systems. The business analyst understands business problems and opportunities in the context of the requirements and recommends solutions that enable the business. The position navigates across functional and technical boundaries to facilitate relationships and translate business needs into finance and technology solutions.
The Business Analyst position supports the effective documentation of work processes and business requirements, including:
Creating requirements definition documentation and simple functional specifications to capture business needs.
Performing gap analysis to identify opportunities for process improvement.
Document Process Flows
Validating and obtaining sign-off on functional requirements/specifications.
Managing and documenting changes to requirements throughout the project. Reviewing test plans and scripts for completeness and accuracy.
Assists with formulating the plan, scope, and objectives to ensure consistent analysis, design and development.
Formulates solutions to satisfy business needs/requirements while working with the Data Strategy team to:
Validate the data required from various source systems
Gather / develop data definitions
Determine valid value sets
Identify data quality issues
Identify opportunities for data improvement
Collect and document the business-oriented metadata
Data currency, frequency, volume estimates and history requirements.
Data retention / archival requirements
Document Data Flows
High exposure to and active engagement with actuarial and finance leadership
Maintains current knowledge of industry and business process trends and is able to apply that knowledge to existing business processes with a focus towards process improvement.
Ensures accuracy of functional requirements/specifications for handoff to development team.
Describe the Certifications/Licenses, Education, Technical/Functional Skill Sets, and Experience that are REQUIRED for this position
Bachelor's Degree in Finance, Information Technology, Business Administration or a related field, with a minimum of 8 - 10 years experience in a Business Analyst role.
Ability to effectively communicate in writing or in person across various audiences.
Ability to handle multiple tasks simultaneously, including efficient time management.
Ability to work independently as well as on cross-functional teams. Prior experience with financial reporting and projection related processes
Prior experience with actuarial software(valuation or projection systems)
Ability to interact with actuarial and non-actuarial resources
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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. 1. 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. 2. 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.