Officer- Premium Administration (Check Off) at Jubilee Insurance

Job Ref. No: JLIL 300

Role Purpose

The role holder will be responsible for building and sustaining check Off relationships, driving growth in revenues and ensuring compliance with company policies and regulatory requirements. The role holder will play a critical role in managing premium administration processes, ensure accurate and timely processing of policy premiums, policy changes, and related financial transactions.

Strategy

• Process Improvement. Continuously assess and improve premium administration processes to enhance efficiency, accuracy, and overall customer experience. Identify opportunities for automation, digitization, and streamlining of premium administration activities.
• Operational Excellence. Drive operational excellence within premium administration processes by setting clear goals and performance metrics, monitoring performance, and implementing improvement initiatives to achieve service level agreements and operational targets.
• Technology and Systems. Collaborate with IT and operations teams to assess, select, and implement appropriate technology solutions for premium administration. Leverage digital tools, policy administration systems, and workflow automation to optimize processes and enhance productivity.
• Data Analysis and Reporting. Analyze premium administration data to identify trends, patterns, and opportunities for process improvements or cost savings. Generate regular reports and provide insights to management regarding key performance indicators, operational metrics, and potential areas for improvement.

Operational

• Premium Processing. Receive and process policy premiums, ensuring accuracy and completeness of information, and adherence to established procedures and guidelines.
• Build and maintain effective relationships with key staff at the Check-off Institutions that are responsible for:
• Effecting and terminating (or stopping) payroll deductions, Processing monthly batch payroll deductions and disbursement of remittances to JLIL.
• On boarding and ensuring continued compliance of Check-off Institutions (Signing-up institutions, carry out all the compliance assessments and approvals and finally formalize the arrangement with an MoU or a Contract).Ensure new SSO Mandates are launched or stopped at the various check off institution within the set TAT (5th for government schemes, 10th for County governments, parastatals & private companies) and that the databases for the same is accurate and always updated.
• Monthly revenue collection on a timely basis as per the signed-off and approved timelines with the Check-off
• Institutions. Ensure GWP collection targets are met.
• Policy Reconciliation. Reconcile premium transactions and financial records to ensure accurate accounting and resolve any discrepancies in a timely manner.
• Collaborate with the distribution team and checkoff contact persons to ensure correct payment schedules are received, recorded and updated in time.
• Timely communication and follow-up with clients, agents on contribution/premium arrears. Liaise with Treasury, other business lines, agents/clients to clear any outstanding payments in the assigned bank accounts.
• Prepare on a regular basis check off reports to management and the distribution team.
• Respond to all customer queries or inquiries within the TAT of 48 hrs.
• Process Improvement. Identify opportunities for process improvement and efficiency enhancement within premium administration processes. Collaborate with relevant stakeholders to implement changes and streamline operations.
• Improve manual processes through automation and comply with the internal controls in place.
• Any other duty as may be assigned by your line manager or head of department.

 Corporate Governance

• Compliance. Stay updated with insurance regulations and underwriting best practices to ensure compliance with industry standards.
• Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.

Culture

• Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• Individualized Development Planning. Create personalized development plans that align with your career aspirations and the organization's objectives.
• To provide the much-needed transformational leadership to meet and surpass the expectations of stakeholders.

Key Competencies

• Attention to Detail. Ability to work with precision and accuracy, ensuring thoroughness in premium processing and data entry.
• Analytical Thinking. Strong analytical skills to review premium-related data, identify discrepancies, and resolve issues.
• Customer Focus. Commitment to providing exceptional customer service, understanding customer needs, and delivering timely and accurate solutions.
• Communication. Effective verbal and written communication skills to interact with internal and external stakeholders, explaining premium-related processes and resolving inquiries.
• Problem-Solving. Ability to identify and resolve premium-related issues, exercise good judgment, and make sound decisions within established guidelines.
• Time Management. Excellent organizational skills to manage multiple tasks, prioritize workload, and meet deadlines.

Academic Background & Relevant Qualifications

• Bachelor’s degree in Insurance, Finance, Business or any other related course
• Diploma in Insurance qualification will be an added advantage.
• LOMA/CII/IIK Qualification will be an added advantage.
• In depth knowledge of life insurance products, policies, and regulations.
• Minimum 4-5 years’ experience in a similar role