Officer – Premium Administration (6 Months Contract) at Jubilee Insurance

Job Description

Job Ref. No: JLIL 265

Role Purpose

The role holder will be responsible for ensuring accurate and timely processing of policy premiums, policy changes, and related financial transactions. The role holder plays a critical role in managing premium administration processes, ensuring compliance with company policies and regulatory requirements, and providing excellent customer service to policyholders.

Main Responsibilities

Operational

Premium Processing: Receive and process policy premiums, ensuring accuracy and completeness of information, and adherence to established procedures and guidelines.
Policy Reconciliation: Reconcile premium transactions and financial records to ensure accurate accounting and resolve any discrepancies in a timely manner.
Ensure that contribution/transfers/premium collection is done efficiently and within the agreed deadlines.
Liaise with the New business team, checkoffs and pension administrators to ensure correct payment schedules are received and updated in time.
Ensure accurate and timely allocation and approval of contributions/transfers/premium received.
Timely communication and follow-up with clients, agents on contribution/premium arrears.
Ensure GWP/contribution collection targets are met.
Liaise with Treasury, other business lines, agents/clients to clear any outstanding payments in the assigned bank accounts.
Ensure new DDA Mandates are launched to the various banks within the TAT of 3 days and that the databases for the same is accurate and always updated.
Regularly run reports on efficiency of various modes of payments and provide daily activity and other reports asrequired by Management.
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.

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 externalstakeholders, 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.
Minimum 1-2 years’ experience in a similar role