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





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

Measure of Success:

Timely and accurate payouts

Correctness of all related transactions

No High aging items in related schedules

Continuous improvements in processes and turnaround times

Audit Ratings

Supervisor Feedback

Desired Qualification and Experience

MINIMUM EDUCATION AND EXPERIENCE:

Post Graduate in commerce and/or MBA with minimum 8-10 years of experience

KNOWLEDGE/SKILLS/ABILITIES:

o Sound knowledge of Accounting preferably in insurance sector

o Proficiency in MS-Excel, Access for complex calculations

o Experience in Analytical skills

o Experience in commission and reinsurance or a similar financial role

o Knowledge of sales processes and commission structure in insurance industry

o Knowledge of regulatory requirements and accounting principles related to commission

o Strong analytical, mathematical and problem-solving skills with attention to detail

o Excellent communication and interpersonal skills to interact with internal and external stakeholders

o Organizational and time management skills to meet deadlines

o Ability to work independently and as a part of a team in a fast paced setting

Disclaimer: This job posting 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.

📌 Manager - Distribution Compensation (Gurugram)
🏢 Axis Max Life Insurance
📍 Gurugram