New Business Specialist
Group 1001

Job Info

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Group 1001 is a consumer-centric, technology-driven family of insurance companies on a mission to deliver outstanding value and operational performance by combining financial strength and stability with deep insurance expertise and a can-do culture. Group1001's culture emphasizes the importance of collaboration, communication, core business focus, risk management, and striving for outcomes. This goal extends to how we hire and onboard our most valuable assets - our employees.

Group 1001, and its affiliated companies, is strongly committed to providing a supportive work environment where employee differences are valued. Diversity is an essential ingredient in making Group 1001 a welcoming place to work and is fundamental in building a high-performance team. Diversity embodies all the differences that make us unique individuals. All employees share the responsibility for maintaining a workplace culture of dignity, respect, understanding and appreciation of individual and group differences.

Summary:

The New Business Specialist takes ownership of incoming new annuity business cases and oversees the new business process from application submission to contract issuance. This includes assisting with the intake of individual annuity applications with a particular focus on the Consumer Profile used to gauge suitability, and ensuring application documents are accurate, complete and ready for data entry processing. The New Business Specialist is the primary contact for distribution partners regarding the status of incoming applications, obtaining missing information/documents and resolving any issues that arise during processing and issuance of the annuity contract.

Main Accountabilities:

• Reviews new business applications to make sure the correct documents are prepared, content is complete and accurate, and that all required accompanying documents have been submitted and are ready for data entry processing.
• Act as a liaison between the Compliance team and Operations team to help identify potential compliance and fraud risks and propose possible mitigants.
• Researches and resolves issues that arise in the application process, including identifying and obtaining missing information, required documents, and is primary contact for agents, IMOs and other distribution partners regarding the status of application processing.
• Ensures incoming checks or transfer requests accompanying incoming applications are accurate and that transfer requests have been submitted to the transferring financial institute.
• Prepares new business packet for data entry and submits complete packet to Annuity Administration for processing.
• Acts as subject matter expert for new business forms, processing guidelines and procedures, annuity contracts and exception handling. Reviews and recommends exception processing.
• Builds strong, long-lasting relationships with agents, IMOs and distribution partners through pro-active communication regarding new business practices and application processing status, and prompt resolution of processing issues, outstanding requirements, and/or exception processing,
• Keeps up-to-date and fully knowledgeable regarding annuity products, including features, requirements, state suitability and compliance requirements, etc., and understands agent licensing, commission and hierarchy requirements.
• Maintains accurate records in associated systems including client relations management application (CRM/Salesforce) and document management system (OnBase.)

Qualifications:

• Prefer Associate degree in Business or equivalent training and experience
• Professional designations such as LOMA's Fellow/Associate Life Management Institute (FLMI/ALMI), Fellow/Associate Secure Retirement Institute (FSRI/ASRI), Associate Customer Service (ACS), Associate Annuity Products Administration (AAPA), or demonstrated work toward achieving designations.
• 2 or more years of experience processing annuity contracts in an insurance company setting; additional experience with life insurance, policy services and claims helpful.
• Advanced knowledge of annuity products, contract provisions and interest rates. Understanding of tax laws and consequences pertaining to annuities.
• Knowledge of state suitability guidelines and requirements, AML and identifying potential fraud situations.
• Commitment to customer service and quality
• Strong problem-solving skills and experience working in a fast-paced environment

Benefits Highlights:

Employees who meet benefit eligibility guidelines and work 30 hours or more weekly, have the ability to enroll in Group 1001's benefits package. Employees (and their families) are eligible to participate in the Company's comprehensive health, dental, and vision insurance plan options. Employees are also eligible for Basic and Supplemental Life Insurance, Short and Long-Term Disability, and to enroll in the Company's Employee Assistance Program and other wellness initiatives. Employees may also participate in the Company's 401K plan, with matching contributions by the Company.

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