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
Ü 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
Ü 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.
Ü 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.
Ü 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
Ü Risk Management
