Deputy Manager - Distribution Compensation
Axis Max Life Insurance · Gurugram · onsite · Posted 42d ago
Undisclosed5–10 yrsfulltimeSourced from
About a minute. You'll make an account on the way through.
About this role
Managing Distribution compensation including commission payment process, Reward reconciliation and payments
Finalisation and Closure of month end provisions
Commission Rewards Regulatory and Management Reporting
Distribution Commission Setup Management
Commission Reward Financial Schedule Preparation
Automation of Distribution Premium Payout Reporting
Key Responsibilities
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
;
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.
;
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.
;
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
;
Risk Management
o Monitor and assess the financial risks associated the process and implement risk mitigation strategies to minimize potential financial exposure
Disclaimer: This job posting and Location has been aggregated from external source. Role details, content, and availability are subject to change. Applicants are advised to confirm the latest information directly on the company website before applying.
Sourced from naukri
Skills
AutomationAuditingrisk mitigationIRDADeputy Manager DistributionRisk ManagementcompliancereconciliationfinanceTDS
About Axis Max Life Insurance
Axis Max Life Insurance
Insurance
24.9k+
employees
2000
26 years old
Gurgaon/Gurugram, Haryana
India
About
Axis Max Life Insurance, a leading life insurance company in India, offers a range of life insurance plans and policies to ensure Lifetime Protection.
Industries
Insurance
Employee ratings
7,213 reviews
4.0/ 5
Culture
3.9
Career growth
3.7
Work-life
3.9
Employees rate it well for
Work Culture730Salary399Work Environment380Work Life Balance337Senior Management327
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