Executive, Premium Management

2 weeks ago

Singapore Singapore Life Ltd. Full time
4 Shenton Way, SGX Center 2, Singapore, Singapore, Singapore

  • Department
  • Premium Management
  • CPF/GIRO Processing
  • Job posted on
  • Jun 19, 2024
  • Employment type
  • Permanent
  • Full TimeSinglife is a leading homegrown financial services company offering consumers a better way to financial freedom. Through innovative, technologyenabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives.


In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment and advisory solutions through its GROW with Singlife platform.

It also offers the Singlife Account, a mobile-first insurance savings plan.


Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme.

Singlife is also an official signatory of the United Nations Principles for Sustainable Insurance and the United Nations-supported Principles for Responsible Investment, affirming its commitment to finding a better way to sustainability.


First announced in September 2020 and valued at S$3.2 billion, the merger of Aviva Singapore and Singlife was the largest insurance deal in Singapore then and created one of the largest homegrown financial services companies in the republic.


Purpose of the Role


Management of insurance policies premiums for all lines of business in the company (individual life & health, GI, group life & health - MINDEF, MHA, Exxon) for a variety of payment modes - Interbank GIRO, AXS, Internet Banking, CPF (OA, SA, Medisave), SRS, Telegraphic Transfer, credit card, cash, etc.

It includes receipting, cashiering, agent/merchant bank negotiation/liaison, CPF Board arrangement, Interbank GIRO arrangement, offshore bank arrangement.


The role assists the Assistant Vice President/Vice President in the Premium Management Team on all transactional processing functions and managing the process & systems to achieve operational efficiencies and service excellence.


Perform any other duties assigned by Assistant Vice President/Vice President to support Premium Management Team to achieve section's performance objectives.


Key Responsibilities

Strategic

  • Ensure efficiency to support timely processing of daily transactions.
  • Support the activities to digitalise and improve operation processes and premium collections.

Operational

  • Ensure department's defined service standards and TATs are met.
  • Ensure that risks taken in own areas of work are controlled within approved limits.
  • Ensure high level of accuracy in transactions processed daily.
  • Handle complaints pertaining to transactions for Premium Management Team.
  • Ensure compliance with the relevant business standards.
  • Actively support Client Management, Service Operations, and all Distribution Channels for all products to address all enquiries and complaints resolution pertaining to Premium Management Team.
  • Provide training and mentoring to new joiners to ensure proper training and guidance are given to new joiners.
  • Identify areas of improvements, raise work request, or participate in user acceptance testing and ensure smooth implementation.

Effective Risk Management/Governance

  • Ensure key risks have been understood, identified, and managed and/that, where concerns or doubts exist, are raised with line management.
  • Ensure certification in compliance with regulations.
  • Manage the risk of noncompliant, misleading or misrepresentation information given, or transactions performed.
  • Ensure compliance to internal controls for financial and business protection pertaining to Premium Management Team particularly in prevention and detection of AML cases, fraud and Group guidelines.

Requirements:

Experience

  • Knowledge in Life, Health Insurance and Investmentlinked products preferred.
  • Knowledge in AS400 / CM400 / Dotsphere / BPM Workflow preferred.
  • Meticulous with an eye for details
  • Good analytical, problem solving and decisionmaking skills
  • Good communication skills proficient in oral and written skills
  • Good customer service skills
  • Good interpersonal skills
  • Relevant experience in the insurance industry or in a premium collection administrative capacity

Education
- 'A' Level / Diploma / Tertiary qualification

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