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Premium Management Officer
About the Role:
The role is based in Port Moresby and reports to the Operations Manager. The successfulincumbent will be responsible to effectively facilitate all processes within the PremiumManagement Department and to ensure sound knowledge of business rules and strict adherence toprocesses that is related to the management and maintenance of customer’s policies, groups andcontracts in accordance with BSP Life standards and services to our insurance customers,insurance intermediaries, Insurance Agents and business associates within the legal andoperational parameters as per Delegated Limits of Authority.
- Administer refunds within 48 hours of verifying payments, liaising with clients/intermediariesand obtaining proper client identification including bank account numbers.
- Administer premium posting within 24 hours for Anticipated Endowment and Group Term Lifecovers by accurately receipting, matching and allocating funds to relevant groups or policies.
- Perform regular reconciliations of premium payments received from policyholders, insuranceagents, or brokers.
- Identify and resolve premium payment exceptions or discrepancies promptly. Collaborate withrelevant departments, payroll offices and insurance agents to resolve any outstanding items.
- Facilitating financial adjustments on policies relating to write offs, manual adjustments,refunds or transfer to existing policies, within 48 hours after proper authorisation fromauthorised personnel.
- Efforts to be made to retain policies, instances where customers wish to discontinue, deductionauthorities for cessation to be re-sent to intermediaries and/ or pay offices.
- Effectively maintain and monitor premium arrears report liaising with customers and/or salesunits weekly to ensure premium collection.
- Continuously review and enhance premium management processes to increase efficiency,accuracy and customer satisfaction. Suggest and implement improvements to streamlinepremium reconciliation and posting procedures.
- Ensure customer queries are solved within 2 working days and any information sent out tocustomers are of BSP Life PNG’s service standards and guidelines.
- Prepare and compile Premium Management month end and weekly reporting.
- Maintain Bank Statement register in line with BSP Life Processes.
- Assist with both internal and external teams, and ensure compliance with all relevant BSP LifePolicies.
- Any other tasks as delegated by the Operations Manager.
Essential Qualifications, Professional/Skills and Experience:
- Tertiary qualification in Business Studies, Management or Finance related field.
- Certificate in Financial Services – Life Insurance (ANZIIF) is desirable.
- Analytical mindset and good problem-solving skills to identify and resolve discrepancies.
- Excellent attention to detail and ability to work with numerical data accurately and goodreporting skills.
- Ability to prioritize tasks, manage multiple assignments, and meet deadlines.
- Prior experience in premium management, accounting or finance within the insuranceindustry is desirable.
- Effective communication and interpersonal skills for collaborating with internal teams,policyholders and external stakeholders.
- Strong customer services ethic.
- Proficient in oral and written English with the ability to explain highly detailed and technicalsubject matter to non-technical audiences.
- Sound knowledge of the industry legislative requirements and business rules with strictadherence to policies and procedures and process mapping.
Think you have the appropriate skills and experience to perform the role? Send your application and detailed CV to:
The Head of Talent Management, BSP Human Resources via email firstname.lastname@example.org.
Please contact us should you require additional information. Only shortlisted applicants will be contacted for interviews.
Port Moresby, Papua New Guinea
Applications close on Friday, 2 June, 2023.