Job Description

Job Accountabilities

• Design and implement an end-to-end operating model for Premium Financing, covering new business, in-force servicing, claims, surrender and policy maturity
• Develop and document operational workflows for:
  • Quotation processes
  • Premium financing application intake and validation
  • Collateral assignment and release
  • Premium payment processing from financing banks
  • Policy loans and partial withdrawals coordination with assignees
  • Bonus an dividend handling for assigned policies
  • Claims, surrender and maturity proceed distribution to assignees
• Establish bank partner onboarding processes, including documentation standards, policy assignment procedures, and management of Letters/Notices of Assignment
• Manage operational onboarding of new bank partners and maintain ongoing relationships
• Embed robust control frameworks, including maker-checker controls, four-eyes principles, segregation of duties, exception management and reconciliation processes between insurer ledgers and bank statements
• Ensure compliance with relevant HKIA guidelines and applicable HKMA requirements for bank distribution partnerships
• Ensure adherence to company policies and regulatory requirements within the Life Policy Administration Centre
• Work closely with IT and Life Business Solutions team to define, test and implement system enhancements, including:
  • Assignment indicators and encumbrance markers
  • Automated correspondence suppression/redirection
  • Bank reporting interfaces
• Collaborate with internal stakeholders, including Compliance, Risk, Legal, Internal Audit, Life Underwriting, Life Distribution, etc. during design, UAT and post-implementation review phases
• Establish service level agreements, operational manual and reconciliation procedures with banking partners
• Manage the premium financing cases
• Monitor turnaround times, service quality KPIs and customer/bank feedback or complaints
• Manage operational incidents, conduct root cause analysis and implement corrective actions
• Coordinate governance forums, issue tracking and continuous improvement initiatives with bank partners
• Deliver training and knowledge transfer to other teams to ensure consistency and capability uplift

Job Qualifications

• Bachelor’s degree holder with minimum 8 years of experience in Life Insurance Policy Administration
• Professional designation, such as FLMI, ACS, ALMI, ANZIIF is preferable
• Hands-on experience in setting up or running Premium Financing operations for par-saving, whole life or endowment products is required
• Familiar with policy assignment mechanics, par product mechanics including reversionary bonus, terminal bonus, cash dividends, policy loan interactions on assigned policies
• Comprehensive understanding of HKIA GL16 and the operational implications of the Premium Financing IFS and post-sales control is essential
• Exposure to broker channel premium financing in addition to bank channel is desirable
• Strong analytical, problem-solving and stakeholder management capabilities
• Good interpersonal and communication skills
• Good command of both written and spoken English and Chinese (i.e. Cantonese, Mandarin)

Why Zurich

At Zurich, we like to think outside the box and challenge the status quo. We take an optimistic approach by focusing on the positives and constantly asking What can go right?

We are an equal opportunity employer who knows that each employee is unique - that’s what makes our team so great!
Join us as we constantly explore new ways to protect our customers and the planet

• Location(s): HK - Hong Kong
• Remote working: Hybrid