JOB SUMMARY:
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

Review and validate various data points, performance metrics and eligibility criteria of Rewards
Calculations basis predefined reward structure/ agreements
Maintain accurate and updated records of all metrics and transactions
Process commission payments with adequate controls within designated pay cycle, adhering company policies and timelines
Monitor Commission Payment Cycle, Commission Rates at channel and product level

Commission Reward reconciliation and settlement

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
Communicate with stakeholders on commission not calculated and timely set-up of rates
Address inquiries related to commission from field and collaboration with internal teams to obtain necessary information
Ensure compliance with regulatory requirements and internal policies governing commission rewards




Prepare and maintain documentation related to commission, rewards and other relevant records
Work with relevant stakeholders to find amicable solutions and maintain positive relationships with all the stakeholders
Stay informed about industry trends and best practices
Preparation Submission of regulatory submissions including IRDA Annual Submission/Ad hoc submission etc.

Distribution Commission Setup Management
Ensure and Validate commission setup at defined interval for accurate and timely identification of gaps.
Ensure timely validation of commission not setup in system and ensure adequate provisions are booked in books of account.
Ensure accurate and timely preparation of all the distribution related payouts post TDS deduction.
Timely closure of month-end related activities including GST recon.

Compliance, Regulations and Audit

Ensure compliance with financial regulations and internal control procedures
Ensure proper documentation and control, Review financial transactions, invoices and expenses to ensure accuracy and compliance
Ensure proper validation of all regulatory reporting related to premium, commission, reward and any other payouts.
Handling Statutory and Internal Audits

Risk Management

Monitor and assess the financial risks associated the process and implement risk mitigation strategies to minimize potential financial exposure

📌 Deputy Manager - Distribution Compensation (India)
🏢 AxisMaxlife
📍 India