Assistant / Manager, Distribution Compensation (Paya Lebar)

2 days ago

Singapore INCOME INSURANCE LIMITED Full time
We are seeking a meticulous and analytical Manager to oversee the end-to-end management of sales commission schemes for our insurance agents. This role plays a critical part in ensuring timely and accurate commission processing, driving compensation strategies, and supporting business growth through effective incentive frameworks.
Key Responsibilities
Commission Operations & Accuracy
  • Oversee the accurate and timely processing of monthly commissions, bonuses, overrides, and special incentive payouts for insurance agents.
  • Monitor and validate commission outputs to ensure alignment with sales performance, contract hierarchy, and compensation plans.
  • Manage exception handling, escalation, and resolution of commission discrepancies.
Compensation Strategy & Framework
  • Collaborate with Distribution leaders to review, design, and enhance agent compensation structures to align with business goals.
  • Evaluate existing commission plans for effectiveness and propose refinements where needed.
  • Provide insights and analysis to support strategic compensation reviews and product launches.
System & Process Enhancement
  • Partner with IT and system vendors to maintain and enhance the commission system (e.g., ensure rules and logic are updated accurately).
  • Lead UATs for system changes, commission plan updates, and new incentive programs.
  • Continuously improve workflow automation, reporting tools, and control mechanisms.
Reporting & Governance
  • Generate and review monthly dashboards and reports on commission trends, cost analysis, and performance payouts.
  • Ensure governance and compliance with internal audit, regulatory, and contractual requirements (e.g., MAS regulations, agent contracts).
  • Support internal and external audits related to compensation and sales incentive schemes.
  • Stakeholder Management
  • Act as a key liaison between Distribution, Finance, Compliance, and HR on commission-related matters.
  • Provide advisory support to sales leaders and agency force on compensation queries and incentive plan interpretation.
Requirements
  • Bachelor's degree in Accounting, Finance, Business, or related fields.
  • At least 6-10 years of experience in commission management, incentive programs, or financial operations-preferably within the insurance or financial services industry.
  • Strong understanding of sales compensation models for tied agency, IFA, or bancassurance channels.
  • Proven ability to manage large datasets, complex calculations, and system-based commission rules.
  • Proficient in Excel, commission platforms, and data visualization tools (e.g., Power BI, Tableau).
  • Detail-oriented, analytical, and process-driven.
  • Strong communication and stakeholder engagement skills.
  • Experience with regulatory frameworks (e.g., MAS, AML, fit & proper) is a plus.

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