Responsibilities
Job Description: Process new business cases to ensure accuracy and service standards are met. Specialized functions include processing replacement on life insurance cases, coordinate external 1035 transfers, rewrites, and accounting-related transactions.
Key Functions
- Manage the processing of 1035 transfer requests from underwriting approval to receipt of funds. This includes reviewing the file for completeness, determining and requesting outstanding requirements, contacting external companies for proceeds, and crediting money to the new contract. Prepare and update taxable gain calculations resulting from 1035 transfers. Provide timely follow-up with external companies for cost basis information. Process new business-related accounting.
- Process new business specialized functions to ensure accuracy and service standards are met. This includes processing replacement activities, reviewing replacement forms for completeness and accuracy. Reviewing the application, and determining outstanding requirements as needed for processing. Specialized functions include, but not limited to: accounting related transactions, cases administered through Business Markets Administration area, rewrites, and multi-life issues within our administrative system.
- Serve as a subject matter expert regarding replacements, 1035, and new business processes to help facilitate development and training materials and documentation. Recommend to management ways to enhance team and work effectiveness.
- Assist with research and implementation of state and federal regulation/replacement regulation/compliance issues and their impacts on business processes.
Qualifications
Perform other job-related duties and special projects as required.
Provide prompt, courteous, and excellent service at an acceptable cost to all customers, operate in an ethical manner in accordance with State and Federal law, the company's Corporate Code of Ethics, Affirmative Action, Diversity, employee handbook, applicable compliance, and operations policies and procedures and other policies of the company. Possess a high degree of integrity and actively cooperate and interact with all entities of the Principal Financial Group. Bachelor's degree or equivalent working experience required. Must have basic computer skills and proficiency at keyboarding. Must exhibit quick judgment, excellent organizational skills, and accurate and precise written and verbal communication. Must develop strong technical proficiency with production systems and processes. Must exhibit the ability to prioritize work, maintaining service standards in the face of peak times and heavy workloads. Able to multi-task in a fast-paced changing environment with high accuracy and within the established turnaround times. Must develop solid product knowledge across all lines as well as all state replacement regulations in reference to the various product lines. Must become an associated person of Principal Securities Financial Services Corporation, which requires fingerprinting, and a full background check. Participation in industry continuing education is strongly recommended. (i.e. LOMA).
