Deputy Manager - Commission Payout

Role Title: Deputy Manager - Commission Payout

Reports To: AVP - Distribution Payouts

Company: Bajaj Life Insurance Company

Function/Department: Finance

Job Purpose:

Processing and payments of commission, reward and remuneration payment; Ensure Compliance of IRDAI Regulations, Periodic Reconciliation with Partners, Audit Handling and Record Maintenance.

Organisational Chart:

Principal Accountabilities:

1. Processing and payments:

- Ensure accuracy in commission Payments as per Regulatory guidelines and Product FnU.

- Reward computation and payout as per agreed process and board approved policy within TAT.

- Premium Vs Commission Variance Analyze on various partners in terms of volume, rate, other variables, etc. to make meaningful decisions.

- Manage distributor compensation while understanding structures with various distributors like Agency, IB, Banca, etc.

- Engage with various institutional partner of institutional business for query resolution and reporting.

2. Compliance and Audit:

- Ensure Compliance of Statutory Taxes TDS and PT are appropriately deducted and reported.

- Accurate IRDAI reporting on Schedule V and VI as per regulations and ensure regulations on remuneration, etc. are strictly followed and compliances maintained at all times.

- Engage with Internal, External and IFC auditors for commission and RnR review and sign off forming part of financial statements.

Interactions:

Internal Clients:

- Sales Administration Team: Coordination for the commission payout process.

- Finance Taxation Team: Ensuring taxes are appropriately deducted and reported.

- Finance Accounts Payable Team: Ensuring timely payments.

- Internal Team.

External Clients:

- Partners: Coordination for the commission payout process and query resolution of partners.

- Auditors: External Audit.

Skills and Knowledge:

Educational Qualifications:

- Post-Graduation in Finance.

- Working experience with Commission Payment Team.

- Experience from Life Insurance Preferred.

Work Experience:

- Commission Payout in Life Insurance Industry (Preferred).

- Minimum 7 - 8 Yrs Experience in Insurance.