Updating the commission’s structure and grid in coordination with the underwriting and actuarial team along with updating policy wise rates.
Monitoring IRDA commissions by overseeing the payments being made to the intermediaries and brokers as per the IRDA compliance.
Review MIS and data for IRDA purposes which is put together by the team on a monthly and quarterly basis.
Preparation of Yearly report to be filed with the IRDA along with sharing certification to corporate agents with a summary of how much business is done with them and amount of commission paid.
Attends to any escalations or complex queries that arise from agents or internal stakeholder with respect to commissions
Campaigns and Incentives Management
Design campaigns along with Channels Heads / Vertical Heads, recommend changes if needed
Collaborating with business for designing the incentive schemes of various channels from the perspective of alignment to business objectives and budget, etc.
Overseeing the campaign details and suggesting on the amount that can be looked at for the proposal.
Performing an analysis of all the campaigns run for IMDs and the sharing reports with the respective stakeholders on payouts and benefits.
Reviewing the payouts for the campaigns for IMDs and approving the same.
Checking incentive payout details calculations and if the same is within the terms set by the scheme and getting the same reviewed by HR.
Automation and process improvement
Driving automation and process improvements for smooth commission and incentive payouts.
Catering to internal and statutory auditors along with service tax auditor and IRDA auditors.
Participates in monthly and quarterly reviews with function head and own team
Participates in selection process to identify right talent for various positions within the team
Identifies and creates development opportunities and helps in enhancing domain knowledge for team members
Establishes individual performance expectations for the team and regularly review performance