Manager - Distribution Compensation

Ü Managing Distribution compensation including commission payment process, Reward reconciliation and payments

Ü Finalisation and Closure of month end provisions

Ü Commission Rewards Regulatory and Management Reporting

Ü Distribution Commission Setup Management

Ü Commission Reward Financial Schedule Preparation

Ü Automation of Distribution Premium Payout Reporting

Key Responsibilities

Ü

Commission and Reward calculation, validation, disbursement and Provisions

o Review and validate various data points, performance metrics and eligibility criteria of Rewards

o Calculations basis predefined reward structure/ agreements

o Maintain accurate and updated records of all metrics and transactions

o Process commission payments with adequate controls within designated pay cycle, adhering company policies and timelines

o Monitor Commission Payment Cycle, Commission Rates at channel and product level

Ü

Commission Reward reconciliation and settlement

o Reconcile account balances of commission payable, Agent Disbursement Account, Write Off/Write Back account, ensuring that all transactions are correctly recorded and discrepancies

are resolved promptly

o Communicate with stakeholders on commission not calculated and timely set\-up of rates

o Address inquiries related to commission from field and collaboration with internal teams to obtain necessary information

o Ensure compliance with regulatory requirements and internal policies governing commission rewards

o Prepare and maintain documentation related to commission, rewards and other relevant records

o Work with relevant stakeholders to find amicable solutions and maintain positive relationships with all the stakeholders

o Stay informed about industry trends and best practices

o Preparation Submission of regulatory submissions including IRDA Annual Submission/Ad hoc submission etc.

Ü

Distribution Commission Setup Management

o Ensure and Validate commission setup at defined interval for accurate and timely identification of gaps.

o Ensure timely validation of commission not setup in system and ensure adequate provisions are booked in books of account.

o Ensure accurate and timely preparation of all the distribution related payouts post TDS deduction.

o Timely closure of month\-end related activities including GST recon.

Ü

Compliance, Regulations and Audit

o Ensure compliance with financial regulations and internal control procedures

o Ensure proper documentation and control, Review financial transactions, invoices and expenses to ensure accuracy and compliance

o Ensure proper validation of all regulatory reporting related to premium, commission, reward and any other payouts.

o Handling Statutory and Internal Audits

Ü

Risk Management

Monitor and assess the financial risks associated the process and implement risk mitigation strategies to minimize potential financial exposure

• *Measure of Success:**

Ü Timely and accurate payouts

Ü Correctness of all related transactions

Ü No High aging items in related schedules

Ü Continuous improvements in processes and turnaround times

Ü Audit Ratings

Ü Supervisor Feedback

Desired Qualification and Experience

• *MINIMUM EDUCATION AND EXPERIENCE:**

Ü Post Graduate in commerce and/or MBA with minimum 8\-10 years of experience

• *KNOWLEDGE/SKILLS/ABILITIES:**

o Sound knowledge of Accounting preferably in insurance sector

o Proficiency in MS\-Excel, Access for complex calculations

o Experience in Analytical skills

o Experience in commission and reinsurance or a similar financial role

o Knowledge of sales processes and commission structure in insurance industry

o Knowledge of regulatory requirements and accounting principles related to commission

o Strong analytical, mathematical and problem\-solving skills with attention to detail

o Excellent communication and interpersonal skills to interact with internal and external stakeholders

o Organizational and time management skills to meet deadlines

o Ability to work independently and as a part of a team in a fast paced environment