Job Purpose

- Development and implementation of both short and long-term plans of policy servicing in areas of reinstatement, renewal accounting, introduction and management of NACH/Direct Debit, alternate payment methods, receipting of all auto mode payments and smooth functioning of renewal process for Bancassurance partners . The role is responsible for ensuring proper financial controls are implemented and those both internal and external customers' needs are met, and team is compliant to Audit and regulatory norms. The role also involves implementing and increasing usage of alternate payment methods and driving smooth renewal process for partners aimed at providing convenient services to customers and reducing cost of operations

- To monitor and control premium accounting at servicing stage, reinstatement and top up management processes, decide on the treatment of unaccounted premium and correct NAV allocation in line with regulatory framework and implement, drive system enhancement to resolve deviations.

- Communication and coordination with IT, Investment Operations and Accounts, Underwriting, Branch Operations, Product Management team to resolve day to day operational issues, driving system set up management for premium accounting through Day 1 and Day 2 enhancement for product set up

- To be accountable to manage all periodic audits including statutory audit, internal audit run by appointed auditors of the company.

Principal Accountabilities

1. Plan, enable, communicate, and manage execution of standardized processes aimed at achieving client and sales force satisfaction within prescribed standards for the following processes: A. Reinstatement, B. Renewal and Top up Accounting, C. Date of Birth Change / Correction

- Communicate and align all stakeholders with the processes vis- vis its changes for implementation.

- Initiate and drive projects for increased automation of reinstatements and renewal accounting and First Time Right communication to customers

- Ensure that renewal accounting processes are aligned with product specifications and accounting procedures

- Monitor day to day accounting related analysis to ensure deposition of money in correct accounts.

- Ensure strong controls on renewal accounting and suspense management activities in line with regulatory guidelines of premium allocation and accounting for ULIPS as well as traditional policies.

- Drive outliers management. Monitor pending resolution and dependencies and coordinate with Vendor , IT, Finance, Product and Branch Operations teams for quick resolution.

- Quality Assurance for correct application of funds, accuracy and in time processing of requests to provide continued risk coverage benefit to customers and retention of customers for the Company.

- Monitor and analyse causes of customer and sales forces dissatisfaction, enable resources for resolution of such causes.

2. Manage reinstatements and renewal accounting for supporting customer retention initiatives and proper accounting of premium - Ensure that the reinstatement process is aligned with applicable regulations and product specifications -

- Initiate and drive projects for increased automation of reinstatements and First Time Right communication to customers

- Discuss and sign off SLAs with the Underwriting and Zonal Operations teams so that defined TATs can be achieved.

- Monitor outliers pending for any dependencies and coordinate with Projects, Finance and Zonal Operations teams for quick resolution.

- Ensure that renewal accounting processes are aligned with product specifications, system requirements and accounting procedures.

- Interact with Advisors, Agency Managers, Business Partners, BDMs, TPD partners and Branch Heads for any feedback on the reinstatement and renewal accounting processes and initiate necessary actions on the feedback/suggestions received.

- Interact with vendors and Banks to ensure smooth registration and transaction processing of auto-debit transactions.

3. Define project requirements for optimum use of technology and resources covering the processes of reinstatement, alternate payment methods, renewal accounting and query resolution. - Identify project requirements based on analysis of past performance, feedback from clients, sales force, benchmarking and any other source -

- Prepare business case for these projects.

- Enable implementation by monitoring the project - through its stages of planning, execution and implementation

4. Ensure smooth and timely functioning of Auto Debit processes to ensure that Auto Debit becomes the most preferred mode of payment options for customers as it is convenient for customers as well as cost efficient for the Company and initiate and implement newer payment options for providing convenience to customers, reducing cost of renewal premium collection and providing impetus for persistency. - Review processes to check if they are robust enough especially since there are multiple dependencies and entities, and make necessary changes where required -

- Identify probable failure points in the process, set up control points, monitor performance and put in place service recovery measures.

- Coordinate with vendors and Banks for seamless processing of transactions and resolution of issues.

- Extend reach of the Auto Debit facility by tying up with more banks.

- Publish dashboards on auto debits for information of advisors, FLS, Branch Heads and Zonal Operations and initiate corrective measures wherever necessary.

- Look for alternate payment options available, check usage in industry and invite proposals.

- Review the evaluation matrix prepared by team

- Coordinate with Finance, Investment, Legal and VMG to finalize proposals.

- Implement process controls.

5. Managing the process of Renewal Upload for various renewal premium in RWS - Being a manual process, to ensure correct and accurate receipting to be done -

- Coordinating with multiple entities involved in the transaction processing chain.

- Identifying areas of automation in discussion with the Partner to bring in efficiency

Monitor ageing of amounts - Analyze ageing reports of amounts held in outstanding disbursement.

- Identify payable amounts and cases for rectification.

- Ensure that payments or rectifications are carried out correctly.

6. Authorise exceptions from prescribed standards/ processes with minimal impact on existing risks and costs, to accommodate special servicing requests from clients and sales force -

- Weigh the benefit of accommodating the requests vis- vis the cost of adjusting the deviations

- Ensure that the risks are detailed out, the decisions are documented, and the transactions are executed

7. Promoting alternate payment methods -

- Engage with cross-functional teams such as Marketing & Communication, Customer Service, IT and Branches to popularize usage of alternate payment options

- Engage with Sales Force to promote alternate payment options.

- Conceptualize and drive campaigns through various tools of communication for promoting alternate payment options

- Development of systems that shall acts as enablers to improve the usage of payment options.

- Setting targets for Branches in consultation with Zonal Operations for alternate premium payment options.

- Monitor and publish score cards for these targets.

- Measure the success / impact of activities undertaken for promoting alternate payment option and tune it to achieve maximum results and share with stakeholders and senior management.

8. Ensuring that the financial and reputational risk of the organization is well managed -

- Ensure that the Standard Operating Procedures, updated with the latest process changes and incorporating risk control measures, are adopted and internalized.

- Design & develop strong MIS to monitor adherence to processes and risk control measures.

- Analyze MIS and take suitable corrective steps wherever necessary and report to Compliance and other stakeholders.

- Review efficacy of risk mitigation measures already taken and initiate process improvement / tightening measures wherever required.

9. Team Management & Development -

- Select appropriate people, in consultation with HR

- Discuss and finalize Goals and KRAs of individual team members in accordance with department and Company objectives.

- Periodic review of individual performance matrix and provide feedback for improvement.

- Analyse the training, skills development requirements of the team and enable training for the identified gaps

- Promote various Rewards and recognition programs to keep the team motivated and recognise talent.

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