About Company

One of India’s leading private life insurance companies, offers a range of individual and group insurance solutions. Company's product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health. The company currently has 37 retail and 8 group products in its portfolio, along with 9 optional riders catering to the savings, investment, protection and retirement needs of customers thus covering the three key risks of mortality, morbidity and longevity. It has one of the widest reaches among new insurance companies with about 500 branches in India touching customers in over 900 cities and towns. The company has also established a liaison office in Dubai.

Company has a strong presence in its existing markets with a strong base of Financial Consultants. An Insurance company offering innovative products and services that enable individuals live a ‘Life of Pride’. 

Company's long-stated strategy of balanced product mix, diversified distribution, continuous product innovation and re-imagining insurance through effective use of technology has enabled us to continue our journey despite the ever-changing external environment.

Company has been awarded Tech Innovation Awards 2023 - Outstanding Product Innovation 

One of the most successful and admired life insurance company, which means that we are the one of the most trusted company, the easiest to deal with, offer the best value for money and set the standards in the industry. "The most obvious choice for all'.

Job Type

Full Time

Job Description

What are we looking for?
1) Responsible for monthly Policy Loan Accounting including loan reconciliation,
passing loan entries in SAP and preparing loan registers,
2) Responsible for Policyholder suspense balance analysis and review including
preparing an in-depth analysis of policyholders' suspense balances, analyzing
payable/receivable amount and coordination with the Ops team for actioning
3) Processing day-to-day Journal Entries in Life Asia / Group Asia system and
processing Unit Journal Entries in Life Asia
4) Passing of monthly accounts closing entries on Policyholder debit balance
provision, premium suspense related entries such as premium received in
advance, unallocated premium, payable to policyholders, proposal deposit refund
etc
4) Responsible for unclaimed regulatory reporting including preparation of
Unclaimed Form A, B, and C, BAP reporting, etc
5) Supervising and handling of policyholder payable and unclaimed accounting
6) Handling of Statutory / Internal Audit related to Policy Loan and Policyholders
suspense accounts
7) Responsible for preparation of MIS reporting - Internal and Regulatory

What does the job entail?
1) Responsible for monthly Policy Loan Accounting - a) policy loan reconciliation,
b) passing loan accounting entries in SAP for collection, settlement, interest
accrual, standard loan provisions, and c) preparing loan register, d) raising loan
settlement reconciliation recon findings with the Operations team and following up
on actioning e) providing loan details to auditors,
2) Responsible for passing/checking monthly accounts closing entries related to
Policyholder debit balance provision, premium suspense-related entries such as
the premium received in advance, unallocated premium, payable to policyholders,
proposal deposit refund etc
3) Responsible for monthly preparation of in-depth Policyholder suspense
balance analysis for payable to policyholders, unclaimed amount, unallocated
premium etc and coordination with the Operations team for reasoning and deduction
of suspense balances
4) Responsible for preparation of policyholder suspense debit balance analysis,
monitoring and follow-up for recovery/rectification
5) Responsible for Unclaimed regulatory reporting - Unclaimed Forms A, B, and C
and BAP reporting including preparation of reports, coordination with
stakeholders for inputs etc
6) Handling Policyholder unclaimed balance transfer (>10Y) to Senior Citizen
Welfare Fund in coordination with stakeholders, identification/ finalizing SCWF
transfer list, passing Journal Voucher entries in Life Asia, ensuring timely fund
transfer and reporting of SCWF numbers
7) Processing day-to-day Unit Journal processing and Journal Entry passing in
Policy Admin System (Life Asia) and supporting new business/policy servicing
operations
8) Handling of Statutory / Internal Audit queries
9) Maintaining JV and activity tracker on daily basis and reporting JV dashboard
10) Analysing and raising queries with the respective team for automation in
the system, so that number of JVs to get reduced
11) Automation of suspense reports with BI / using excel macros