Madison Life Assurance Kenya Limited, a subsidiary of Madison Group Limited, is a well-known provider of life assurance, group schemes and pension administration in Kenya. The Group also provides through two other subsidiaries, general insurance, underwriting as well as fund management services.
The Company is recruiting for the position of Assistant Manager for the Premium Administration Department. The jobholder will be based at its Head Office in Madison House, Nairobi.
ASSISTANT MANAGER – PREMIUM ADMINISTRATION
Responsible for implementing sound Premium Administration strategies, maintaining working relationships with all Madison pay-points for continued business development, ensuring effective premium management for clean data and increased efficiency in Life operations.
Duties and Responsibilities.
- Implement sound premium management strategies and ensure all policy premiums and loan repayment due from all sources (Check offs & Banks & Mobile platforms) are promptly launched, collected and accurately allocated for clean data.
- Build sound relationships with the existing markets and banks for continued business growth through regular paypoints/bank visits and meetings.
- Provide automate accurate departmental reports weekly/monthly through utilization of the BI tool and LMS.
- Develop mechanisms/strategy to resolve un-receipted bank credits, outstanding un-allocated premiums and suspense issues across all-check offs.
- Uphold data integrity by ensuring accurate premium position, accurate policy statuses and proper capture of new business at the branch level as well as coordination of branch trainings on premium administration processes and procedures.
- Provide market intelligence, peer performance and insights geared towards check-off markets growth.
- Management of debtors (Outstanding check-offs) by continuous follow-ups, constantly reviewing and instituting remedial action on unpaid premiums and erroneous remittances.
- Monitor persistency parameters and institute measures to increase business retention such as policy reinstatement and re-dating of lapsed policies in order to achieve persistency of 85% for first year and 65% for second year.
- Ensure accurate communication to customers and timely feedback to branches in relation to launched businesses, recalls, receipting and accurate allocation for timely new businesses conversion.
- Ensure timely premium amendments/premium stoppage on policy exits within the set guidelines and proactively institute refunds.
- Proactively manage departmental costs by operating within set budget.
Qualifications and Skills
- Business related Degree.
- Professional qualification in Insurance or Accounts.
- At least 3 years’ experience in a similar role.
- Attention to detail.
- Self-starter who is well organized.
- Extensive knowledge of Microsoft Office especially MS Excel.
Qualified and interested candidates are requested to forward their applications and detailed CVs clearly stating the position interested in as the subject to the Group Human Resources Manager on Email: [email protected] not later than 1 st October, 2023.
