Ü Managing Distribution compensation including commission payment process, Reward reconciliation and payments
Ü Finalisation and Closure of month end provisions
Ü Commission Rewards Regulatory and Management Reporting
Ü Distribution Commission Setup Management
Ü Commission Reward Financial Schedule Preparation
Ü Automation of Distribution Premium Payout Reporting
Key Responsibilities
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Commission and Reward calculation, validation, disbursement and Provisions
o Review and validate various data points, performance metrics and eligibility criteria of Rewards
o Calculations basis predefined reward structure/ agreements
o Maintain accurate and updated records of all metrics and transactions
o Process commission payments with adequate controls within designated pay cycle, adhering company policies and timelines
o Monitor Commission Payment Cycle, Commission Rates at channel and product level
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Commission Reward reconciliation and settlement
o Reconcile account balances of commission payable, Agent Disbursement Account, Write Off/Write Back account, ensuring that all transactions are correctly recorded and discrepancies
are resolved promptly
o Communicate with stakeholders on commission not calculated and timely set-up of rates
o Address inquiries related to commission from field and collaboration with internal teams to obtain necessary information
o Ensure compliance with regulatory requirements and internal policies governing commission rewards
o Prepare and maintain documentation related to commission, rewards and other relevant records
o Work with relevant stakeholders to find amicable solutions and maintain positive relationships with all the stakeholders
o Stay informed about industry trends and best practices
o Preparation Submission of regulatory submissions including IRDA Annual Submission/Ad hoc submission etc.
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Distribution Commission Setup Management
o Ensure and Validate commission setup at defined interval for accurate and timely identification of gaps.
o Ensure timely validation of commission not setup in system and ensure adequate provisions are booked in books of account.
o Ensure accurate and timely preparation of all the distribution related payouts post TDS deduction.
o Timely closure of month-end related activities including GST recon.
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Compliance, Regulations and Audit
o Ensure compliance with financial regulations and internal control procedures
o Ensure proper documentation and control, Review financial transactions, invoices and expenses to ensure accuracy and compliance
o Ensure proper validation of all regulatory reporting related to premium, commission, reward and any other payouts.
o Handling Statutory and Internal Audits
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Risk Management
Monitor and assess the financial risks associated the process and implement risk mitigation strategies to minimize potential financial exposure
Measure of Success:
Ü Timely and accurate payouts
Ü Correctness of all related transactions
Ü No High aging items in related schedules
Ü Continuous improvements in processes and turnaround times
Ü Audit Ratings
Ü Supervisor Feedback
Desired Qualification and Experience
MINIMUM EDUCATION AND EXPERIENCE:
Ü Post Graduate in commerce and/or MBA with minimum 8-10 years of experience
KNOWLEDGE/SKILLS/ABILITIES:
o Sound knowledge of Accounting preferably in insurance sector
o Proficiency in MS-Excel, Access for complex calculations
o Experience in Analytical skills
o Experience in commission and reinsurance or a similar financial role
o Knowledge of sales processes and commission structure in insurance industry
o Knowledge of regulatory requirements and accounting principles related to commission
o Strong analytical, mathematical and problem-solving skills with attention to detail
o Excellent communication and interpersonal skills to interact with internal and external stakeholders
o Organizational and time management skills to meet deadlines
o Ability to work independently and as a part of a team in a fast paced environment
