New Business Processor

Union Wage Schedule

Hourly Rate - $30.63

Overview

Processes all funds related to the New Business Department, including 1035 Exchange, RRSP Transfers, Internal value requests and cash payments. Performs application entry of Life policies, including processing conversion/exchange requests, creates and/or updates client records, policy records and coverage records and issuance of the policy upon approval from Underwriting. Processes replacement documentation, notifying existing life insurance companies of possible replacement. Ensures compliance with state regulations. Researches and replies to inquiries received via email. Review and process outstanding requirements received for pending policies. Researches payment issues and communicates with agents and/ external companies regarding disposition of transfer funds. Reconciles New Business clearing accounts. Provides quality assurance on all issued business. Verify all issued Life and Annuity policies are in accordance with insurance regulations to ensure all information and documentation is correct before issuance to the owner.

Core Responsibilities

• Enters data for and reviews all Canadian and United States new applications with creation of client records including: reviewing applications for thoroughness, updating/creating and maintaining client records, policy records, coverage records, entering all necessary information in Ingenium and/or Life70; cancels policies if eligibility requirements are not met.
• Issues, reissues and adjusts new policies to coincide with the funds received and Underwriting decision. Performs final review of application for state specific forms, and compliance before issuance of the policy.
• Monitors and processes all email and amendments received in AWD. Makes changes to pending policies per agent and client requests for all Canadian and United States applications
• Cancels policies under our Free Look Provisions when requested.
• Receives, processes, and researches incoming premiums using cash, dividends, loan values, death claim proceeds, annuity distributions, surrender, disability waiver and commissions as appropriate for internal and external transfer of funds.
• Tracks status and progress of active files by communicating with the appropriate internal department, external financial institutions or Field force in regards to retrieving and processing funds.
• Reviews application and replacement forms via AWD to determine if the policy is a replacement (internal and external); if replacement policy sends all replacement files to the underwriting department; if not a replacement policy, forwards application and forms to appropriate department/area/personnel
• Generates a replacement letter, creates illustration using Navigator, provides additional correspondence and mails out to existing companies
• Reconciles all New Business clearing accounts including researching and analyzing general ledger entries.
• 0. Conducts final review of all Life Insurance and Annuities contracts in Ingenium and L70 before release to the member, ensuring electronic files are accurate; validates client, policy and coverage details and corrects as necessary
• Provides administrative support to department leaders.
• Performs other related duties as assigned.

Skills Qualifications

• Knowledge of the rules of external Life/Annuity Funds and maintaining compliance
• Knowledge of KofC life plans, including various amendments, riders and associated forms
• Familiarity with the Rules of the Order
• Detail oriented; ability to determine and correct errors related to job duties
• Knowledge of back interest calculation for funds received beyond allowable time period
• Knowledge of the Ratebook
• Knowledge of basic accounting principles
• Communication skills
• Basic mathematical skills
• Customer service skills
• Ability to research and analyze data to correct errors and resolve issues Systems/Technical Knowledge:
• Ability to use PC and related software, including Outlook, Microsoft Word and Excel
• Ability to enter and view data in Ingenium and L70.
• Ability to use Ratebook
• Ability to use Navigator to run illustrations
• Ability to use a calculator
• Ability to use AWD

Education

• High school diploma
• 3-5 years of experience

Physical Demands