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Description and Requirements
Position Summary
This role will require to Process/Review/Approve core processing and administrative functions for the Retirement and Income Solutions Funds Recovery team. This role will perform review/approve to identify overpayments and associated outreach to seek reimbursement of overpayments made to annuitants after death. This role will also perform review/approve outreach to annuitants that have benefit payments due and remain unpaid and to annuitants with checks that have been outstanding for over 90 days. In addition, this role is responsible for performing tasks to recover overpayments including EFT reclaims, stopping of checks, and posting reimbursements when received. This role is also responsible for updating annuitants banking information, removing annuitants' account from Held and Suspended status, and reissuing payments where applicable.
Job Responsibilities
• Reviewing the transactions processed by GOSC funds recovery unit team members or onshore processors for different work types
• Exercise judgment and product understanding to determine appropriate handling of complex issues & ensures payment is processed and properly recorded based upon assigned line of business, account, product area, and/or payment authorization amount
• Reviews payment history and makes determination, within authorized limits and procedures, to provide payment to beneficiary (if any)
• Rejecting the transactions if transactions are not processed correctly or the required information is missing and moving them back to the processors for required corrections by mentioning the misses
• Provide required feedback verbally or by email if required depending on the repetitive mistakes done by processors
• Perform tasks to seek reimbursement of overpayments made to annuitants and post reimbursements as received
• Perform tasks to update banking information as needed and reissue payments that are due to annuitants
• Send letter(s) to end customer/Beneficiary notifying them about case status or info required to proceed further
• Reconciles daily transactions and reports discrepancies and delinquencies.
• Analyze and research all discrepancies
• Investigate and resolve outstanding items
• Perform mid-month, month-end and quarter-end activities as per documented desktop procedures
• Ensure adherence to established attendance schedules
• Analyze, validate, and perform tasks as per Standard Operating Procedures/ Work instructions
• Ensure that the assigned targets are met in accordance with SLA and Internal standards to achieve business results.
• Ensure that the quality of transaction follows predefined parameters as defined by Process Excellence, thus contributing to overall customer satisfaction
• Ensure adherence to established attendance schedules
• Interpret correspondence to identify customer needs and expectations.
• Manage multiple tasks and deadlines; plans and organizes time and priorities to achieve business results
• Assist others with work to assure attainment of department objectives
• Work as a team member to meet company's objectives while demonstrating core values and meeting key measures.
• Comply with regulatory requirements in prioritizing and completing work assignments
Education, Technical Skills & Other Critical Requirement
Education
Bachelor's degree in commerce or diploma with a minimum of 15 years of education
Experience
(In Years)
Minimum 0-2 Years of experience in Business Process Off-shoring, Financial Institutions, Insurance industry
Technical Skills
Computer navigation skills
Excellent Keyboarding and data entry speed
Knowledge of Insurance principles in relation to the US Insurance industry is preferred
Knowledge about US Culture is preferred
Other Critical Requirements Like Voice/ Non-Voice for Insurance Ops
Technical Skills:
- Computer navigation skills
- Keyboarding and data entry
- Intermediate knowledge of MS Excel (Data formatting, Understanding of formulas & functions etc.), Basic knowledge of MS Word, PowerPoint, Internet
Process Specific Skills:
- Data entry skills
- Coaching and Feedback skills
- Ability to multi-task and handle high volumes of work in a fast-paced environment
Soft Skills (Mandatory):
- Good written and oral communication skills
- Strong understanding and comprehension of the English language
- Good Analytical, problem-solving skills
- Very High Detail Orientation
- Ability to establish priorities and handle multiple assignments concurrently with minimal direction in an evolving, fast-paced work environment
- Team player
- Positive attitude
Soft skills (Desired):
- Demonstrate ability to work independently and in a team environment
- Self-disciplined and results-oriented
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